Export credit agencies roar back in Africa

(Global Trade Review, London, 31 July 2024) There was a rebound in export credit agency activity in Sub-Saharan Africa last year, as agencies struck big-ticket deals across infrastructure and renewable energy sectors, fresh data shows. In its annual State of the Industry Report, the Berne Union reveals that export credit agencies (ECAs) and insurers recorded US$23bn in new medium and long-term (MLT) business in Sub-Saharan Africa in 2023, marking a resurgence in activity following a lull period in the immediate aftermath of the Covid-19 pandemic. In its annual State of the Industry Report, the Berne Union reveals that export credit agencies (ECAs) and insurers recorded US$23bn in new medium and long-term (MLT) business in Sub-Saharan Africa in 2023, marking a resurgence in activity following a lull period in the immediate aftermath of the Covid-19 pandemic. New ECA and insurer-backed transactions worth US$12bn were signed in Sub-Saharan Africa in 2022, and US$14bn in 2021, says the Berne Union, which represents ECAs, multilateral insurers and commercial underwriters. But last year an “infrastructure boom” triggered a rebound in the export finance market.