German gov't provides US$23 billion in export credit guarantees in 2019

(Xinhua, Berlin, 17 February 2020) The German government provided some 21 billion euros (US$23 billion) in export credit guarantees for German exporters and banks in 2019, the Ministry for Economic Affairs and Energy (BMWi) announced on Monday. The figure marked an increase of 6 percent over the previous year, according to the ministry. Because of "continuing political and economic uncertainties in important international markets, demand for federal export credit guarantees remains high," the BMWi noted. In addition to numerous transactions by small and medium-sized enterprises last year, the German government continued to "cover large-volume transactions, especially in the shipping sector." The government also offered 3.3 billion euros of investment guarantees for German companies' projects overseas last year, according to the BMWi. Compared to the previous year, the investment guarantees had almost tripled, according to the BMWi.