Hermes changes export guarantee rules

(Dow Jones, Berlin, 22 February 2008) Germany has made it easier for German companies to apply for public export credit guarantees by including local costs and foreign delivery. The new rules extend the coverage for equipment and services obtained in ordering countries, as well as supply from countries outside the European Union, the ministry said. At their 7 November 2007 meeting, Participants in the OECD Arrangement on Export Credits agreed to modernise some provisions in the Arrangement to allow for more flexibility in the financing of local expenditures (i.e. equipment and services locally sourced in buyer countries); the current ceiling will be increased with effect from 1 January 2008, for a three-year trial period.