How new French ECA Bpifrance will differ from Coface

(Trade & Export Finance, London, 29 January 2016) A new law was passed in France last month which will change the face of the country's export credit agency (ECA). After nearly 70 years as France's ECA Coface is set to transfer the handling of state export credit guarantees to French public investment bank, Bpifrance. The change is due to take place at some point in 2016. Sources close to the market state that the move will have a wider impact on French export credit guarantees than merely a name change, and predict that some of the changes could even ensure cheaper pricing on French ECA deals. One of the big amendments which is set to happen is the French state's introduction of direct, rather than indirect guarantees for Bpifrance cover.