UK companies selling capital goods or providing services to NIOC will now benefit from streamlined procedures when seeking to secure contracts up to this limit. ECGD Chief Executive Vivian Brown said: "Our decision to set up 'clean cover' limits with the National Petroleum Company (NPC) of Iran in December last year was very well received by our customers.”
"With this in mind, I am pleased to announce the extension of similar arrangements to NIOC. This will enable us to provide a simpler, faster service to exporters doing business with this important company." ECGD's normal risk assessment criteria for projects will continue to apply.
ECGD is the UK's export credit agency. It is a government department reporting to the Secretary of State for Trade and Industry. With over 80 years' experience, ECGD works closely with exporters, project sponsors, banks and buyers to help UK exporters of capital equipment and project-related goods and services.
ECGD provides insurance against non-payment to UK exporters, helps in arranging finance packages for buyers of UK goods by guaranteeing bank loans and overseas Investment Insurance—a facility that gives UK investors up to 15 years' insurance against political risks. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
