Export credit support extended
Support packages for exporters will remain in place for at least another three years, the Government announced today.
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Support packages for exporters will remain in place for at least another three years, the Government announced today.
Finance Minister Bill English said the mandate for the Export Credit Office (NZECO) had been extended to June 30, 2014, following a performance review of the organisation.
The Government would also extend the NZECO's ability to provide short-term credit insurance, which it began offering in 2009 as a temporary measure for exporters affected by the global recession, for another three years.
"As the recovery takes hold, exporters still face difficulty getting the trade credit and financial guarantees they need to maintain existing overseas markets and establish new ones," Mr English said.
"We are doing all we can to help exporters and ensuring they have the credit insurance and trade finance to maximise opportunities that flow out of the fragile global recovery is a crucial part of that."
Mr English said that in addition to the extension, the Government had decided to give the NZECO more flexibility by removing individual limits on specific insurance products, allowing it to support overseas-based New Zealand subsidiaries, and authorising it to share risks with other export credit agencies.
"This extra flexibility will enable NZECO to respond to demand, while reducing its administrative burden," Mr English said.
NZPA
Fri, 21 Jan 2011
Fri, 21 Jan 2011
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Export credit support extended
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