This week the New Zealand government announced the extension of the NZECO’s short-term trade credit guarantee facility for exporters by $100 million, effective immediately.
This increase in facility size will enable the NZECO to meet the significant increase in inquiries and applications since the launch of the short-term trade credit guarantee product in February 2009 and help to ensure that trade opportunities are not missed.
See the media statement by Hon Bill English, Minister of Finance on the Beehive website: $100 million trade credit support for exporters (24 June 2009).
To qualify, exporters and/or their banks must confirm that the private sector is unable to provide or continue to support the export transaction(s) on reasonable terms and conditions. The export transaction must also be commercially sound with a credit-worthy buyer or bank.
For further information see Short-Term Trade Credit Guarantee and related Questions and Answers about the product.