German exporters again achieved record sales abroad in 2018. With growing uncertainty in international business, demand for so-called ECA and/or German-funded financing rose again, said Deutsche Bank’s Head of Structured Trade & Export Finance Germany, Werner Schmidt, in an interview with Dolly Varden.
Political uncertainties are much more important to our clients ‘and banks’ businesses than they were in the previous decade. Some political decisions have led to uncertainty in the markets and in the export economy. This delays investment decisions, increases the analysis effort in terms of project risks and feasibility, and thus extends the lead times for our businesses. While larger financings used to be done in six to twelve months, today they sometimes take two or three years to complete.
The financing covered by an Export Credit Agency (ECA) is intended for precisely these situations. It provides security and stability. Already during the financial crisis it became apparent that export financing was one of the few long-term instruments available even in this crisis situation.
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