Export credit support can broaden the financing options for capital-intensive infrastructure, particularly where commercial lenders face constraints on country exposure or loan maturity. Its value depends on how it is structured: the eligible supply contracts, the borrower or guarantor, the allocation of project risks and the repayment profile.
We bring those decisions together. GIA advises on incorporating export credit into the project’s funding strategy, aligning procurement with financing eligibility and assessing how ECA-backed debt would sit alongside sponsor equity, commercial facilities and development finance.
The origin and composition of the supply package can determine which ECA routes are available. We review the equipment and services to be procured, relevant exporters, national-content requirements, local-cost treatment and current cover policy. Establishing this before procurement is fixed helps preserve financing options as the project develops.
Financing structure and lender engagement
We assess the borrowing structure, recourse and guarantee arrangements, proposed tenor, drawdown profile and repayment capacity. The resulting funding plan identifies the potential ECA-backed facilities, uncovered debt and other sources of capital, providing a basis for focused engagement with agencies and lenders.
Financial modelling and commercial assessment
We model premium payments and any premium financing alongside bank margins, fees, interest during construction and debt service. This allows sponsors to compare structures on their cash-flow implications and overall financing cost, and to understand the effect on debt capacity, equity funding and project returns.
Due diligence and execution
We prepare the financing materials, coordinate information requirements and support the commercial discussions through due diligence, documentation and conditions precedent. The work connects the ECA and lender requirements with the project’s procurement, construction and operating arrangements, alongside the appointed technical, environmental and legal advisers.
Indicative upfront ECA premium.
Assess the potential upfront premium for a proposed financing using agency-specific indications. The project budget, export-contract value and ECA-backed loan amount are entered separately, with the applicable pricing basis and cover assumptions shown alongside the result.
Preview for GIA review. Source connections and calculation assumptions must be validated before public release.
Your upfront premium indications
Each source uses its own borrower categories and cover terms. These scenarios are not directly comparable quotes. Interest, bank fees and other financing costs are excluded.
What does this mean for your financing?
Take the next step with an annualised premium and financing review, including eligibility, premium financing and the impact on project cash flows.
The OECD export-credit country classification provides a reference for country-risk pricing. It must be read alongside the agency’s current cover policy and its assessment of the borrower, guarantor and transaction structure.
The directory distinguishes categories 0–7 from countries that are not classified. A category does not establish whether cover is available for a particular project. Source and verification dates accompany the classifications.
0 has distinct market-based pricing treatment. Not classified is separate from 0. The country category alone does not establish a premium, a sovereign rating or cover availability.
201 countries and territories in the source.
Country / territory
ISO
OECD category
Afghanistan
AFG
7
Albania
ALB
4
Algeria
DZA
5
Andorra(8)
AND
Not classified
Angola
AGO
6
Antigua and Barbuda
ATG
7
Argentina
ARG
7
Armenia
ARM
5
Aruba
ABW
4
Australia(6)
AUS
Not classified
Austria(6) (7)
AUT
Not classified
Azerbaijan
AZE
4
Bahamas
BHS
4
Bahrain
BHR
6
Bangladesh
BGD
6
Barbados(5)
BRB
Not classified
Belarus
BLR
7
Belgium(6) (7)
BEL
Not classified
Belize(5)
BLZ
Not classified
Benin
BEN
6
Bhutan
BTN
6
Bolivia
BOL
7
Bosnia and Herzegovina
BIH
6
Botswana
BWA
3
Brazil
BRA
4
Brunei Darussalam(5)
BRN
Not classified
Bulgaria
BGR
2
Burkina Faso
BFA
7
Burundi
BDI
7
Cabo Verde
CPV
5
Cambodia
KHM
6
Cameroon
CMR
6
Canada(6)
CAN
Not classified
Central African Republic
CAF
7
Chad
TCD
7
Chile(6)
CHL
Not classified
China (People’s Republic of)
CHN
2
Colombia
COL
4
Comoros(5)
COM
Not classified
Congo
COG
7
Costa Rica
CRI
3
Côte d’Ivoire
CIV
5
Croatia(7)
HRV
Not classified
Cuba
CUB
7
Curaçao
CUW
5
Cyprus(2) (7)
CYP
Not classified
Czechia(6)
CZE
Not classified
Democratic People's Republic of Korea
PRK
7
Democratic Republic of the Congo
COD
7
Denmark(6)
DNK
Not classified
Djibouti
DJI
7
Dominica(5)
DMA
Not classified
Dominican Republic
DOM
4
Ecuador
ECU
6
Egypt
EGY
6
El Salvador
SLV
6
Equatorial Guinea
GNQ
7
Eritrea
ERI
7
Estonia(6) (7)
EST
Not classified
Eswatini
SWZ
6
Ethiopia
ETH
7
Fiji
FJI
5
Finland(6) (7)
FIN
Not classified
France(6) (7)
FRA
Not classified
Gabon
GAB
7
Gambia
GMB
7
Georgia
GEO
5
Germany(6) (7)
DEU
Not classified
Ghana
GHA
7
Greece(6) (7)
GRC
Not classified
Grenada(5)
GRD
Not classified
Guatemala
GTM
4
Guinea
GIN
7
Guinea-Bissau
GNB
7
Guyana
GUY
5
Haiti
HTI
7
Honduras
HND
5
Hong Kong (China)
HKG
2
Hungary(6)
HUN
Not classified
Iceland(6)
ISL
Not classified
India
IND
3
Indonesia
IDN
3
Iran
IRN
7
Iraq
IRQ
7
Ireland(6) (7)
IRL
Not classified
Israel(3) (6)
ISR
Not classified
Italy(6) (7)
ITA
Not classified
Jamaica
JAM
5
Japan(6)
JPN
Not classified
Jordan
JOR
5
Kazakhstan
KAZ
5
Kenya
KEN
7
Kiribati(5)
KIR
Not classified
Korea(6)
KOR
Not classified
Kosovo(4)
XKV
6
Kuwait
KWT
2
Kyrgyzstan
KGZ
7
Lao People’s Democratic Republic
LAO
7
Latvia(6) (7)
LVA
Not classified
Lebanon
LBN
7
Lesotho
LSO
6
Liberia
LBR
7
Libya
LBY
7
Liechtenstein(5)
LIE
Not classified
Lithuania(6) (7)
LTU
Not classified
Luxembourg(6) (7)
LUX
Not classified
Macau (China)(5)
MAC
Not classified
Madagascar
MDG
7
Malawi
MWI
7
Malaysia
MYS
2
Maldives
MDV
7
Mali
MLI
7
Malta(7)
MLT
Not classified
Marshall Islands(5)
MHL
Not classified
Mauritania
MRT
6
Mauritius
MUS
3
Mexico
MEX
3
Micronesia(5)
FSM
Not classified
Moldova
MDA
6
Monaco(8)
MCO
Not classified
Mongolia
MNG
6
Montenegro
MNE
6
Morocco
MAR
3
Mozambique
MOZ
7
Myanmar
MMR
7
Namibia
NAM
5
Nauru(5)
NRU
Not classified
Nepal
NPL
6
Netherlands(6) (7)
NLD
Not classified
New Zealand(6)
NZL
Not classified
Nicaragua
NIC
7
Niger
NER
7
Nigeria
NGA
6
Northern Macedonia
MKD
5
Norway(6)
NOR
Not classified
Oman
OMN
3
Pakistan
PAK
7
Palau(5)
PLW
Not classified
Panama
PAN
4
Papua New Guinea
PNG
6
Paraguay
PRY
4
Peru
PER
3
Philippines
PHL
3
Poland(6)
POL
Not classified
Portugal(6) (7)
PRT
Not classified
Qatar
QAT
2
Romania
ROU
3
Russia
RUS
7
Rwanda
RWA
6
Saint Kitts and Nevis(5)
KNA
Not classified
Saint Lucia(5)
LCA
Not classified
Saint Vincent and the Grenadines(5)
VCT
Not classified
Samoa(5)
WSM
Not classified
San Marino(8)
SMR
Not classified
Sao Tome and Principe(5)
STP
Not classified
Saudi Arabia
SAU
2
Senegal
SEN
7
Serbia
SRB
4
Seychelles(5)
SYC
Not classified
Sierra Leone
SLE
7
Singapore
SGP
0
Sint Maarten(5)
SXM
Not classified
Slovak Republic(6) (7)
SVK
Not classified
Slovenia(6) (7)
SVN
Not classified
Solomon Islands(5)
SLB
Not classified
Somalia
SOM
7
South Africa
ZAF
4
South Sudan
SSD
7
Spain(6) (7)
ESP
Not classified
Sri Lanka
LKA
7
Sudan
SDN
7
Suriname
SUR
7
Sweden(6)
SWE
Not classified
Switzerland(6)
CHE
Not classified
Syrian Arab Republic
SYR
7
Chinese Taipei
TWN
2
Tajikistan
TJK
7
Tanzania
TZA
6
Thailand
THA
3
Timor-Leste
TLS
6
Togo
TGO
6
Tonga(5)
TON
Not classified
Trinidad and Tobago
TTO
3
Tunisia
TUN
7
Türkiye
TUR
5
Turkmenistan
TKM
7
Tuvalu(5)
TUV
Not classified
Uganda
UGA
6
Ukraine
UKR
7
United Arab Emirates
ARE
2
United Kingdom(6)
GBR
Not classified
United States(6)
USA
Not classified
Uruguay
URY
3
Uzbekistan
UZB
5
Vanuatu(5)
VUT
Not classified
Venezuela
VEN
7
Viet Nam
VNM
3
West Bank and Gaza
PSE
7
Yemen
YEM
7
Zambia
ZMB
7
Zimbabwe
ZWE
7
Assessing the full financing cost.
The upfront premium is one component of the financing decision. The comparison also needs to account for the insured share, premium payment dates, any financed premium, lender pricing, commitment fees, hedging and the repayment schedule. An apparently lower premium can sit within a structure that creates a greater funding requirement or less flexibility for the project.
GIA can translate the upfront indication into an annualised cost assessment and test its effect within the project’s financial model. This provides a basis for comparing ECA-backed proposals with other available financing structures and for negotiating the commercial terms.
ECA-backed financing uses support from an export credit agency in connection with eligible exports. For infrastructure sponsors, it can form part of a funding structure alongside equity, commercial debt and development finance. GIA assesses the procurement package, borrower structure and project cash flows to identify relevant financing routes.
Is the ECA premium calculator an offer of insurance or financing?
No. The calculator provides indicative upfront premiums on the stated inputs and agency-specific basis. Results remain subject to eligibility, current cover policy and underwriting. GIA uses the indications to support a wider financing assessment; an agency or lender must confirm the terms available for the transaction.
What does the SERV rating assumption refer to?
The SERV rating input concerns the creditworthiness of the borrower or relevant guarantor used for the proposed cover scenario. It is not the OECD country-risk category. The appropriate entity and rating basis depend on the transaction and need to be confirmed for a meaningful premium assessment.
Can an unrated private borrower be considered for SERV support?
An unrated borrower requires a transaction-specific credit assessment; absence of a public rating should not be replaced with an invented rating. Select Unrated in the GIA calculator. The SERV premium is then left for assessment rather than calculated from an unsupported rating, while other applicable agency comparisons can continue.
Does the OECD country-risk category establish whether ECA cover is available?
No. The country classification is a reference for country-risk pricing, not an approval for a specific transaction. Agency cover policy, borrower or guarantor creditworthiness, procurement eligibility and the proposed structure must also be assessed. The calculator distinguishes country classification from transaction-specific assumptions.
Can upfront premiums be compared directly across agencies?
Only after checking the basis of each result. The covered share, premium base, payment timing, repayment profile and credit assumptions can differ. GIA models these alongside margins, fees and any premium financing to compare the cash-flow implications and overall financing cost.
Discuss your ECA financing.
Share the project location, procurement scope, development stage and anticipated borrowing requirement. We can assess the relevant ECA routes, execution requirements and implications for the funding plan.
Chat with the team
Samuel Jones
Manager · Global Infrastructure Advisors
Speak with Samuel about your ECA financing options, borrower assessment or the next steps for your project.
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