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Project finance advisory

ECA-backed project financing.

We advise on structuring ECA-backed infrastructure financing, aligning procurement, lender requirements and project cash flows from the outset.

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Railway tracks viewed from above

Structuring export credit around the project.

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.

From procurement strategy to financial close.

Eligibility and procurement strategy

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.

Your financing scenario

Use indicative, anonymous figures. No client name, project name or contact details are needed.

Project and financing amounts
Project countryNot selected
OECD classification
Loan amount sent for pricing
Choose agencies for pricing

These sources can return an upfront indication here. Select those relevant to your export package; national content and eligibility require confirmation.

Other agencies for GIA review

Select any additional agencies you would like GIA to assess. Premiums for these agencies are not yet available in this calculator. Your choices are included in your financing brief.

No additional agencies selected.

Financing assumptions
Borrower, procurement and advisory context

These fields inform the brief for GIA. They do not assign an agency credit rating or change EKN’s native cover assumptions.

EKN’s tool returns its own debtor-category scenarios. These are not a credit assessment of your borrower. Agency eligibility and cover availability still require confirmation.

Calculate using the selected agencies’ pricing sources. No name or contact details required.

How your inputs are used

GIA sends the relevant financing inputs to the selected online calculators: country, loan, currency, periods and interest to EKN; contract value and assumed rating as well to SERV; country, cover and periods to UKEF; and country, loan, rating, periods and interest assumptions to Atradius. The German, US EXIM, Credendo and Bpifrance published methods run on GIA’s server. Other advisory details remain in your browser until you choose to share your financing brief.

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.

Discuss annualised cost with GIA

Country risk and cover availability.

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.

Country risk at a glance

OECD source edition: 2026-06-26 · classifications verified: 2026-09-14.

OECD source and country-specific footnotes. Bracketed numbers in the directory refer to the OECD's notes.

Lower category numberHigher category number

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 / territoryISOOECD category
AfghanistanAFG7
AlbaniaALB4
AlgeriaDZA5
Andorra(8)ANDNot classified
AngolaAGO6
Antigua and BarbudaATG7
ArgentinaARG7
ArmeniaARM5
ArubaABW4
Australia(6)AUSNot classified
Austria(6) (7)AUTNot classified
AzerbaijanAZE4
BahamasBHS4
BahrainBHR6
BangladeshBGD6
Barbados(5)BRBNot classified
BelarusBLR7
Belgium(6) (7)BELNot classified
Belize(5)BLZNot classified
BeninBEN6
BhutanBTN6
BoliviaBOL7
Bosnia and HerzegovinaBIH6
BotswanaBWA3
BrazilBRA4
Brunei Darussalam(5)BRNNot classified
BulgariaBGR2
Burkina FasoBFA7
BurundiBDI7
Cabo VerdeCPV5
CambodiaKHM6
CameroonCMR6
Canada(6)CANNot classified
Central African RepublicCAF7
ChadTCD7
Chile(6)CHLNot classified
China (People’s Republic of)CHN2
ColombiaCOL4
Comoros(5)COMNot classified
CongoCOG7
Costa RicaCRI3
Côte d’IvoireCIV5
Croatia(7)HRVNot classified
CubaCUB7
CuraçaoCUW5
Cyprus(2) (7)CYPNot classified
Czechia(6)CZENot classified
Democratic People's Republic of KoreaPRK7
Democratic Republic of the CongoCOD7
Denmark(6)DNKNot classified
DjiboutiDJI7
Dominica(5)DMANot classified
Dominican RepublicDOM4
EcuadorECU6
EgyptEGY6
El SalvadorSLV6
Equatorial GuineaGNQ7
EritreaERI7
Estonia(6) (7)ESTNot classified
EswatiniSWZ6
EthiopiaETH7
FijiFJI5
Finland(6) (7)FINNot classified
France(6) (7)FRANot classified
GabonGAB7
GambiaGMB7
GeorgiaGEO5
Germany(6) (7)DEUNot classified
GhanaGHA7
Greece(6) (7)GRCNot classified
Grenada(5)GRDNot classified
GuatemalaGTM4
GuineaGIN7
Guinea-BissauGNB7
GuyanaGUY5
HaitiHTI7
HondurasHND5
Hong Kong (China)HKG2
Hungary(6)HUNNot classified
Iceland(6)ISLNot classified
IndiaIND3
IndonesiaIDN3
IranIRN7
IraqIRQ7
Ireland(6) (7)IRLNot classified
Israel(3) (6)ISRNot classified
Italy(6) (7)ITANot classified
JamaicaJAM5
Japan(6)JPNNot classified
JordanJOR5
KazakhstanKAZ5
KenyaKEN7
Kiribati(5)KIRNot classified
Korea(6)KORNot classified
Kosovo(4)XKV6
KuwaitKWT2
KyrgyzstanKGZ7
Lao People’s Democratic RepublicLAO7
Latvia(6) (7)LVANot classified
LebanonLBN7
LesothoLSO6
LiberiaLBR7
LibyaLBY7
Liechtenstein(5)LIENot classified
Lithuania(6) (7)LTUNot classified
Luxembourg(6) (7)LUXNot classified
Macau (China)(5)MACNot classified
MadagascarMDG7
MalawiMWI7
MalaysiaMYS2
MaldivesMDV7
MaliMLI7
Malta(7)MLTNot classified
Marshall Islands(5)MHLNot classified
MauritaniaMRT6
MauritiusMUS3
MexicoMEX3
Micronesia(5)FSMNot classified
MoldovaMDA6
Monaco(8)MCONot classified
MongoliaMNG6
MontenegroMNE6
MoroccoMAR3
MozambiqueMOZ7
MyanmarMMR7
NamibiaNAM5
Nauru(5)NRUNot classified
NepalNPL6
Netherlands(6) (7)NLDNot classified
New Zealand(6)NZLNot classified
NicaraguaNIC7
NigerNER7
NigeriaNGA6
Northern MacedoniaMKD5
Norway(6)NORNot classified
OmanOMN3
PakistanPAK7
Palau(5)PLWNot classified
PanamaPAN4
Papua New GuineaPNG6
ParaguayPRY4
PeruPER3
PhilippinesPHL3
Poland(6)POLNot classified
Portugal(6) (7)PRTNot classified
QatarQAT2
RomaniaROU3
RussiaRUS7
RwandaRWA6
Saint Kitts and Nevis(5)KNANot classified
Saint Lucia(5)LCANot classified
Saint Vincent and the Grenadines(5)VCTNot classified
Samoa(5)WSMNot classified
San Marino(8)SMRNot classified
Sao Tome and Principe(5)STPNot classified
Saudi ArabiaSAU2
SenegalSEN7
SerbiaSRB4
Seychelles(5)SYCNot classified
Sierra LeoneSLE7
SingaporeSGP0
Sint Maarten(5)SXMNot classified
Slovak Republic(6) (7)SVKNot classified
Slovenia(6) (7)SVNNot classified
Solomon Islands(5)SLBNot classified
SomaliaSOM7
South AfricaZAF4
South SudanSSD7
Spain(6) (7)ESPNot classified
Sri LankaLKA7
SudanSDN7
SurinameSUR7
Sweden(6)SWENot classified
Switzerland(6)CHENot classified
Syrian Arab RepublicSYR7
Chinese TaipeiTWN2
TajikistanTJK7
TanzaniaTZA6
ThailandTHA3
Timor-LesteTLS6
TogoTGO6
Tonga(5)TONNot classified
Trinidad and TobagoTTO3
TunisiaTUN7
TürkiyeTUR5
TurkmenistanTKM7
Tuvalu(5)TUVNot classified
UgandaUGA6
UkraineUKR7
United Arab EmiratesARE2
United Kingdom(6)GBRNot classified
United States(6)USANot classified
UruguayURY3
UzbekistanUZB5
Vanuatu(5)VUTNot classified
VenezuelaVEN7
Viet NamVNM3
West Bank and GazaPSE7
YemenYEM7
ZambiaZMB7
ZimbabweZWE7

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.

Request an annualised premium and financing-cost assessment

ECA-backed project financing: common questions

Answers from Global Infrastructure Advisors. Meet our team and explore our published infrastructure experience.

What is ECA-backed project financing?

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, GIA Manager

Samuel Jones

Manager · Global Infrastructure Advisors

Speak with Samuel about your ECA financing options, borrower assessment or the next steps for your project.

Prefer email? Send a financing enquiry

Outline the support you need below. You can paste your copied financing brief into the message. Please leave out confidential documents at this stage.


Sources and basis of indications

Framework references: Swedish export finance for infrastructure and German Federal Export Credit Guarantees. Agency indications remain subject to eligibility, underwriting and the applicable terms of cover.

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