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Export credit papers released

Monday, 11 December 2000 Media Statement

Export credit papers released


Associate Minister of Foreign Affairs and Trade Pete Hodgson today released copies of documents relating to the development of the Government's proposed export credit guarantee scheme.

The scheme, announced in early November, involves the Government working with the private sector to provide underwriting services for exporters who need finance between shipping an export order and being paid for delivery. It provides exporters with a credit guarantee rather than cash.

The key documents released are the Cabinet papers and minutes and a report by consultants Vinstar Ltd, of Auckland. Also available are officials' reports, correspondence, discussion notes and minutes.

"The Government has acted to cover the export credit market gaps identified in the Vinstar report," Mr Hodgson said. "New Zealand has been missing export opportunities worth tens of millions of dollars a year and we are setting out to fix that.

"These documents show the complexity of export finance issues. The Government has put considerable work into designing a programme to fill the gap in provision of export credit, while limiting the Crown's financial risk."

ENDS

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