§ Mr. Jim MurphyTo ask the Secretary of State for Trade and Industry if he will make a statement about the provision of export guarantees for Romania. [118482]
§ Mr. ByersI have instructed the Export Credits Guarantee Department (ECGD) to make cover available to Mivan Ltd. and Kier International who have won a contract to construct low cost housing and provide water services to villages in Romania. The export credit guarantees will amount to $120 million. In addition, a further $47 million is being provided in support of the project by commercial banks not covered by ECGD. This project will bring benefits to many ordinary Romanians and provide an important export order for Northern Ireland where Mivan is based.
ECGD has now exhausted cover capacity under its exposure ceiling for Romania. They will review cover policy in the light of the progress Romania makes in negotiating and implementing its IMF backed economic programme and its external debt servicing capability.