UKEF adherence to the G20 Operational Directives for sustainable funding: 2020-2021
In March 2017, the G20 countries approved and pledged to promote G20 Operational Guidelines for Sustainable Financing. The objective of these guidelines is “to improve access to solid finance for development while ensuring that sovereign debt remains on a sustainable path by promoting information sharing and cooperation among borrowers, creditors and international financial institutions, as well as learning through capacity building ”.
UKEF is committed to following best practices under these guidelines, including providing more transparency on its sovereign exposure with respect to direct loans and called guarantees.
As a first step, the United Kingdom published its sovereign exhibition stock from end of August 2020 with aggregated data country by country, covering:
- debts resulting from direct sovereign loans
- Paris Club debt restructuring agreements
- called guarantees under buyer credit contracts taken out by UK Export Finance
- historic DFID bilateral loans administered by the World Bank’s International Development Association
UKEF now publishes updates on all new direct sovereign loans issued and effective, so-called sovereign guarantees or Paris Club restructuring agreements.
The first period runs from September 1, 2020 to March 2021. All subsequent updates are provided on a quarterly basis. Please note that the format of the post and subsequent posts are subject to change.
In the case of the UKEF direct loan facility, the borrower of the loan is the entity.
Period during which no repayment of principal (or principal and interest) is due from borrowers to lenders. As far as the work of the IMF / World Bank is concerned, this is usually associated with concessional financing only. This is not relevant for UKEF direct loans, but we have included information on the pre-credit period, which is held in UKEF systems.
The loan repayment period in months.
Currency amount (millions)
The amount and currency of the loan, in millions.
Equivalent value in GBP (millions)
For ease of comparison, the currency amount has been converted to pounds sterling using the following exchange rate:
- £ 1 = EUR 1.1
- £ 1 = US $ 1.3
Interest rate type
An interest rate can be variable, that is, reset on each repayment date, or it is fixed and the same rate applies for the term of the loan. CIRRs (Commercial Benchmark Interest Rates) are minimum interest rates that apply to official financial support for export credits and set under the terms of the Arrangement for Officially Supported Export Credits.