Export credit agencies have successfully closed more capital equipment financing transactions in the Middle East and North Africa.
It’s now considered that, with much of the impact of the financial crisis behind it, the Middle East is entering a period of economic recovery with firmer oil prices and stronger public finances. It is also seeing the start of a return of international capital to the region – and it’s said that the export credit agencies (ECAs) are helping to spearhead it. There has been a significant jump in ECA-backed trade financing in the MENA region since the beginning of the year.
However, many MENA countries are dependent on exports to Europe, which is still on an uncertain road to recovery and continues to have problems with bank liquidity and lending.