Middle East Economic Survey

VOL. LII

No 20

18-May-2009

REGIONAL/GCC

Credit Crunch Puts ECAs Center Stage In Project Finance

By Melanie Lovatt In Paris

The dramatic cut back in international bank funding resulting from the credit crunch continues to constrain the project finance sector, although those trying to secure financing are heartened to see export credit agencies (ECAs) and multi-lateral lenders coming to the rescue. This brings ECAs full circle in the Gulf. In the 1990s, they saw good use,...