ANNOUNCEMENT 07 Jun 2016On 7 June 2016, the US government approved funding to support an export operation carried out by Louis Dreyfus Company Grains Merchandising Llc.
NUMBER OF INTERVENTIONS
USAspending.gov. Award page. Export Guarantee Program. Louis Dreyfus Company Grains Merchandising Llc.
USDA Foreign Agricultural Service, "Export Credit Guarantee Program (GSM-102)" (retrieved on 15/07/2021). Available at: https://www.fas.usda.gov/programs/export-credit-guarantee-program-gsm-102
The Export Credit Guarantee Program (GSM-102) provides credit guarantees to encourage financing of commercial exports of U.S. agricultural products. By reducing financial risk to lenders, credit guarantees encourage exports to buyers in countries, mainly developing countries that have sufficient financial strength to have foreign exchange available for scheduled payments. The program guarantees credit extended by the private banking sector in the U.S. (or, less commonly, by the U.S. exporter) to approved foreign banks using dollar-denominated, irrevocable letters of credit for purchases of U.S. food and agricultural products by foreign buyers. USDA Foreign Agricultural Service (FAS) administers the program on behalf of the Commodity Credit Corporation (CCC), which issues the credit guarantees.