Principles of Project Finance

provided by individual countries’ export credit agencies or export –import

banks (ECAs) (cf. §11.2); information on some of the major ECAs is set out

in §11.5

• “Untied” financing, guarantee/insurance or investment programs (i.e., not

linked to exports), provided by ECAs or other bilateral institutions (cf. §11.4)

• Loans, guarantees, or investment insurance from international financing

institutions (IFIs) such as the World Bank (cf. §11.6)

• The private insurance market (cf. §11.7)

A significant proportion of project financings in developing countries make use

of these techniques. It should be noted that if ECAs or IFIs provide direct loans

rather than just guarantee or insure private-sector lenders these direct loans are not

included in the market statist ...