of the total project capital requirements of both loan and equity. In addition,
all lending covered by ECAs should not normally exceed 60% of total proj-
ect capital costs;
• At least 25% of the project funding as equity and/or subordinated debt.
ECGD also provides political risk insurance on similar terms for overseas in-
vestments, as well as for bank loans to overseas projects with a British sponsor.
This investment insurance can be provided on an annual basis rather than for the
life of the project, so enabling the investor who has become comfortable with the
country concerned to drop the insurance cover and save costs. In 2000, £312 mil-
lion of cover was provided.
§11.6 INTERNATIONAL FINANCING
INSTITUTIONS (IFIS)
2
IFIs are also known as Multilateral ...