GSM-102 Credit Guarantees To South America

The U.S. Department of Agriculture announces the availability of the following credit guarantees for sales of U.S. agricultural commodities under the Commodity Credit Corportation's (CCC) Export Credit Guarantee Program (GSM-102) for fiscal year 2015.

Amount Available:        $400,000,000

Geographical Area: Argentina, Bolivia, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, and Venezuela

APPLICATIONS FOR COVERAGE

Beginning November 5, 2014, exporters may apply for credit guarantees on a first-come first-serve basis.

TERMS OF COVERAGE

Coverage is available, subject to the exceptions noted in the tables below, to cover sales of any of the commodities specified in the GSM Eligible Commodities list.

Commodity Line 1
Allocated Coverage
All commodities
$375,000,000

For commodity line 1, exporters’ contractual arrangements must call for exports no later than 90 days from the date of registration or Nov. 30, 2015, whichever date is earlier.

Commodity Line 2
Allocated Coverage
All commodities excluding soybeans and soybean products, corn, wheat, rice, cotton, corn gluten feed, corn gluten meal, and distillers dry grain
$25,000,000

For commodity line 2, exporters’ contractual arrangements must call for exports no later than 365 days from the date of registration or Nov. 30, 2015, whichever date is earlier.

ELIGIBLE BANKS IN THE SOUTH AMERICA REGION     

Any bank approved by CCC for this region is eligible. For a complete list of eligible banks, refer to the CCC “GSM Program Foreign Bank Obligors” page. Exporters are advised to obtain from their foreign buyer the name of the CCC‑approved foreign bank that will be opening the letter of credit.

GENERAL TERMS

For a list of all general terms applicable to GSM-102 program announcements, please click here.