GSM-102 Credit Guarantees To South Korea
The U.S. Department of Agriculture amends 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 2016.
Amended Amount: $800,000,000
Geographical Area: Republic of Korea (South Korea)
APPLICATIONS FOR COVERAGE
Beginning November 3, 2015, at 9:00 am EST, exporters may apply for credit guarantees on a first-come first-serve basis.
TERMS OF COVERAGE
Coverage is available to cover sales of any of the commodities specified in the GSM Eligible Commodities list. Exporters’ contractual arrangements must call for exports no later than 365 days from the date of registration or Nov. 30, 2016, whichever date is earlier.
ELIGIBLE BANKS IN THE REPUBLIC OF KOREA (SOUTH KOREA)
Any bank approved by CCC for this country 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.
For a list of all general terms applicable to GSM-102 program announcements, please click here.