GSM-102 Credit Guarantees To Asia Region
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 Corporation's (CCC) Export Credit Guarantee Program (GSM-102) for fiscal year 2023.
Announced Amount: $475,000,000
Afghanistan, Bangladesh, Burma/Myanmar, Cambodia, China, Hong Kong, India, Indonesia, Laos, Macau, Malaysia, Mongolia, Nepal, Pakistan, Papua New Guinea, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Timor-Leste, and Vietnam
APPLICATIONS FOR COVERAGE
Beginning October 7, 2022 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. For payment guarantees covering sight LCs without refinancing, exporters’ contractual arrangements must call for exports no later than 60 days from the date of registration or November 30, 2023, whichever date is earlier. For all other guarantees, exporters’ contractual arrangements must call for exports no later than 365 days from the date of registration or Nov. 30, 2023, whichever date is earlier.
ELIGIBLE BANKS IN THE ASIA 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.
For a list of all general terms applicable to GSM-102 program announcements, please click here.