Top 10 Export Credit Agencies for Project Finance

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The Export Credit Agencies Backing Project Finance in 2026

The top 10 export credit agencies for project finance in 2026 are UKEF, US EXIM, JBIC, NEXI, KEXIM, Euler Hermes, Bpifrance Assurance Export, SACE, SERV and KUKE. ECAs lend directly, or they guarantee or insure commercial bank loans tied to exports from their home country.

For sponsors, ECA support usually means longer tenors, lower pricing and access to markets commercial banks will not take alone. The trade-off is procurement. Cover follows the equipment and services sourced from the ECA's country.

How ECA cover works

1

Export contract. The project buys equipment or services from an exporter in the ECA's country.

2

Covered loan. A commercial bank lends to the buyer or project. The ECA guarantees or insures most of the risk, or lends directly.

3

Long tenor. Repayment is spread over the asset's life, often well beyond what an uncovered bank loan allows.

The 10 agencies

  1. UK

    UK Export Finance (UKEF)

    UKEF guaranteed a £746 million buyer credit facility arranged by Citi to redevelop two Nigerian ports in March 2026, per Mayer Brown. It is flexible on content rules and active across Africa and the Gulf.

  2. US

    Export-Import Bank of the United States

    EXIM's board approved a $2.9 billion, 13-year senior secured loan for Perpetua's Stibnite project in May 2026 under its Make More in America initiative, according to the company's SEC filing. Critical minerals are a stated priority.

  3. JP

    JBIC

    JBIC committed up to about $990 million of project finance to Qatar's Facility E power and desalination project in January 2026. The total co-financing came to roughly $2.97 billion. JBIC suits large energy and infrastructure deals with Japanese sponsors or suppliers.

  4. JP

    NEXI

    NEXI insured a $1.885 billion financing for a US gas generation project linked to data centre demand in May 2026, reported by TXF. It usually works alongside JBIC on the commercial bank tranche.

  5. KR

    KEXIM

    Korea Eximbank co-financed Qatar Facility E and signed a $500 million facility with the Asian Development Bank for critical minerals projects in 2026. It pairs with K-SURE insurance on Korean EPC-led projects.

  6. DE

    Euler Hermes

    Germany's export credit guarantees, managed by Euler Hermes, backed DZ BANK's largest Euler Hermes Shopping Line, which closed in April 2026. It fits projects buying German turbines, machinery and grid equipment.

  7. FR

    Bpifrance Assurance Export

    Bpifrance supported the financial close of a UK nuclear reactor in 2025, according to GTR. It also backs African water and power deals tied to French contractors.

  8. IT

    SACE

    SACE covered the loan funding Sonangol's equity in Angola's NeGaCo gas project, its first deal sized on that structure. SACE is known for creative structures, including equity bridge and untied support.

  9. CH

    SERV

    Switzerland's SERV reinsured Deutsche Bank's cover on substation works in Guinea, per UKEF's June 2026 disclosure. It often participates through reinsurance in multi-ECA deals.

  10. PL

    KUKE

    Poland's KUKE guaranteed, with UKEF, the loan for a 390 MW solar portfolio in Turkey, reported by PV Tech. It is a growing option for projects sourcing from Central Europe.

Preparing an ECA-backed deal

Start with the supply chain. The EPC contract and equipment list decide which ECAs can participate. Map content by country before approaching banks.

Expect environmental and social review. Most ECAs screen projects against international standards and publish category disclosures, so the ESIA must be bankable early.

Financely prepares the credit file and approaches ECA agent banks through our international project finance lender network. The Lender-Ready Package covers the credit memo, model review and sources and uses. Full mandates run through our project finance debt advisory.

Structure Your Project Around the Right ECA

Send us the project, the EPC and the equipment sourcing. We will scope the work and send a fixed quote.

Frequently asked questions

What is an export credit agency in project finance?

A government-backed institution that lends to, guarantees or insures loans for projects buying goods and services from its home country's exporters.

Do I need to buy equipment from the ECA's country?

Usually yes, for tied cover. Some agencies, including UKEF and SACE, also offer untied or flexible-content products linked to wider national interest.

Can several ECAs support one project?

Yes. Large projects often combine multiple ECAs through co-financing or reinsurance, each covering the content sourced from its country.

This article is general information only and is not legal, tax or investment advice. Financely is an advisory and arranging firm, not a lender or broker-dealer, and is not affiliated with any export credit agency. Any financing is subject to lender and agency underwriting, due diligence, credit approval, documentation and conditions precedent, and no outcome or timeline is guaranteed.

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