Reinsurance Agreement with EKF Denmark’s Export Credit Agency

Nippon Export and Investment Insurance (NEXI; Chairman and CEO: Atsuo Kuroda) concluded a One-Stop-Shop reinsurance agreement with EKF Denmark’s Export Credit Agency, the export credit agency (ECA) of the Kingdom of Denmark.

NEXI has concluded reinsurance agreements with sixteen ECAs in Europe, Asia and North America, and this will be the seventeenth agreement.

The reinsurance agreement is a reciprocal agreement designated for both ceding and assuming reinsurance for mid- and long-term projects. The agreement enables NEXI and EKF to cooperate in the form of reinsurance and provide more comprehensive support to exports by Japanese and Danish companies. While this agreement can be widely applied to all ECA financing in which NEXI or EKF will be involved, a specific decision on whether to apply the agreement depends on each individual case.

Denmark has major wind turbine manufacturers and EKF is the most experienced ECA when it comes to financing wind power projects. Meanwhile, NEXI is increasingly focusing on supporting projects related to renewable energy and those that will adopt new technologies which contribute to global environmental protection, through various measures such as the launch of a new product called Loan Insurance for Green Innovation. In these circumstances, building cooperation with EKF, full of expertise in the renewable energy sector, is in line with a global trend which aims to build a sustainable society by balancing economic growth and environmental protection.

Additionally, as EKF is engaged in financing several mid- and long-term projects in Africa, the cooperation between NEXI and EKF is expected to even grow in projects involving Japanese companies. Given Japan’s efforts being made jointly by the public and private sectors to promote business in Africa, such as hosting the Seventh Tokyo International Conference on African Development (TICAD 7) in Yokohama from August 28 to 30, 2019, the agreement will also contribute to encouraging NEXI to work on projects in Africa. In the future, NEXI will support industrial cooperation between Japan and Denmark through export credit by proactively utilizing the One-Stop-Shop reinsurance scheme in a wide range of fields based on the reinsurance agreement.

As Japan’s policy-based financial institution, NEXI will continue to promote to expand its reinsurance network with other organizations, support projects to be developed by Japanese companies, and make active efforts to contribute to cooperation with third countries encouraged by the Japanese government.

Reference:

Official name	EKF Denmark’s Export Credit Agency
Location	Lautrupsgade 11, 2100, Copenhagen, Denmark
Year of establishment	1922
Number of staff	Approximately 150
Business contents	Guarantee, direct lending, reinsurance, etc.

Contact: Infrastructure Group, Structured and Trade Finance Insurance Department
Tel: +81-(0)3-3512-7674