WASHINGTON, Oct. 18, 2012 – The U.S. Department of Agriculture today announces availability of the following credit guarantees for sales of U.S. agricultural commodities under the Commodity Credit Corporation's Export Credit Guarantee Program (GSM-102) for fiscal year 2013.
Total Amount Available: $200,000,000
Geographical Area: Afghanistan, Algeria, Angola, Bahrain, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Cote d’Ivoire, Democratic Republic of the Congo, Djibouti, Egypt, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Iraq, Israel, Jordan, Kenya, Kuwait, Lebanon, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mozambique, Morocco, Namibia, Niger, Nigeria, Oman, Pakistan, Qatar, Republic of the Congo, Republic of South Sudan, Rwanda, Saudi Arabia, Senegal, Seychelles, Sierra Leone, South Africa, Swaziland, Tanzania, Togo, Tunisia, Uganda, United Arab Emirates, West Bank/Gaza, Yemen, Zambia, and Zimbabwe
The GSM-102 program provides credit guarantees to encourage financing of commercial exports of U.S. agricultural products, primarily to developing countries, while providing competitive credit terms. Under this program, the Commodity Credit Corporation (CCC) reduces the financial risk to lenders by guaranteeing payments due from approved foreign banks to exporters or financial institutions in the United States.
This program announcement is issued in accordance with title 7, section 1493.10(d), of the Code of Federal Regulations.
APPLICATIONS FOR COVERAGE
CCC will initially consider applications under this announcement received between 9 a.m. (Eastern Time) and 4 p.m. (Eastern Time) on Oct. 24, 2012. All applications received by CCC within these times will be considered as having been received at the same time. Therefore, exporters should submit only one copy of each application. If the total dollar amount of the applications received within the time frame specified above exceeds the total dollar amount of the announced allocations, CCC will determine the distribution of the announced allocation. Applications received after the ending date and time specified in this announcement will be considered on a first-come, first-serve basis.
Exporters are reminded that a firm sale must exist between the buyer and seller prior to submission of an application for a guarantee. Exporters must limit the maximum total guarantee value of all submitted applications to the amount of coverage available under this announcement and all applications are subject to sufficient country and bank limits.
All applications submitted must be accompanied by the full guarantee fee. Fees may be submitted with the application or submitted separately by check or wire transfer, but all application fees must be received by CCC by 11:59 p.m. (Eastern Time) on the same day that the application is received by CCC. Each fee payment should note the applicant name, the sale number, the country/region name, and the amount of fee to be allocated to each application (if one payment is submitted to cover multiple applications). CCC will not consider any applications where the fee is not submitted within this time frame.
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 list of commodities. The latest commodity list can be obtained by accessing the Foreign Agricultural Service (FAS) Web page at
For commodity line 2, exporters’ contractual arrangements must call for exports no later than 365 days from the date of registration or Nov. 30, 2013, whichever date is earlier.
Requests for extensions to the export date must be submitted in writing and will only be permitted on a case by case basis. CCC does not anticipate granting any extensions unless the exporter can demonstrate that circumstances beyond the exporter’s control precluded export by the final date to export on the guarantee.
In accordance with 7 CFR 1493.20(v) (1), this announcement offers coverage on a free-alongside-ship or free-on-board basis. If commodities are sold on a cost-and-freight or cost-insurance-and-freight basis, coverage on a cost-and-freight basis to point of ocean transportation or international air carrier discharge is also available in accordance with 7 CFR 1493.20(v)(2). Coverage is not available under this announcement for insurance costs.
Coverage of up to 98 percent of the principal is offered on credit terms based on the obligor country risk category as specified in the table below. Adjustable interest coverage is also offered in accordance with FAS program announcement PR 0138-08 issued Sep. 4, 2008, or as superseded. A complete list of countries and their associated risk category is available on the CCC "Country Risk Category" Web page located at