GSM-102 Credit Guarantees To Sub-Saharan Africa

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 Corportation's (CCC) Export Credit Guarantee Program (GSM-102) for fiscal year 2022.

Announced Amount:        $150,000,000

Geographical Area/Eligible Destinations

Angola, Benin, Botswana, Burkina Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Comoros, Cote d’Ivoire, Democratic Republic of the Congo, Djibouti, Equatorial Guinea, Eritrea. Eswatini (formerly Swaziland), Ethiopia, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Lesotho, Liberia, Libya, Madagascar, Malawi, Mali, Mauritania, Mauritius, Mozambique, Namibia, Niger, Nigeria, Republic of the Congo, Rwanda, Senegal, Seychelles, Sierra Leone, South Africa, South Sudan, Sudan, Tanzania, Togo, Uganda, Zambia, and Zimbabwe

APPLICATIONS FOR COVERAGE

Beginning on October 6, 2021, 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, 2022, 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, 2022, whichever date is earlier.

ELIGIBLE BANKS IN THE 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.

GENERAL TERMS

For a list of all general terms applicable to GSM-102 program announcements, please click here.