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Deutsche Bank and Standard Bank of South Africa Sign Memorandum of Understanding for close cooperation under a US Export Credit Agency Guarantee Program
Deutsche Bank has signed a memorandum of understanding (MOU) with The Standard Bank of South Africa Limited (Standard Bank) to closely cooperate under the GSM-102 program of the U.S. Department of Agriculture. The US government program is designed to encourage the export of certain US agricultural goods to eligible emerging markets, especially African countries, with competitive credit terms.
Export Credit Agency Programs are intended to promote exports to buyers located in developing countries who have the financial strength and foreign exchange capabilities to make scheduled payments. The US Department of Agriculture’s Foreign Agricultural Service will administer the GSM-102 program on behalf of the Commodity Credit Corporation, which issues credit guarantees.
Standard Bank will issue irrevocable US dollar denominated deferred payment letters of credit for the import of eligible agricultural products from the US and Deutsche Bank will advise, confirm and negotiate these letters of credit in accordance with the GSM-102 program regulations.
“We are pleased to further strengthen our relationship with Standard Bank,” said Ulf-Peter Noetzel, Head of Trade Finance Financial Institutions, Deutsche Bank “As the leading bank for GSM-102 business in Africa, and in close coordination with the Commodity Credit Corporation and the US Department of Agriculture’s Foreign Agricultural Service, we look forward to further supporting and enabling commodity imports into Sub-Sahara Africa from the U.S., such as wheat, corn, and soybeans, but also high-value agri-products.”
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