Publish What You Pay calls for export credit agencies to require the public disclosure of all payments (taxes, fees, royalties and other transactions) as a condition of their support to extractive industry companies seeking loans, guarantees and risk insurance.

Export credit agencies (ECAs) are public agencies of developed country governments that extend government-backed loans, insurance and investment guarantees to companies operating in developing and emerging markets that are considered high-risk areas, including many resource-rich developing countries. ECAs are the largest providers of public finance to private-sector projects in the world, particularly in the extractive industries. Collectively, ECAs are now the largest class of international financial institutions, far exceeding the World Bank Group in the value of loans provided to companies.

Revenue transparency criteria, attached as a condition to all future export credit financing agreements, would capture both international and state-owned companies. For example, large multinational companies developing oil fields in Angola do so in partnership with the national oil company Sonangol, and with ECA support. Both would be captured if ECAs required transparency as a condition of their financing.

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