Export Guarantee Insurer
The Lender shall require an export credit insurance policy for Export Credit to be issued by a prime European Insurance Bank for instance EGAP. The insurance premium will be paid from the first disbursement.
Irrevocable payment guarantee as suggested at the Request for an expression of interest for the implementation of the Project, which proposes a guarantee by the selected local prime bank in the country where the project shall be implemented.
The respective Payment Guarantee issued in favor of CEB shall be in the form and substance satisfactory to both CEB and EGAP.