Financing channels, country by country

Germany combines one of the deepest commercial-bank markets in Europe with a highly active export credit agency (Euler Hermes) and a promotional bank (KfW) whose international arm KfW-IPEX is a regular participant in cross-border industrial deals. Green and sustainability-linked instruments are increasingly mainstream in mid- and large-cap CAPEX.

The UK offers a well-developed commercial banking market alongside UK Export Finance (UKEF) — one of the more active ECAs globally — and British International Investment (BII), the UK's development finance institution focused on emerging markets. UKEF's General Export Facility and buyer-credit programme are frequently used on cross-border industrial deals.

France offers a deep commercial banking market alongside Bpifrance Assurance Export (the state-authorised ECA management) and the AFD group (AFD, Proparco) providing development and DFI financing. French institutions are particularly active in Francophone Africa and MENA industrial infrastructure.

The United States offers the world's deepest and most liquid commercial-bank and capital-markets funding base for industrial CAPEX, complemented by EXIM Bank (ECA) for cross-border exports of US content and the US International Development Finance Corporation (DFC) for emerging-market impact projects.

The UAE offers a highly liquid banking market with both conventional and Islamic (Sharia-compliant) financing structures widely available. Etihad Credit Insurance (ECI) provides ECA-style cover for UAE exporters, and sovereign-linked entities frequently anchor large industrial CAPEX in the region.

Brazil combines a well-developed local banking market with BNDES — one of the world's largest development banks — and ABGF for export credit management. IDB Invest and CAF are active DFI participants across Latin American industrial and infrastructure deals.