Official support for financing exports has become a complex, highly-subsidized form of assistance to promote foreign sales, especially of manufactures and capital goods. Spurred on by sharper competition among industrialized countries, the evolution in export finance has important implications for developing countries. One is the availability of a growing source of external capital on terms below prevailing market costs. Another is the emergence of the more advanced developing countries as providers of subsidized finance to promote their own rising exports of manufactures. |