| 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.