The coronavirus pandemic has shone a spotlight on many things. But most importantly, the stronger focus on the energy transition from governments, financiers, and project sponsors has fuelled a race around the world towards the realisation of the UN’s SDGs.

The GNA II LNG-to-power project and its sole financier - BNDES - promised to incubate private sector investment in large-scale project financings in Brazil. However, the card of pure commercial bankability is still some way off for such schemes.

Export Credit Agencies (ECAs) have proved robust amid the economic bulldozer that is the Covid-19 pandemic, and the product has never been in greater use with applications for cover ballooning. But ECAs are also becoming more risk averse as the pandemic shows no clear end in sight.

While EXIM Hungary is not one of the largest ECAs globally in terms of portfolio size or capital capacity, the Hungarian ECA makes up for its lack of size with its variety of products, including its international activities, special operating framework and the significance and breadth of its role. EXIM Hungary is also active in the real economy and in terms of international financial policy. TXF spoke to the ECA's International Chief Officer, Gabor Szocs.

ECAs are playing a growing role in the financing of small, strategic-commodity mining projects – even coming in alongside royalty providers in deals where they might not be treated equally in a foreclosure or default situation.