TeachMeFinance.com - explain GSM-102, Intermediate-Term Export Credit Guarantee Program.
GSM-102, Intermediate-Term Export Credit Guarantee Program. The term 'GSM-102, Intermediate-Term Export Credit Guarantee Program. ' as it applies to the area of agriculture can be defined as ' An Export Credit Guarantee Program that covers credit terms up to 3 years. The program underwrites credit extended by the private banking sector to approved foreign banks using dollar-denominated, irrevocable letters of credit to pay for U.S.-grown food and agricultural products sold to foreign buyers. The CCC guarantee typically covers 98% of principal and a portion of interest'.
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