How does the FGP work?
The mechanism behind the FGP is the same as for CCCs GSM programs. CCC guarantees a credit established by a U.S. bank to an importers bank. The eligible U.S. bank, working with the exporter, has agreed to extend credit to finance the sale of equipment, goods or services for an FGP approved project. The eligible importers bank, working with developer of the project, agrees to issue a dollar-denominated letter of credit in favor of the exporter.
