Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Afghanistan 02C 02C - Loan guarantees AFN
Arab Republic of Egypt 02C 02C - Loan guarantees EGP 108,000,000,000 6,872,426,816 Central Bank of Egypt. (accessed 19 June 2020). Yale. (accessed 19 June 2020). IMF. (accessed 6 August 2020).

(i) EGP3 billion of loan guarantees by the government has been announced for the tourism industry soft loans; (ii) EGP100 billion of loan guarantees from the Central Bank to cover lending at preferential rates to the manufacturing, agriculture and contracting industries; (iii) 16 June 2020, EGP3 billion in loan guarantees to the Tourism sector; (iv) As of 30 July 2020, an EGP2 billion guarantee fund has been formed to guarantee mortgages and consumer loans.

Argentina 02C 02C - Loan guarantees ARS 34,000,000,000 541,832,669 BCRA. (Accessed 27 April 2020). Government of Argentina. (accessed 30 October 2020).

No amount/estimate: (i) See (i) in Actions that increase liabilities in Measure 1; (ii) Created a Special Affectation Fund, which will transfer ARS30 billion to the Argentine Guarantee Fund. The guarantees have the objective of facilitiating the repayment of loans for working capital. Eligible parties include companies listed in the small and medium-sized enterprise registry (MiPyMES Registry); (iii) No amount/estimate: FOGAR provides a guarantee that covers 100% of the credit in (iv) of Measure 1A; (iv) 13 October 2020, ARS3 billion in (viii) of Measure 3A.

Armenia 02C 02C - Loan guarantees AMD
Australia 02C 02C - Loan guarantees AUD 40,000,000,000 24,871,999,983 Department of Treasury. (accessed 16 April 2020); Department of Treasury. (accessed 3 June 2020); Department of the Treasury. (accessed 22 July 2020).

April 2020, Under a new Coronavirus SME Guarantee Scheme, the Government will guarantee 50% of new loans issued by eligible lenders to SMEs with total lending capacity of AUD40 billion. 20 July 2020, The government announced that it plans to expand the SME Guarantee Scheme to help small businesses to adapt, grow and create jobs. The changes include widening the range of investments that can be funded, increasing maximum loan size, and increasing the maximum long term to five years, among others. The second phase of the Scheme will start on October 2020 and will be available until June 2021.

Austria 02C 02C - Loan guarantees EUR 9,000,000,000 9,955,752,212 OECD. (accessed 15 April 2020).

EUR9 billion in credit guarantees.

Azerbaijan 02C 02C - Loan guarantees AZN 500,000,000 294,117,647 IMF. (accessed 01 October 2020); Caspian News. (accessed 15 April 2020); KPMG. (accessed on 6 May 2020); Ministry of Economy. (accessed 27 July 2020).

6 April 2020, Entrepreneurs get state guarantee for 60% of their new bank loans and the government subsidizes half of the interest on guaranteed loans from the state budget; overall state support at AZN500 million (USD294 million); (ii) No amount/estimate: May 2020, The CBA also announced that it will extend its guarantees on insurance premiums.

Bangladesh 02C 02C - Loan guarantees BDT 20,000,000,000 235,432,607 Bangladesh Bank. 2020. SME and Special Programme Department Circular No. 3. (27 July 2020).

27 July 2020, BDT20 billion credit guarantee scheme for cottage, micro and small industries.

Belgium 02C 02C - Loan guarantees EUR 52,000,000,000 57,522,123,894 Belgian Government. (accessed 11 November 2020); IMF. (accessed 30 April 2020).

(i) EUR50 billion (over 11% of GDP) of guarantees for new bank loans to companies and self-employed; (ii) Regional governments announced further bank-loan guarantees (around EUR2 billion, or 0.4% of GDP); (iii) No amount/estimate: A Reinsurance scheme for short-term trade credit insurance and other socio-economic measures further support these efforts; (iv) 6 November 2020, Extension of the SME guarantee scheme and the credit insurance guarantee scheme until 30 June 2021.

Bhutan 02C 02C - Loan guarantees BTN/INR
Brazil 02C 02C - Loan guarantees BRL 5,000,000,000 1,023,914,929 Ministry of Economy. (accessed 8 June 2020).

(i) 2 June 2020, Ministry of Economy provides BRL5 billion immediately and up to BRL20 billion in loan guarantees available to financial agents that lend to small and medium sized enterprises.

Brunei Darussalam 02C 02C - Loan guarantees BND
Cambodia 02C 02C - Loan guarantees KHR RGC. (accessed 11 June 2020).

26 May 2020, The Ministry of Economy and Finance will establish a “credit guarantee fund” of USD200 million. This fund may guarantee loans through banks and financial institutions using the market policy to assuage the pressure of cash flow and working capital of businesses in all sectors.

Canada 02C 02C - Loan guarantees CAD 40,000,000,000 28,668,697,366 Department of Finance Canada. (accessed 10 June 2020).

(i) No amount/estimate: Loan Guarantee for Small and Medium-Sized Enterprises through the Business Credit Availability Program, Export Development Canada (EDC) is working with financial institutions to guarantee 80% of new operating credit and cash flow term loans of up to CAD6.25 million to small and medium-sized enterprises (SMEs); Canadian Government reports on 11 August 2020 that the amount of loan guarantees is CAD40 billion.

Cook Islands 02C 02C - Loan guarantees NZD
Denmark 02C 02C - Loan guarantees DKK 95,400,000,000 14,123,860,366 OECD. (accessed 24 June 2020).

(i) 17 March 2020, DKK1.20 billion credit guarantee for Scandinavian Airlines. Total support credit guarantee to the airlines amounting to SEK3.5 billion equally split between the Danish and Swedish governments; (ii) 19 March 2020, DKK35.7 billion loan guarantees scheme for large firms; (iii) DKK25 billion loan guarantee scheme for SMEs; (iv) DKK1.25 liquidity guarantee in new loans to SMEs with export activities; (v) DKK2.25 billion government guarantee for the Travel Guarantee Fund, to be repaid by the travel industry in the coming years; (vi) 18 April 2020, DKK30 billion government guarantee (to insurance companies) for companies' trade and export activities; (vii) No amount/estimate: 20 May 2020, For startups, loan guarantees by the Ministry of Finance on 70% of new corporate loans that are issued to cover losses directly relating to COVID-19.

European Central Bank 02C 02C - Loan guarantees EUR
European Union 02C 02C - Loan guarantees EUR 48,380,500,000 53,518,252,212 EIB. (accessed 16 April 2020); EC. (accessed 16 April 2020); OECD. (accessed 18 April 2020); EIB. (accessed 1 June 2020); EC. (accessed 19 April 2020); European Finance Network. (accessed 19 April 2020); EIB. (accessed 18 December 2020); EIB. (accessed 9 July 2020); EIB. (accessed 8 October 2020); EIB. (accessed 17 October 2020); EIF. (accessed 7 November 2020); EIB. (accessed 22 January 2021); EC. (accessed 3 February 2021).

(i) March 2020, The EIB's EUR20 billion in dedicated guarantee schemes to banks based on existing programs for immediate deployment; (ii) 6 April 2020, The EIB redirected EUR1 billion from the EU Budget as a guarantee to the European Investment Fund to incentivize banks to provide liquidity to affected SMEs and midcaps; (iii) 9 April 2020, EIB proposal to create a EUR25 billion guarantee fund, which will support up to EUR200 billion of financing for companies (especially SMEs) throughout the EU. The scheme will be implemented by the EIB Group, in close partnership with national promotional banks and other financial intermediaries; (iv) No amount/estimate: European Green Deal investments will remain a priority as part of the EU's efforts to kickstart its economy post-crisis. The commission hopes to mobilize at least 1 trillion euros (USD1.1 trillion) of sustainable investments in the next 10 years to help the bloc become climate-neutral by 2050. The InvestEU Fund will mobilize public and private investment through an EU budget guarantee; (v) No amount/estimate: 26 May 2020, The Board of Directors of the EIB has agreed on the structure and business model of the new Pan-European Guarantee Fund (EGF). Member State contributions to the EGF will take the form of guarantees and may include an upfront payment. Such guarantees will cover losses incurred in the operations supported by the EGF. Any losses will be borne pro rata by the participating countries. At least 65% of the financing are earmarked for SMEs. A maximum of 23% will go to companies with 250 or more employees, with restrictions applying to larger companies with more than 3,000 staff. A maximum of 5% of the financing can go to public sector companies and entities active in the area of health. Another 7% of EGF-supported financing can be allocated to venture and growth capital and venture debt in support of SMEs and midcaps; (vi) 1 July 2020, EIB Group – via the European Investment Fund (EIF), its subsidiary specializing in venture capital for SMEs – has provided BBVA with an EUR87 million guarantee for an SME loan portfolio via synthetic securitization; (vii) 1 October 2020, The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), has provided a mezzanine tranche guarantee of around EUR125 million to Commerzbank AG on an existing portfolio of loans to small and medium-sized companies (SMEs and mid-caps). The guarantee will release regulatory capital for Commerzbank and will enable it to provide new lending of up to EUR500 million to SMEs and mid-caps in Germany under favorable terms. This is expected to mitigate the impact of the COVID-19 crisis on smaller businesses, self-employed individuals and mid-caps, which are currently experiencing shortages in liquidity; (viii) 13 October 2020, under the new European Guarantee Fund (EGF), approved EUR1.6625 billion guarantee and equity products for companies and health investment in EU member states most impacted by COVID-19; (ix) 4 November 2020, The European Investment Fund's (Part of the EIB Group) has agreed a top-up of EUR350 million with 5 Finnish banks on a loan guarantee scheme to help SMEs obtain financing. The guarantee scheme is a program under the European Union SME Initiative; (x) 19 January 2021, EIB Group synthetic securitization of around EUR130 million to enable BTV to lend more than EUR400 million to small and mid-sized businesses in Austria and Germany in response to COVID-19. The operation is backed by the EFSI guarantee under the Investment Plan for Europe; (xi) 1 February 2021, The EIF signed a guarantee agreement with Reinvent Finance to enable it to provide new financing to operators in the Nordic (i.e. Denmark, Sweden, Norway, Finland and Iceland) film and TV series industry who are facing difficulties as a result of the economic shock brought by the coronavirus pandemic. The guarantee agreement is backed by the EC under the Cultural and Creative Sectors Guarantee Facility (CCS GF) and the EFSI. A total guarantee amount of up to EUR26 million is expected to support 60 transactions in the film and TV series production sector, supporting Nordic creative content to go worldwide [update].

Federated States of Micronesia 02C 02C - Loan guarantees USD
Fiji 02C 02C - Loan guarantees FJD IMF. (accessed 7 May 2020).

No amount/estimate: The Reserve Bank of Fiji expanded the SME Credit Guarantee Scheme to assist small entities.

Finland 02C 02C - Loan guarantees EUR 4,080,000,000 4,513,274,336 IMF. (accessed 15 April 2020); Finnvera. (accessed 18 May 2020); MInistry of Finance, Finland. (accessed 24 May 2020); Ministry of Finance. (acccessed 19 June 2020); DBEI. (accessed 16 July 2020).

(i) 20 March 2020, EUR600 million of state guarantee for Finnair. On 20 May 2020, the fund was finally established for a maximum loan guarantee fund of EUR540 million (the EU Commission authorized only a 90% guarantee on loan, nevertheless, added in the amounts column is the EUR600 million, the total loans available under this fund); (ii) EUR600 million of state guarantee for shipping companies; (iii) No amount/estimate: 7 May 2020, Finnvera (official export credit agency) increased its guarantee share for SME loans from 80% to 90%; (iv) 11 June 2020, EUR880 million, state guarantee for loans and interest from the Employment Fund; (v) 14 July 2020, The new COVID-19 Credit Guarantee Scheme (CGS) amounting to EUR2 billion will make low cost loans available to businesses impacted by the pandemic. It will ensure that SMEs, primary producers and small Mid-Caps can access liquidity to keep their businesses operating, as the economy continues to reopen and more and more people get back to work. It will be available for a wide range of products including overdrafts, term loans and working capital.

France 02C 02C - Loan guarantees EUR 330,715,000,000 365,835,176,991 OECD. (accessed 15 April 2020) EC. (accessed 2 May 20200; Le Figaro (accessed 2 May 2020); European Commission (accessed 14 May 2020); Economie. (accessed 4 July 2020); Economie. (accessed 28 November 2020); EIB. (accessed 9 January 2021); Economie. (accessed 15 January 2021).

(i) EUR300 billion in the state guarantee mechanism for new liquidity loans granted by credit institutions between 16 March and 31 December 2020 to companies registered in France. 28 November 2020, The State guaranteed loan measure will be available until June 2021; (ii) EUR15 billion (from EUR12 billion) in specific guarantees for export insurance and credit insurance; (iii) 29 April 2020, EUR5 billion loan guarantee for Renault; (iv) 6 May 2020, EUR4 billion state guarantee on loans and a subordinated shareholder loan to Air France-KLM by the French state; (v) No amount/estimate: 6 June 2020, The State guarantee system for credit insurance is strongly reinforced to allow companies to keep their cover. This measure is very important for construction companies whose cash flow is very dependent on inter-company credit. The measure will be implemented immediately by decree for SMEs and medium-sized enterprises; (vi) EUR6.2 billion loan guarantees for tourism industry; (vii) 7 January 2021, EIB Group and BNP Paribas signed a synthetic securitisation which consists of an EIB group guarantee on an existing portfolio of loans enabling BNP Paribas to free up part of the regulatory capital allocated to this portfolio and deploy EUR515 million new loans to SMEs and mid-caps; (vii) No amount/estimate: 14 January 2021, The grace period for government-guaranteed loans is extended one additional year.

Georgia 02C 02C - Loan guarantees GEL 330,000,000 108,526,490 UNESCAP. (accessed 8 November 2020)

24 June 2020, GEL330 million in a credit guarantee scheme to help businesses cope with the pandemic.

Germany 02C 02C - Loan guarantees EUR 483,840,000,000 535,221,238,938 Federal Ministry of Finance. (accessed 17 April 2020); IMF. (accessed 17 April 2020); Federal Ministry of Economy and Energy. (accessed 12 July 2020); European Commission. (accessed 8 August 2020).

(i) 23 March 2020, EUR400 billion under the WSF to provide guarantees to companies' debt (up to 60 months) and EUR63 billion in guarantees by Länder; (ii) 7 July 2020, The federal government supports the financing of German exports with export credit guarantees (annual guarantee volume is EUR20 billion). This is part of the package of measures announced to support the export industry; (iii) 31 July 2020, European Commission approves EUR840 million German guarantee scheme to cover vouchers issued by travel operators for cancelled travel packages booked prior to 8 March 2020. Any traveller that accepts a voucher issued by a travel operator will be able to either use it or receive a full refund (

Hong Kong, China 02C 02C - Loan guarantees HKD 70,400,000,000 9,066,206,488 HKMA. (accessed 6 May 2020). HKMA. (accessed 4 May 2020). The Standard. (accessed 11 June 2020). (accessed 4 September 2020). HKMA. (accessed 17 September 2020).

(i) Introduction of low-interest loans for small and medium-sized enterprises (SMEs) with 100%, 90% and 80% guarantees from authorities. On 29 May 2020, authorities announced enhancements to the 80% and 90% guarantee products by raising the maximum loan amounts, extending coverage to listed companies and duration to 12 months; guaranteed loans and new applications are eligible for interest subsidy for up to 12 months. On 2 September 2020, the period of application was extended to 31 March 2021. On 15 September 2020, the maximum loan amounts were further increased and the repayment period extended from 3 years to 5 years along with a further increase in the total guarantee commitment to HKD70 billion (from the increased HKD50 billion previously and HKD20 billion originally). (ii) 8 June 2020, HKG400 million guarantee from the Anti-Epidemic Fund for the 100% Credit Limit Top-Up Scheme where the Hong Kong Export Credit Insurance Corporation increases buyers' credit limits of its policyholders by 100%.

India 02C 02C - Loan guarantees INR 3,000,000,000,000 40,368,051,817 Financial Times. (accessed 14 May 2020). India Economics Update, Capital Economics.

13 May 2020, INR3 trillion worth of loan guarantees for small and medium-sized companies.

Indonesia 02C 02C - Loan guarantees IDR 250,000,000,000,000 16,453,242,002 IMF. (accessed 28 April 2020). MOF. (accessed 22 May 2020). MOF. (accessed 3 July 2020). MOF. (accessed 9 July 2020). Reuters. (accessed 29 July 2020).

(i) The third stimulus package (see Measure 5) includes IDR150 trillion (0.9% of GDP) additional financing for a national economic program, including to support credit guarantees for the private sector. As of 26 June 2020, the Indonesian Exports Financing Agency (LPEI) announced it will provide credit guarantees for PT Bank Mandiri Tbk to increase export financing to support the National Economic Recovery program. On 7 July 2020, IRD123.46 trillion UMKM credit guarantee program for working capital loans under the National Economic Recovery plan; (ii) 19 May 2020, Guarantees for working capital loans provided by banks for debtors, especially MSMEs; (iii) 29 July 2020, INR100 trillion loan guarantee scheme for targeted businesses in priority sectors such as tourism, automotive, textile and garment, and electronics.

Ireland 02C 02C - Loan guarantees EUR 2,000,000,000 2,212,389,381 DBEI. (accessed 9 May 2020); DBEI. (accessed 23 July 2020); Department of Enterprise, Trade and Employment. (accessed 28 November 2020).

2 May 2020, EUR2 billion COVID-19 Credit Guarantee Scheme (CGS) to support lending to SMEs for terms ranging from 3 months to 6 years, which will be below market interest rates. 21 July 2020, the Government introduced the Credit Guarantee (Amendment) Bill to the Dáil at second stage, an important step in bringing into effect the EUR2 billion COVID-19 CGS. This will ensure the availability of loans of up to six years at a discounted rate with the State acting as guarantor for 80% of each individual loan. 28 November 2020, government agrees to extend COVID-19 Credit Guarantee Scheme until the 30th of June 2021 and redundancy provisions until 31st March 2021.

Islamic Republic of Iran 02C 02C - Loan guarantees IRR
Italy 02C 02C - Loan guarantees EUR 431,480,000,000 477,300,884,956 OECD. (accessed 15 April 2020); Reuters. (accessed 16 April 2020); Ministry of Economy and Finance. (accessed 31 May 2020); Banca D'Italia. (accessed 16 June 2020).

(i) EUR10 billion state guarantee for new loans for medium-large firms (based in 500 million 1:20); (ii) EUR21.48 billion for the SMEs Guarantee Fund (based in 1.5 billion 1:14 aprox); (iii) 9 April 2020, EUR400 billion in guarantees including EUR200 billion from Treasury to shield banks from losses on 90% of loans to companies of all sizes, and EUR200 billion guarantees from Cassa Depositi e Prestiti CDP (Italy's state lender) and its export agency Sace; (iv) No amount/estimate: further guarantees for firms most affected by the virus. Facilitate guarantees for self-employed workers, freelancers and individual entrepreneurs; (v) No amount/estimate: 9 June 2020, Adopted further measures to extend the Additional Credit Claims (ACC) scheme. The Bank of Italy introduced the possibility of granting guarantees to both consumer and mortgage loans offered to households. These measures will enter into force on 17 June 2020.

Japan 02C 02C - Loan guarantees JPY Nikkei Asian Review. (accessed 8 September 2020).

No amount/estimate: As of July 2020, loan guarantees from the Japan Finance Corp. for JPY130 billion in emergency response loans extended by the Development Bank of Japan to Nissan Motor between March and July 2020.

Kazakhstan 02C 02C - Loan guarantees KZT
Kiribati 02C 02C - Loan guarantees AUD
Kyrgyz Republic 02C 02C - Loan guarantees KGS 1,000,000,000 13,403,811 Kabar. (accessed 17 May 2020); Open Joint Stock Company Guarantee Fund. (accessed 14 October 2020).

10 May 2020, As part of the Kyrgyz Government’s anti-crisis plan, the National Bank of the Kyrgyz Republic will allocate KGS1 billion to increase the authorized capital of the Guarantee Fund.

Lao PDR 02C 02C - Loan guarantees LAK
Luxembourg 02C 02C - Loan guarantees EUR 6,100,000,000 6,747,787,611 OECD. (accessed 19 April 2020); IMF. (accessed 9 May 2020).

(i) 25 March 2020: EUR2.5 billion (3.9% of 2019 GDP) loan guarantee facility of the State of 85% of credit lines granted by selected banks between 18 March and 31 December 2020; (ii) No amount/estimate: Export guarantees provided by the Office du Ducroire; (iii) No amount/estimate: Companies with cash flow difficulties can request guarantees from the “mutualités de cautionnement”; (iv) 30 April 2020, EUR3.6 billion from extending credit guarantees for new bank loans and special anti-crisis financing for SMEs and large companies.

Malaysia 02C 02C - Loan guarantees MYR 51,000,000,000 11,872,061,083 Prime Minister's Office of Malaysia. (accessed 19 April 2020); Prime Minister's Office of Malaysia. (accessed 21 January 2021).

(i) 27 March 2020 in PRIHATIN, The Government will also provide a MYR50 billion guarantee scheme up to 80% of the loan amount for financing working capital requirements. The minimum guaranteed loan size is MYR20 million per company; (ii) 18 January 2021 in PERMAI: (a) No amount/estimate: Under the previous package in (i), the government announced the Danajamin Guarantee Scheme, or SJPD amounting to MYR50 billion, to support the private sector’s growth and boost the country’s economy. As part of the enhanced measure, the government will: (1) increase the maximum financing from MYR500 million to MYR1 billion; (2) expand the scope of financing to cover working capital with a guarantee period of up to 10 years; and (3) allow foreign-owned companies operating in Malaysia to also obtain the SJPD guarantee provided that Malaysian employees account for at least 75% of their workforce. The government hopes that the improved SJPD will help promote growth of the private sector and retain Malaysia’s position as an investment destination of choice; (b) Syarikat Jaminan Pembiayaan Perniagaan will introduce a Bus and Taxi Hire Purchase Rehabilitation Scheme. Under this scheme, a 50% guarantee on financing from hire purchase and leasing companies will be provided for selected buses such as sightseeing buses and taxis. Through this, bus and taxi operators can restructure their financing and enjoy a 12-month moratorium and lower monthly repayments. A guarantee of MYR1 billion will be provided for this purpose.

Maldives 02C 02C - Loan guarantees MVR
Marshall Islands 02C 02C - Loan guarantees USD
Mexico 02C 02C - Loan guarantees MXN
Mongolia 02C 02C - Loan guarantees MNT 107,504,234,118 39,000,000 Asian Development Bank (ADB). (accessed 26 May 2020).

April 2020, Guarantees to support vulnerable businesses amounting to USD39 million.

Myanmar 02C 02C - Loan guarantees MMK