European Export Credit Agencies and the financing of arms trade 

A report by the European Network Against Arms Trade 2007

This report explores the role of twelve Export Credit Agencies (ECAs) from eleven European countries in supporting military exports and the consequences this has in developing countries. A rough estimate is that about twenty to thirty percent of all ECA support goes to military products.

Military expenditure is a major barrier to reaching the United Nations Millennium Development Goals. Money spent on arms cannot be spent on human security needs, such as health care and education. Arms exports with ECA backing are likely to add to the debt of poor countries. Arms deals are notorious for corruption. 

Moreover, arms exports are likely to aggravate conflicts, thereby contributing seriously to poverty and hampering development. 

There can only be one conclusion: ECA support for military exports to poor countries is contributing to misery with public money.

Download the report:
European Export Credit Agencies and the financing of arms trade (pdf)

Read a summary of the report:
Financing misery with public money (pdf)