A borrower-led panel on the demand picture: where capex is recovering, which nearshoring projects are coming to market, and how borrowers weigh cost of funds, currency risk and ECA flexibility. The session also folds in the local-currency question: when it matters, where the toolkit is viable, and what barriers remain for borrowers with local revenues but hard-currency debt. This panel will consider:

• Cost of funds and how borrowers choose between ECA, DCM and commercial debt
• Why local currency matters - matching local revenue to local debt service to reduce currency mismatch
• What borrowers want from agencies that they are not yet getting