Welcome to ECA Watch

Export credit agences provide government-backed loans, guarantees and insurance to corporations working internationally in some of the most volatile, controversial and damaging industries on the planet.

Shrouded in mystery, ECAs provide financial backing for risky projects that might never otherwise get off the ground. They are a major source of national debt in developing countries.

ECA Watch is a network of NGOs from around the world. We come together to campaign for ECA reform - better transparency, accountability, and respect for environmental standards and human rights.

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What's New February 2017

"What's New!" is a periodic update to keep you informed of the latest on the ECA Watch website. What's New! features a wide range of materials related to the reform of Export Credit Agencies (ECAs) including NGO publications and releases, news articles, commentaries and announcements about the policies and practices of ECAs and ECA-financed projects world-wide.

We apologize for the delay in publication of the February issue which was caused by a crash of the editor's computer.

If you would like to receive "What's New!" simply add your e-mail to the ECA-Action list at www.eca-watch.org today! Questions?

Email info-at-eca-watch.org

See all "What's New!" updates since 2005 here.

  • Japanese ECA finances Indonesian coal plant despite widespread opposition
  • Canadian ECA supports Canadian software exports to stifle dissent in Bahrain
  • Swedish credit lines for Iran
  • Boeing *loves* the Export-Import Bank, but Boeing doesn't *need* the Export-Import Bank
  • Trump’s Mixed Signals on Export-Import Bank Leave Door Open for Conservatives
  • US Ex-Im has provided $315m to supplier of mines accused of slave labor
  • Afreximbank commits $90bn to boost African trade
  • Fitch affirms SACE rating at 'A-' with outlook negative

Japanese ECA finances Indonesian coal plant despite widespread opposition

(Banktrack, Nijmegen, 28 February 2017) As financial close was announced on the Tanjung Jati B 2 (TJB2) coal expansion power project in Indonesia yesterday, BankTrack, Friends of the Earth Japan and 350.org Japan criticised the Japan Bank for International Cooperation (JBIC) and several Japanese and Singaporean banks for their support for the project. JBIC’s approval of a USD 1.7 billion loan agreement for the project, with further backing from the “big three” Japanese commercial banks - Mizuho Bank, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation – as well as other Japanese banks and Singapore’s OCBC, comes after French banks Société Générale and Crédit Agricole withdrew from the bank consortium in December. The building of two new coal power units will make the already hard-felt impacts of the existing Tanjung Jati B coal power station worse. The local fishing community cites reduced catches, damage to the coral reef and collisions between fishing boats and coal transport barges. It will also worsen the impacts of air pollution. A Greenpeace report has estimated that the first four units are already responsible for 1,020 premature deaths per year because of respiratory infections caused by air pollution from the plant.

http://www.banktrack.org/news/japanese_and_singaporean_banks_step_in_to_finance_...


Canadian ECA supports Canadian software exports to stifle dissent in Bahrain

(Above Ground, Ottawa, 15 February 2017) Last year an Ontario-based company, with support from Export Development Canada, sold Internet filtering technology to the government of Bahrain — a country criticized internationally for widespread suppression of human rights defenders through censorship, surveillance, arbitrary detention and torture. In this submission to the Standing Senate Committee on Human Rights, we draw attention to this troubling situation and call for the adoption of regulatory and policy measures to ensure Canada is not complicit in foreseeable human rights violations associated with the use of digital censorship and surveillance technologies supplied by Canadian companies. The kingdom of Bahrain last summer started using Web-filtering software from Netsweeper Inc. as a means of keeping a lid on dissent according to a University of Toronto report.

http://www.theglobeandmail.com/news/national/bahrain-using-canadian-software-to-...


Swedish credit lines for Iran

(Financial Tribune, Tehran, 13 February 2017) After a meeting with the Swedish Minister for European Affairs and Trade Anne Linde, Iran's Minister of Communications and Information Technology Mahmoud Vaezi announced that two Swedish banks will allocate credit lines to Iranian companies in the field of communications and information technology.  The visiting delegates were in Tehran on Saturday as part of a high-ranking political and economic mission led by Swedish Premier Stefan Lofven on a three-day visit and included CEOs of companies like Scania, Ericsson, Elekta, Volvo, ABB, Sensys Gatso Group, Swedish Energy Agency, Swedish Environmental Protection Agency and Swedish Post and Telecom Authority, along with Danske Bank and EKN (Swedish export credit agency. Recent missions from France, Italy and Germay have shown that Europe will double down on Iran deal even as Trump steps away

https://financialtribune.com/articles/economy-business-and-markets/59467/swedish...


Boeing *loves* the Export-Import Bank, but Boeing doesn't *need* the Export-Import Bank

(Washington Examiner, Washington, 17 February 2017) The Export-Import Bank of the United States is also known as "Boeing's Bank," because about 40 percent of its financing, in the average year, goes to subsidize Boeing sales. Boeing spends a lot of time and money lobbying in favor of Ex-Im. One interesting detail: Kevin Varney, recently a vice president at Ex-Im is now chief of staff for government operations at Boeing. Boeing says they desperately need Ex-Im financing — that is, U.S. taxpayer guarantees for private bank loans to foreign airlines — but the evidence suggests Boeing finds financing sells jets just fine without the subsidy.

http://www.washingtonexaminer.com/boeing-loves-the-export-import-bank-but-boeing...


Trump’s Mixed Signals on Export-Import Bank Leave Door Open for Conservatives

(Heritate Foundation, Washington, 6 March 2017) For the last five years, conservative lawmakers have rallied behind efforts to close the Export-Import Bank, and were successful in 2015, albeit briefly, when the bank’s charter lapsed for the first time in its history. But now, with President Donald Trump in the White House, conservative lawmakers may have a chance to shutter the bank for good, or at least keep it operating with limited authority. There is just one problem: Trump has sent mixed signals on where he stands on the Export-Import Bank, and though his budget director and advisers oppose the agency, Trump signaled early in his administration he could be swayed.

http://dailysignal.com/2017/03/06/trumps-mixed-signals-on-export-import-bank-lea...


US Ex-Im has provided $315m to supplier of mines accused of slave labor

(Guardian, Washington, 22 February 2017) Between 2007 and 2015, the U.S. Export-Import Bank provided $315m in 48 taxpayer-supported insurance policies to the New Jersey-headquartered Connell Company to pursue deals with at least 17 mining companies accused of slave labor, human rights violations and environmental destruction in seven sub-Saharan countries. These included a $20,000 policy to supply equipment to the Bisha copper mine in Eritrea, which is being investigated by a Canadian court amid accusations of slavery, according to an investigation of the bank by the Guardian and the Columbia University Graduate School of Journalism’s Energy and Environment Reporting Project.

https://www.theguardian.com/us-news/2017/feb/22/us-export-import-bank-africa-min...


Afreximbank commits $90bn to boost African trade

(African Business Magazine, cc, 15 February 2017) The Pan-African trade finance provider aims to support at least $90bn in trade over the period 2017-21, including $25bn in intra-African trade. By comparison, it has approved $41bn in credit facilities in the 24 years since it was created, including $6.2bn in 2015. The Bank hopes to encourage intra-African trade by supporting the development of continental supply chains and export manufacturing capacity.

http://africanbusinessmagazine.com/sectors/infrastructure/afreximbank-commits-90...


Fitch affirms SACE rating at 'A-' with outlook negative

(Italy 24, Rome, 16 February 2017) Fitch said it has affirmed export credit agency SACE rating at 'A-' with outlook negative. “The ratings reflect SACE's strong capitalisation and business profile as Italy's export credit agency as well as its financial exposure to Italy,” Fitch said in a report.

http://www.italy24.ilsole24ore.com/art/panorama/2017-02-15/fitch-affirms-sace-ra...


What's New January 2017

"What's New!" is a periodic update to keep you informed of the latest on the ECA Watch website. What's New! features a wide range of materials related to the reform of Export Credit Agencies (ECAs) including NGO publications and releases, news articles, commentaries and announcements about the policies and practices of ECAs and ECA-financed projects world-wide.

If you would like to receive "What's New!" simply add your e-mail to the ECA-Action list at www.eca-watch.org today! Questions?

Email info-at-eca-watch.org

See all "What's New!" updates since 2005 here.

  • OECD debates allowing some private sector ECA support to be called development assistance
  • Australia's export credit agency could fund offshoring of jobs
  • No Amendment to Efic Act without Meaningful Reform
  • France launches new ECA: Bpifrance replaces Coface
  • China's Sinosure Opens $1.3b Credit Line for Iranian Refinery
  • Sace and Intesa back Russian Yamal LNG
  • SACE & SIMEST (CDP Group) with BNP Paribas for $519 M North Sea Link Project
  • Without Ex-Im support, GE still plans to cut 350 jobs in Waukesha
  • UKEF signs first loan deal in Africa for Ghana GE energy project
  • Chad concludes membership procedure of Afreximbank

OECD debates allowing some private sector ECA support to be called development assistance

(ECA Watch, Ottawa, 31 January 2017) On January 18, 2017, the first day of a 2 day special meeting of a joint OECD Development Assistance Committee (DAC) and OECD Export Credit Working Group (ECG) task force took place with a number of outside CSO and business representatives, to discuss changes ("modernizations") in the definition of Overseas Development Assistance (ODA), with a view to "liberalize" ODA rules to allow subsidies to private firms to be counted as ODA. This change raises a number of risks, for example it could permit a rise in ODA without any change in expenditures as a portion of the work of Development Finance Institutions (DFIs), and possibly also of Export Credit Agencies (ECAs), which could be counted as ODA.

The basis of these changes would be in the definition of the "grant element" or "subsidy" in private sector instruments (PSIs) such as loans, guarantees or equity. This involves complex comparisons of PSI rates to market rates, with the difference counting as "grant element". As ECAs increasingly undertake loans as well as guarantees, and DFIs increasingly provide guarantees as well as loans, they find themselves at times financing (and possibly competing for) components of the same projects. Those ECAs which are members of the OECD "Arrangement" are prohibited by the World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (ASCM) from providing export subsidies, i.e. "grant elements".

It is against that background that reportedly a number of OECD ECAs are opposed to the current proposals advocated by the OECD-DAC. While ECA's mandate is clearly to support domestic companies doing business abroad, it is quite troubling that officials that are supposed to fight poverty and inequity are widening their mandate to many kinds of private sector support as well, without taking care to examine the consequences. To ensure the ownership of developing countries on how the Sustainable Development Goals (SDGs) are to be financed, the OECD should be exploring in quite different directions. The current discussions of ECAs and ODA raises CSO concerns that ODA could be (mis)used as a source of subsidy for donor firms and that it could be directed away from current countries and sectors toward private sector support, middle-income countries and a reduction of actual public money available to developing countries.




Australia's export credit agency could fund offshoring of jobs

(Guardian Australia, 16 January 2017) Australia’s export credit agency could end up financing companies that have axed their domestic workforces to manufacture more cheaply overseas, a Senate inquiry has been told. The Export Finance and Insurance Corporation could become instrumental in the “further offshoring of Australian manufacturing” under draft laws proposed by the Coalition that would scrap the requirement to fund only exporters that manufacture “substantially or wholly in Australia”. Jubilee Australia, warned in its published submission that the government’s proposed reforms fell short of what was needed to make a secretive agency accountable in light of its chequered record financing overseas mining projects linked to civil strife and environmental degradation.

https://www.theguardian.com/australia-news/2017/jan/17/australia-export-credit-a...


No Amendment to Efic Act without Meaningful Reform

(Jubilee Australia, Sydney, 17 January 2017) Jubilee Australia has demanded that no expansion of Efic's mandate be allowed unless the institution improves its transparency and due diligence. Jubilee's concerns, summed up in an article in the Guardian today, said that any changes to the Efic Act should include better transparency and accountability with regard to its social and environmental assessment processes and a removal of its exemption from the freedom of information act. The demands were made in a joint submission with the Australia Institute to a Senate Inquiry into proposed reforms to Efic.

http://www.jubileeaustralia.org/latest-news/questions-raised-about-proposed-efic...


France launches new ECA: Bpifrance replaces Coface

(Global Trade Review, London, 18 January 2017) France has concluded the transfer of its export credit agency (ECA) from Coface to the Banque Publique d’Investissement (Bpifrance) and rebranded it Bpifrance Assurance Export. Coface’s 240 ECA-focused staff members have been transferred to Bpifrance to ensure continuity. Bpifrance Assurance Export teams will be led by Chritophe Viprey as general manager. The new agency is owned and controlled by the state, with Bpifrance managing all operations and export guarantees. This transition completes Bpifrance’s offering, and will simplify access to ECA products to make them available to small and medium-sized enterprises (SMEs). It makes Bpifrance the only portal for all internationalisation-related public aid, including cross-border investment funds, loans for international expansion, export credit, credit, foreign exchange, investment and pre-financing guarantees. Additionally, all Bpifrance financing will now be automatically guaranteed by the state.

(jDSUPRA Business advisor, Sausalito, 17 January 2017) Coface export guarantees and insurance policies were previously granted on behalf of the French State but in Coface's name with the French State acting as Coface's reinsurer under a service agreement between Coface and the French Ministry of Finance and regulated under the French Insurance Code (Code des assurances). Under the new legislation export credit guarantees and insurance will now be issued directly by the French State through Bpifrance

http://www.gtreview.com/news/europe/france-launches-new-eca/


China's Sinosure Opens $1.3b Credit Line for Iranian Refinery

(Financial Tribune, Tehran, 11 January 2017) China has opened a line of credit, worth $1.3 billion, to finance the development of Abadan Oil Refinery, Iran's oldest refinery in the southern Khuzestan Province, the chief executive of National Iranian Oil Refining and Distribution Company said. The funding is part of a $3-billion deal with China Petroleum and Chemical Corporation, known as Sinopec, which has reportedly started operations on renovating the Abadan refinery, Iran's century-old refinery that was heavily damaged during the Iran-Iraq war in the 1980s.

https://financialtribune.com/articles/energy/57200/chinas-sinosure-opens-13b-cre...


Sace and Intesa back Russian Yamal LNG

(Global Trade Review, London, 11 January 2017) Italian export credit agency (ECA) Sace and Intesa Sanpaolo have paired up to offer a €400mn credit line to finance Italian companies working on the Russian Yamal liquefied natural gas (LNG) project, despite continued US and European sanctions against Russia. Intesa will issue the money, as part of two credit lines for the project, while Sace will guarantee the finance, which has been earmarked for Italian subcontractors. The second Intesa credit line is for €350mn and is backed by French ECA, Coface.

http://www.gtreview.com/news/europe/sace-and-intesa-back-russian-yamal-lng/


SACE & SIMEST (CDP Group) with BNP Paribas for $519 M North Sea Link Project

(Military Technologies, London/Rome/Milan, 16 December 2016) SACE and SIMEST (Cassa Depositi e Prestiti Group) and BNP Paribas Corporate & Institutional Banking (CIB) announce the finalisation of export financing of $519 million for National Grid North America, a company of the National Grid Plc Group, the UK’s main electricity and gas utility company, in support of the works and supply orders awarded to Prysmian as part of the international project North Sea Link (“NSN Link”). The project, which has a total value of €2 billion, involves the construction of a subsea interconnector with a capacity of 1,400 MW between the United Kingdom and Norway. Once completed, it will extend over 730 kilometres becoming the longest infrastructure of its kind in the world.

http://www.military-technologies.net/2017/01/10/sace-and-simest-cdp-group-with-b...


Without Ex-Im support, GE still plans to cut 350 jobs in Waukesha

(GM Today, Waukesha, 24 January 2017) With a possible tariff imposed upon companies that manufacture products out of the country and bring them back in looming, GE will not alter its plan to send 350 manufacturing jobs from its Waukesha plant to Canada. Instead, the company remains open to the possibility of working with the city in the future to repurpose its GE Power & Water facility. GE announced in September 2015 that it was going to stop manufacturing gas engines in Waukesha in favor of a new $265 million facility to be built in Welland, Ontario, Canada. GE’s manufacturing of those engines in Waukesha Wisconsin will cease around 2018. The reason for the move, the company said, was because at the time, Congress had allowed the Export-Import Bank’s authorization to lapse. A GE spokesman said the company will continue investing in the United States and possibly Waukesha, but without a fully-operational Ex-Im Bank, large projects become increasingly more difficult to initiate. The move to Canada is going ahead despite President Trump's vow to impose a 35% tax tariff on products they want to sell back in the U.S. on companies if they leave the country. [Efforts to allow the Ex-Im Board to fund deals over $10 million still face opposition in Congress despite support from business and some conservatives.]
 

http://www.gmtoday.com/news/local_stories/2017/01242017-GE-still-plans-to-cut-35...


UKEF signs first loan deal in Africa for Ghana GE energy project

(Reuters, London, 16 January 2017) Britain's credit export agency, UK Export Finance (UKEF), signed its first direct loan deal in Africa on Monday, providing $310 million to GE Oil & Gas to supply equipment for an oil and gas project in Ghana. UKEF's loan and credit facility is part of a wider $1.35 billion financing for the Offshore Cape Three Points (OCTP) project, developed by Eni, Vitol Ghana Upstream and the Ghana National Petroleum Corporation. The $7.9 billion project will tap offshore oil and gas resources and provide fuel for gas-fired power plants in Ghana. Oil and gas production from the project is expected to peak at 80,000 barrels of oil equivalent per day in 2019. It builds on an agreement signed in 2015 between UKEF and UK-headquartered GE Oil & Gas to provide up to $12 billion in financing. The GE subsidiary, which won an $850 million contract to supply equipment to the OCTP project in 2015, manufactures oil and gas equipment at factories in Bristol and Aberdeen.

http://www.reuters.com/article/britain-export-ge-ghana-idUSL5N1F62V5


Chad concludes membership procedure of Afreximbank

(Premium Times, Abuja, 9 January 2017) President Idriss Deby Itno of Chad, on December 30, 2016, ratified the Agreement on the Establishment of the African Export-Import Bank (Afreximbank), concluding the formalisation of the country’s membership of the continental trade finance bank. The ratification of the Agreement marks the full activation of Chad’s membership of Afreximbank and allows the Bank to fully deploy its programmes and facilities in the country in order to stimulate trade activities and develop value-added exports across its economic sectors. It also opens up opportunities for the Bank to provide much-needed financing for the construction of trade-enabling infrastructure in the country.

http://www.premiumtimesng.com/business/business-news/219984-chad-concludes-membe...


What's New December 2016

"What's New!" is a periodic update to keep you informed of the latest on the ECA Watch website. What's New! features a wide range of materials related to the reform of Export Credit Agencies (ECAs) including NGO publications and releases, news articles, commentaries and announcements about the policies and practices of ECAs and ECA-financed projects world-wide.

If you would like to receive "What's New!" simply add your e-mail to the ECA-Action list at www.eca-watch.org today! Questions?

Email info-at-eca-watch.org

See all "What's New!" updates since 2005 here.

  • Papua New Guinea troops to protect huge Exxon-Mobil Ex-Im supported gas project
  • ECAs fuel Mozambique LNG project amid IMF caution
  • China's Belt and Road Initiative and Ex-Im Chin
  • Indonesian Batang Villagers file objection against JBIC coal-fired power project
  • Hungarian & Canadian ECAs to co-finance Indonesia's GE gas power project
  • Potential Export-Import Bank deals pose grave environmental threat, experts say
  • Ex-Im Bank Critics, Supporters Look to Donald Trump for Help
  • Boeing CEO Dennis Muilenburg urges Trump to keep Ex-Im Bank or risk losing foreign sales
  • Trends in OECD Arrangement official export credits (2005-2014)
  • Dubai Working with HSBC on $7-B Bank & ECA Financing for Expo 2020
  • Ukraine's Rada approves creation of export-credit agency
  • Ex-Im’s satellite-lending lapse didn’t stop Israel’s Spacecom from buying American
  • JIBC/NEXI to support new loan scheme for Russia
  • Opportunity knocks for Scottish exporters as sterling tumbles
  • Germany’s Hermes in Iran

Papua New Guinea troops to protect huge Exxon-Mobil Ex-Im supported gas project

(wsws.org, Jacksonville, 19 December 2016) The Papua New Guinea (PNG) government announced on Friday that it will deploy military personnel to stop “violence” near the country’s biggest resources installation, the Exxon-Mobil Liquefied Natural Gas (LNG) project...The security and viability of the ExxonMobil operation is a key concern in Washington. In November 2010, then US Secretary of State Hillary Clinton visited PNG and noted that the US Export-Import Bank was helping finance the ExxonMobil project, noting "China is in there every day in every way trying to figure out how it’s going to come in behind us, come in under us.”... Traditional landowners are now threatening to physically attack the LNG plant over the government’s failure to pay promised royalties and equity in the project. The landowners are owed $1 billion kina ($US315 million) in royalties.
Jubilee Australia has had concerns about the potential militarisation of the project since its inception,' said Director Luke Fletcher . 'We first raised these concerns in 2009 in our Risky Business report, and more fully developed them in 2012 with Pipe Dreams.' He questioned the characterisation of the violence as simply tribal. "If that is so, why has it suddenly broken out now, just as landowner unhappiness with the project escalates? And why engage Exxon and Oil Search (project operators) to assist with policing the area?

https://www.wsws.org/en/articles/2016/12/19/pngt-d19.html


ECAs fuel Mozambique LNG project amid IMF caution

(TFX News, London, 12 December 2016) ECAs are to offer guarantees for two LNG projects in Mozambique, as commercial lenders watch closely to see how talks progress between the government and the IMF before committing to the project. Export credit agencies (ECAs),including the Export-Import Bank of Korea (Kexim), France's Coface, Italy's Sace, and the Export-Import Bank of China (China Exim), are set to play a key role in the financing of two Rovuma Basin liquefied natural gas (LNG) projects planned in the north of Mozambique.

http://www.txfnews.com/News/Article/5901/ECAs-fuel-Mozambique-LNG-project-amid-I...


China's Belt and Road Initiative and Ex-Im Chin

(Friends of the Earth USA, Washington, December 2016) The Belt and Road Initiative (BRI) is a major Chinese strategy which marks a national push for China to increase economic links to Southeast Asia, Central Asia, Russia, and the Baltic region (Central and Eastern Europe) through various infrastructure and development projects. BRI sends a clear signal for Chinese industries to invest along proposed BRI land and maritime routes, and embodies the political, economic, and foreign diplomacy interests of China abroad. The Export-Import Bank of China holds an outstanding loan balance of over 1000 projects involving roads, railways, ports, power resources, pipelines, communication, and industrial parks in the 49 countries along the 'Belt and Road'. [p.6] A researcher at the Chinese Academy of International Trade and Economic Cooperation has suggested that China must take active measures to reduce upheaval and turmoil from Islamic risk in the BRI, in part through upgraded policy-oriented export credit insurance and foreign investment insurance.

http://www.foe.org/china-belt-and-road-report


Indonesian Batang Villagers file objection against JBIC coal-fired power project

(FOE Japan, Tokyo, 5 December 2016) On December 5, eleven local Indonesian community leaders, who have continued to oppose the “Batang Coal-fired Power Plant Project” over five years now, visited the Japan Bank for International Cooperation (JBIC) Jakarta office and submitted their objections against JBIC. (18 villagers signed on as community representatives and the signatures of more than 900 villagers who supported this objection were also attached.) In their objection, the villagers pointed out that the project has failed to comply with “JBIC Guidelines for Confirmation of Environmental and Social Considerations”, has made their lives worse and has caused the violations of human rights.

http://www.foejapan.org/en/aid/161205.html


Hungarian & Canadian ECAs to co-finance Indonesia's GE gas power project

(Business Journal, Budapest, 12 December 2016) The Hungarian Export-Import Bank (EXIM) and export credit agency Export Development Canada (EDC) will jointly finance a project to build eight mobile power plants using General Electric (GE) technology for Indonesiaʼs state-owned electricity company, Hungaryʼs Ministry of Foreign Affairs and Trade said today, according to Hungarian news agency MTI.

http://bbj.hu/economy/eximbank-export-development-canada-to-co-finance-indonesia...


Potential Export-Import Bank deals pose grave environmental threat, experts say

(Guardian, London, 7 December 016) Congress quashed the hopes late Tuesday of reviving the United States’ export credit agency, which had been aiming for a stopgap lifeline allowing them to approve more than $20bn in new deals, many of which pose imminent harms to the environment. Now, the fate of a pristine coral reef, an east African mangrove forest, and the livelihoods of farmers and fishermen in a south-east Asian river delta lie in the hands of a new Congress and president. Since 2009, when Barack Obama became president, the Export-Import Bank has signed almost $34bn worth of low-interest loans and guarantees to companies and foreign governments to build, expand and promote some 70 fossil fuel projects around the world, according to an investigation by the Guardian and Columbia University’s Graduate School of Journalism’s Energy and Environmental Reporting Project.

https://www.theguardian.com/us-news/2016/dec/07/export-import-bank-fossil-fuel-p...


Ex-Im Bank Critics, Supporters Look to Donald Trump for Help

(Wall Street Journal, Washington, 8 December 2016) President-elect Donald Trump’s jawboning of executives to keep jobs in the U.S. is putting free-market conservatives in an awkward spot after they fought the Obama administration on other government intervention in business. Now, the fate of an agency that conservatives have fought to close over the past year because they say it is an example of the government picking winners and losers—the U.S. Export-Import Bank—will rest in Mr. Trump’s hands. Ex-Im Bank supporters are already using Mr. Trump’s early moves to build their case. The president-elect’s emerging industrial policy—seen last week when he touted Carrier Corp.’s agreement to keep 800 manufacturing jobs in Indiana in exchange for some tax credits—would appear at odds with conservative opposition that has weakened the bank over the past year, amid charges of “crony capitalism.” Congress recently rejected an amendment that would allow US Ex-Im to function without a full board. However, the news that senator Richard Shelby – who has blocked new nominations to the board – has termed out as senate banking committee chairman bodes well for the ECA, as a new pro-Exim replacement is set to start on 3 January.

http://tinyurl.com/wsj-exim-trump


Boeing CEO urges Trump to keep Ex-Im Bank or risk losing foreign sales

(Pueget Sound Business Journal, Seattle, 2 December 2016) Boeing CEO Dennis Muilenburg urged the new Republican administration of President-elect Donald Trump to preserve and reopen, not abolish the U.S. government's Export-Import Bank. Muilenburg said if Trump gets rid of the Ex-Im Bank, as he vowed to during the 2016 election campaign, Chicago-based Boeing (NYSE: BA), a maker of commercial and military jet aircraft, will lose foreign customers — and big contracts — to rivals in other countries, including Airbus.

http://www.bizjournals.com/seattle/news/2016/12/02/boeing-ceo-dennis-muilenburg-...


Trends in OECD Arrangement official export credits (2005-2014)

(OECD, Paris, 10 October 2016) The OECD ECG has produced a broad stroke two year old sectoral overview of OECD member ECAs activities which is not linked on its "latest documents" page, but can be found well down its home page under "statistics". The most recent highly redacted minutes of the Export Credit Working Group available on their web site are dated April 15, 2011 and no link to them is available via their home page. The lists of Category A & B projects for the period 2005 to 2014 are missing data for 2011 & 2012.

http://www.oecd.org/trade/xcred/business-activities.htm


Dubai Working with HSBC on $7-B Bank & ECA Financing for Expo 2020

(Live Trading News, Singapore, 16 Decembber 2016) Dubai is working with HSBC on the financing of Expo 2020 Dubai, a $7-B exhibition centre project expected to attract 25-M visitors, sources familiar with the matter said. The financing will come from bank loans and from various export credit agencies, the sources said. HSBC has been appointed to coordinate the export credit agencies and financing supported by them, the sources said, adding that the split between the commercial loans and the export credit financing was yet to be defined.

http://www.livetradingnews.com/dubai-working-hsbc-7-b-financing-expo-2020-23655....


Ukraine's Rada approves creation of export-credit agency

(Kyiv Post, Kyiv, 21 December 016) The bill No. 2142a providing for the aggressive exports expansion of Ukrainian manufacturers via insuring, guaranteeing and cheapening of exports crediting was passed at second reading late on Tuesday, Dec. 21, by 237 lawmakers. According to the document, Ukraine’s Cabinet of Ministers creates the export-credit agency to stimulate exports of Ukrainian goods, labor and services. The agency will insure, reinsure exports on a voluntary basis and will secure contracts aimed at developing exports. The agency will participate in the implementation of the program to partially compensate the rates for exports credits.

https://www.kyivpost.com/ukraine-politics/rada-approves-creation-export-credit-a...


Ex-Im’s satellite-lending lapse didn’t stop Israel’s Spacecom from buying American

(Space News, Congers NY, 22 December 2016) Spacecom is buying its newest spacecraft from an American supplier without relying on financial support from the Export-Import Bank of the United States, according to a company official. Amos-17 is the first satellite Spacecom has bought from a U.S. supplier. The order comes during a vexing time for U.S. satellite builders trying to sell abroad. The U.S. Ex-Im Bank, a frequently-used source of below-market financing for satellite deals, was closed to new business for nearly half of 2015.

http://spacenews.com/ex-ims-satellite-lending-lapse-didnt-stop-israels-spacecom-...


JIBC/NEXI to support new loan scheme for Russia

(Nikkei Asian Review, Tokyo, 12 December 2016) Japan's Sumitomo Mitsui Banking and the Japan Bank for International Cooperation will jointly launch a new scheme to provide loans for small to midsize Russian businesses via Alfa-Bank. Japanese export credit agency Nippon Export and Investment Insurance (NEXI) will back up the creditworthiness of the Russian lender. Despite being a major private lender in Russia, Alfa bank's credit profile, including total asset size, is much lower than state-backed lenders. NEXI will provide guarantees in order for Japanese banks to avoid the risk of possible bad loans. The total loan amount is expected to reach hundreds of millions of dollars.

http://asia.nikkei.com/Politics-Economy/Economy/Japan-to-launch-new-loan-scheme-...


Opportunity knocks for Scottish exporters as sterling tumbles

(Daily Record, Edinburgh, 21 December 2016)  With the falling value of the pound making UK goods more competitive on the world stage, the environment for Scottish businesses looking to trade internationally is arguably more positive than for many years. According to a recent business survey by Grant Thornton, confidence among firms that their exports will rise has more than doubled in the wake of sterling’s steep fall. UK Export Finance (UKEF) - the UK’s export credit agency which operates through a network of advisers including two based in Scotland - aims to bridge the gap by offering insurance to exporters and guarantees to banks to share the risks of providing export finance.
 

http://www.dailyrecord.co.uk/business/business-features/insider-special-report-e...


Germany’s Hermes in Iran

(Mehr News Tehran, 24 December 2016) Iran always has been considered as an eye-catching and money-spinning market for several European countries like Germany offering not only 80 million people it has but also a 400-million-people marketplace it can provide access to. Following the termination of the nuclear deal between Iran and great powers, officially known as the Joint Comprehensive Plan of Action (JCPOA), the European Union countries, Germany in particular, are trying to foster their economic cooperation with the Islamic Republic. For decades before sanctions were imposed, Germany, which enjoys the largest economy in Europe with a nominal gross domestic product in 2016 of $3.5 trillion, was Iran’s major trading partner.

http://en.mehrnews.com/news/122237/Report-Germany-s-Hermes-in-Iran


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