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 March 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.

  • 280 CSOs from 47 Countries Call on Japanese Government to Reject Support for Indonesian Coal Plants
  • France Joins UK in Airbus Fraud Investigation
  • EC publishes Annual Activity Report on Export Credits
  • Ex-Im Bank Critics Are Undermining Trump's Trade Strategy
  • S. Korean & Chinese ECAs to support hydroelectric dams in Iran
  • Norway export credit institute sees Iran trade opportunity
  • Export credit funds to finance Adani's Australian coal mine project
  • Law firm helps secure Norwegian ECA US$100m facility for massive offshore oil project
  • Uganda: UK Doubles Export Funding to Uganda
  • UK commits US$1.2 billion for funding development projects in Peru
  • Islamic Development Bank sets out roadmap to promote Arab-African trade
  • Export credit to boost Middle East lending
  • Botswana hosts global credit insurance conference
  • South Sudan officially joins Afrexibank
  • Saab & BAE Systems table export credit for Malaysia fighter bid
  • World Bank Project Aims to Help Mongolia Access Export Credits

280 CSOs from 47 Countries Call on Japanese Government to Reject Support for Indonesian Coal Plants

(FOE Japan, Tokyo, 27 March 2017) On March 23, Indonesian and Japanese CSOs submitted an international petition signed by 280 CSOs from 47 countries to the Japanese government, calling on JBIC and JICA not to finance the Cirebon expansion coal-fired power plant (1,000 MW) and the Indramayu expansion coal-fired power plant (1,000 MW), both located in West Java, Indonesia.

http://www.foejapan.org/en/aid/170323.html


France Joins UK in Airbus Fraud Investigation

(AI News, Midland Park, 6 March 2017) France’s Parquet National Financier has joined the UK Serious Fraud Office in an investigation into allegations of fraud, bribery and corruption in the civil aviation business of Airbus Group...  The UK agency launched its official investigation last August, following months of deliberation over whether or not to pursue charges related to the manufacturer’s failure to reveal the identity of some intermediaries in applications for export credit financing for certain airline customers... Last April Airbus issued a statement acknowledging it notified the SFO of “certain inaccuracies” in the applications following an internal investigation and that an interruption in UK export funding would likely result. At the time it said expected no interruption in financing from the export credit agencies in France and Germany—the other European countries in which it builds most of its components and assembles airplanes. However, those countries subsequently cut off funding as well in cooperation with the UK agency. Export credit accounted for some 6 percent of funding for Airbus airliners in 2015 and, due to the investigation, virtually none last year. Despite these investigations, Airbus has stated that it "expects to have access to European export credit financing on a 'case by case' basis in 2017"

http://www.ainonline.com/aviation-news/air-transport/2017-03-16/france-joins-uk-...


EC publishes Annual Activity Report on Export Credits

(European Comission, Brussels, 2 February 2017) The European Commission in February 2017 published its "annual" report on the activities of 21 member state's official Export Credit Agencies for the year 2014. ECA Watch notes that, in addition to the two year delay in its issue, the report provides an incomplete and in some respects misleading picture of the activies of official EU ECAs, which we are now reviewing and will comment on.

http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX%3A52017DC0067


Ex-Im Bank Critics Are Undermining Trump's Trade Strategy

(Forbes, Arlington, 3 March 2017) Loren Thompson of the centre-right Lexington Institute comments on "the dwindling band of Export-Import Bank critics who think America should be the only major trading nation without an export credit agency." He notes that while Ex-Im actually make a profit, most national ECAs actually do susidize national exporters, i.e. distort markets. An interesting view into the ideological battles currently underway in Washington.

https://www.forbes.com/sites/lorenthompson/2017/03/03/ex-im-bank-critics-are-und...


S. Korean & Chinese ECAs to support hydroelectric dams in Iran

(Financial Tribune, Tehran, 14 March 2017) Multibillion-dollar deals have been signed with East Asian companies to develop dam infrastructure in Iran, including a $1.7 billion agreement with South Korea for developing the Bakhtiari hydroelectric dam and a $341 million Sinosure credit line for an hydroelectric dam in the western Lorestan Province as well as an offer of a €290 million Sinosure credit line for Chamshir hydroelectric dam in Kohgiluyeh - Boyer Ahmad Province.

https://financialtribune.com/articles/energy/61409/s-koreans-chinese-companies-t...


Norway export credit institute sees Iran trade opportunity

(IranOilGas, Tehran, 4 March 2017) Officials from the Export Guarantee Fund of Iran and Norwegian Guarantee Institute for Export Credits (GIEK) discussed expansion of ties during a meeting held in Tehran... Commenting on Norway’s $1 billion credit line for covering trade with Iran, Wenche Nistad, GIEK’s chief executive, said: “The plan is still in its early phases; more time is needed for starting such projects as we need to learn more about each other, know more about doing business with Iran and get familiar with Iran’s banking system.”

http://www.iranoilgas.com/news/details?id=17271&title=Norway%20export%20credit%2...


Export credit funds to finance Adani's Australian coal mine project

(Business Standard, New Delhi, 20 March 2017) Leading global financers, export credit funds from China and Korea and international banks which earlier refused to fund the Carmichael coal mine project of the Adani Group are in talks with the Indian conglomerate to fund the project. The company has yet again rubbished the opposition from the climate groups saying this will not impact the funding for the project.

https://www.pressreader.com/india/business-standard/20170320/281608125251170


Law firm helps secure Norwegian ECA US$100m facility for massive Australian offshore oil project

(Austral Asian Lawyer, St. Leonards NSW, 15 March 2017) Global law firm Norton Rose Fulbright has advised on a US$100 mn term loan and guarantee facility which will be used by Woodside for its offshore operations in Western Australia. The facility has export credit support provided by DNB Bank ASA and the Norwegian Export Credit Agencies (ECA)... NRF advised Eksportkreditt Norge AS as lender; DNB Bank ASA as agent and arranger, ECA co-ordinator and ECA guarantor; and Norway’s Guarantee Institute for Export Credits (GIEK) as ECA guarantor on the loan and guarantee facility. The facility will be used to support the delivery of subsea equipment for installation on the seabed to support Woodside’s $1.9bn Greater Enfield project, an offshore oil project which will include up to 14 wells, according to projectconnect.com.au.

http://www.australasianlawyer.com.au/news/nrf-helps-secure-us100m-facility-for-m...


Uganda: UK Doubles Export Funding to Uganda

(All Africa News, Kampala, 27 March 2017) The British government has announced a major increase in the export credit for Uganda, from £300 million (Shs1.35 trillion) to £600 million (Shs2.7 trillion). The new export finance support is made available through UK Export Finance (UKEF), the UK Government's export credit agency which provides competitive finance for UK exports.

http://allafrica.com/stories/201703270339.html


UK commits US$1.2 billion for funding development projects in Peru

(Andina, Lima, 4 March 2017) The United Kingdom will provide US$1.2 billion to Peru to finance infrastructure projects in favor of development, British Ambassador to Lima Anwar Choudhury announced on Friday. Resources will be provided by UK Export Finance (UKEF), the bloc's export credit agency, to finance exports of UK products and services in infrastructure, energy and sanitation sectors, among others. In addition, UKEF will provide an additional US$200 million in funding for the development of projects carried out in cooperation with the Development Bank of Latin America (CAF).

http://www.andina.com.pe/Ingles/noticia-uk-commits-12-billion-for-funding-develo...


Islamic Development Bank sets out roadmap to promote Arab-African trade

(Arab News, Riyadh, 5 March 2017) The Islamic Development Bank (IDB) is developing a roadmap to strengthen Arab-African trade over the next three years, according to Hakim Elwaer, IDB’s official spokesman... At a forum held in Rabat last month it was noted that IDB’s support for development programs and infrastructure projects in Africa has reached more than $43 billion, which included funding for projects in infrastructure. IDB President Bandar Hajjar added that the volume of trade financing granted to Arab and African member countries since the establishment of the International Islamic Trade Finance Corporation (ITFC), which is IDB’s trade financing arm, has reached about $15 billion.

http://www.arabnews.com/node/1063406/saudi-arabia


Export credit to boost Middle East lending

(Bloomberg, Dubai, 2 March 2017)  Middle East borrowers are increasingly using loans backed by export credit agencies to fund projects as tightening liquidity makes conventional borrowing more expensive and difficult to secure, according to Societe Generale SA. France’s second-largest bank by market value is in talks with governments, state-owned and private companies for about twelve loans backed by ECAs for projects including in the energy and oil industries in the Middle East, Richad Soundardjee, regional chief executive officer, said in an interview in Dubai. The lender more than doubled the number of ECA backed loans it helped raise last year, compared with 2015, he said, without revealing the number of loans.

https://www.bloombergquint.com/business/2017/03/08/societe-generale-sees-export-...


Botswana hosts global credit insurance conference

(Mmegi Online, Gabarone, 23 March 2017) The Botswana Export Credit Insurance (BECI) will for the first time host the annual meeting of international credit insurers in Kasane next month. The event, called the Prague Club Committee (PCC) spring meeting, will see around 50 senior participants from 20 international members of the Berne Union gather to discuss political risk, trade finance and credit insurance... The meeting [will] cast a spotlight on Botswana with delegates expected to explore the culture, heritage and natural environment across a range of thrilling excursions organised alongside the conference.

http://www.mmegi.bw/index.php?aid=67628&dir=2017/march/23


South Sudan officially joins Afrexibank

(BizNis Africa, Johannesburg, 29 March 2017) South Sudan, Africa’s youngest country, has become the latest country to join the African Export-Import Bank (Afreximbank) as a participating state... Dr. Benedict Oramah, President of Afreximbank, stated that membership of the Bank would give South Sudan automatic access to the full range of products and facilities offered by Afreximbank, including trade finance facilities, project finance services, trade information and advisory services, support in the development of a local content policy and assistance in developing and implementing industrial parks and special economic zones... Participating states become shareholders when they acquire shares in the Bank. Afreximbank shareholders are a mix of public and private entities divided into four classes and consist of African governments, central banks, regional and sub-regional institutions, private investors and financial institutions, as well as non-African financial institutions, export credit agencies and private investors.

https://www.biznisafrica.co.za/south-sudan-officially-joins-afreximbank/


Saab & BAE Systems table export credit for Malaysia fighter bid

(QUWA, Islamabad, 22 March 2017) With the Royal Malaysian Air Force (RMAF) seeking 18 next-generation multi-role fighters to supplant its MiG-29, leading aviation vendors are beginning to actively position their respective platforms. IHS Jane’s and Shepard Media report that Saab and BAE Systems are willing to provide credit or financing terms for the JAS-39 Gripen and Eurofighter Typhoon, respectively... Malaysia’s defence procurement strategy is tailored for diversification, which results in purchases from Eastern and Western vendors. One need only look at the Royal Malaysian Navy’s (RMN) recent purchases from France (Scorpene-class submarines and Gowind-class frigates) and China (Littoral Mission Ships).

http://quwa.org/2017/03/22/saab-bae-systems-table-export-credit-malaysia-fighter...


World Bank Project Aims to Help Mongolia Access Export Credits

(Military News, Ulaanbaatar, 24 March 2017) The Mongolia Ministry of Finance and the World Bank today launched the Export Development Project aimed to help small- and medium-sized enterprises in non-minerals sectors strengthen their export capabilities and boost their access to export markets. The project, to be implemented by the government of Mongolia in the next 4 ½ years, will support Mongolia’s economic diversification by providing those firms with training, matching grants and access to export credit-insurance products.

http://www.military-technologies.net/2017/03/24/world-bank-project-aims-to-help-...


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...


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