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 June 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.

  • Report: Why and how the Dutch government must exclude credit support for fossil fuel
  • EDC’s response to alleged abuse in Colombian oilfields highlights deficits in due diligence
  • New database reveals world’s biggest coal plant developers
  • Kuwait Seals US$6.25bn Loan in Largest ECA-Backed Corporate Transaction Ever
  • Yamal LNG raises more financing with coverage by Swedish and German ECAs
  • Italy's Eni signs LNG deal in Mozambique with ECA support
  • EXIM Banks of India and Korea sign MOU for export credit of USD 9 billion
  • Boeing strikes deal with Italian export credit agency in lieu of Ex-Im Bank
  • Trump sends Export-Import Bank nominees to Senate
  • Iran ECA Finance Talks Making Headway

Report: Why and how the Dutch government must exclude credit support for fossil fuel

(Both ENDS, Amsterdam, 14 June 2017) Export Credit Agencies (ECAs) are key institutions governments employ to support private companies doing business overseas. ECAs offer a wide range of guarantees and insurances to private companies. This makes it easier for these companies to gain access to finance, mostly from banks. Based on publicly available data, this report concludes that the Dutch Export credit agency Atradius DSB, which provides export insurances on behalf of the Dutch state, insured fossil fuel-related projects with a total value of € 7.3 billion in the period 2012-2015. This is two-thirds of its total insured value for that same period.

http://www.bothends.org/en/Publications/document/184/Paris-Proof-Export-Support-...


EDC’s response to alleged abuse in Colombian oilfields highlights deficits in due diligence

(Above Ground, Ottawa, 14 June 2017) Our latest correspondence with Export Development Canada (EDC) about the impacts in Colombia of two oil companies it financed highlights our longstanding concerns about the adequacy and transparency of the agency’s human rights due diligence practices. Last fall, following the release of a report documenting serious human rights abuses associated with the operations of EDC clients Pacific Exploration & Production and Ecopetrol in Colombia’s Rubiales and Quifa oilfields, we joined the report authors[1] in writing to EDC to express our concern. We asked the agency whether it was aware of the substantial risks associated with oil development in the region when it decided to finance the two companies, and how it would respond to the reported violations of indigenous, labour and environmental rights connected to its clients’ activities.[2] Export Development Canada’s letter of reply neglected to provide any substantive answer to these questions. As we note in our response to EDC, it remains unclear how the agency will address reported abuses associated with its clients’ activities — including the violation by Pacific E&P of Colombian law governing consultation with indigenous peoples, as determined by a 2015 court ruling. It also remains unclear how EDC will ensure that its clients remediate the harms caused, provide redress, and prevent their operations from heightening the serious risks to local community leaders who’ve spoken out critically about the companies’ activities and now face death threats.




New database reveals world’s biggest coal plant developers

(Banktrack, Berlin 29 June 2017) The environmental NGO urgewald and its partners have revealed which companies are at the forefront of plans to expand the world’s coal-fired power capacity by a staggering 42.8%. urgewald’s previous in-depth research played a key role in initiating the coal divestment actions of the Norwegian Government Pension Fund and the insurance company Allianz.

http://mailchi.mp/banktrack/press-release-new-database-reveals-worlds-biggest-co...


Kuwait Seals US$6.25bn Loan in Largest ECA-Backed Corporate Transaction Ever

(Bonds & Loans, London, 13 June 2017) Kuwait National Petroleum Company’s (KNPC) US$6.245bn ECA-backed loan includes plans to modernise the Mina Al Ahmadi oil refinery located in Al Ahmadi Governorate, south of the country, to make it meet stringent environmental requirements.

http://www.bondsloans.com/news/article/1471/case-study-knpc-seals-us625bn-loan-i...


Yamal LNG raises more financing with coverage by Swedish and German ECAs

(Your Oil & Gas News, Edinburgh, 1 June 2017) Yamal LNG announced the signing of agreements with several European banks, inter alia Raiffeisen Bank International AG and Intesa Sanpaolo for up to 425 million with insurance coverage provided by the Swedish export credit agency EKN and the German export credit agency Euler Hermes. Yamal LNG has previously received financing from the National Welfare Fund of Russia, signed agreements on credit lines with Sberbank and Gazprombank, as well as with the China Development Bank and the Export-Import Bank of China, the Japan Bank for International Cooperation (JBIC) and the bank Intesa Sanpaolo with insurance coverage by the Italian export credit agency SACE and the French export credit agency COFACE. In June 2015 WWF Russia noted that the Environmental and Social Impact Assessment of the project, while complying with the best Russian practices were not complete regarding a number of issues and that certain ESIA strategic conclusions required additional discussions and consultations.

http://www.youroilandgasnews.com/yamal+lng+raised+financing+with+insurance+cover...


Italy's Eni signs LNG deal in Mozambique with ECA support

(Reuters, Maputo, 1 June 2017) Italian energy company Eni signed an $8 billion deal on Thursday to develop a gas field off the coast of Mozambique, the first of a series of projects that could transform the poor African nation into a major energy supplier to Asia. Developing the Coral South field requires building six subsea wells connected to a floating facility capable of producing about 3.4 million tonnes of liquefied natural gas (LNG) per year. Eni said project finance would fund 60 percent of the cost of building the floating LNG facility, while the financing agreement has been subscribed by 15 major international banks and guaranteed by five export credit agencies [Export-Import Bank of China, Coface of France, Export-Import Bank of Korea (Kexim), Korea Trade Insurance Corporation, and SACE of Italy] The floating LNG platform will be built in South Korea by a consortium led by Samsung Heavy and including France’s Technip and Japan’s JGC.

http://www.reuters.com/article/us-eni-mozambique-idUSKBN18S6AW


EXIM Banks of India and Korea sign MOU for export credit of USD 9 billion

(OpenGovAsia, Singapore, 16 June 2017) The Export-Import Bank of India (EXIM Bank) and the Export-Import Bank of Korea (KEXIM) have signed a Memorandum of Agreement (MoU) for export credit of USD 9 billion to support infrastructural development in India and for the supply of goods and services as part of projects in third countries.

http://www.opengovasia.com/articles/7712-exim-banks-of-india-and-korea-sign-mou-...


Boeing strikes deal with Italian export credit agency in lieu of Ex-Im Bank

(Seeking Alpha, Ra'Anana Settlement Israel, 31 May 2017) Boeing has sealed a deal for Italy's export credit agency to provide an initial $1.25B/year in guarantees for jetliner sales, partly to fill the void left by the U.S. Export-Import Bank, which has been restricted since July 2015 when some lawmakers blocked the appointment of a new board. Dow Jones reports that the new agreement with Italy's Sace is the first between Boeing and an overseas export credit agency and provides a template for the company to secure similar deals with other countries that supply large parts of its jetliners.

https://seekingalpha.com/news/3270788-boeing-strikes-deal-italian-export-credit-...


Trump sends Export-Import Bank nominees to Senate

(Defense News, Washington, 20 June 2017) U.S. President Donald Trump has formally nominated former members of Congress, Scott Garrett and Spencer Bachus, to two vacant positions on the U.S. Export-Import bank as expected, a win for the defense and aerospace sector.  Trump announced the move in April — a reversal after calling the federal government’s export credit agency “excess baggage” in 2015. Though the Heritage Foundation and some free-market conservatives have criticized the Ex-Im Bank as subsidizing foreign competitors of U.S. firms, the Aerospace Industries Association, touted it as vital to small- and medium-size companies. Among the largest export beneficiaries of the bank’s financial assistance have been Boeing and General Electric, which have overseas customers that use the agencies' government-backed loans to buy their products.

http://www.defensenews.com/articles/trump-sends-export-import-bank-nominees-to-s...


Iran ECA Finance Talks Making Headway

(Financial Tribune, Tehran, 19 June 2017) Iran has held negotiations with Italy’s Medibank and SACE export guarantee for €2 billion ($2.24 billion), Exim Bank of China for $30 billion, China Development Bank for $15 billion, Korea Export–Import Bank for $8 billion and Korea Trade Insurance Corporation for $5 billion to receive foreign financing. Other parties involved in finance negotiations with Iran include Japanese Nippon Export and Investment Insurance and the Japanese Ministry of Finance for $10 billion, the Japan International Cooperation Agency for €1.2 billion ($1.34 billion), Russian Ministry of Economic Development for €5 billion ($5.6 billion) and the Norwegian Guarantee Institute for Export Credits for €1 billion ($1.1 billion). Euler Hermes of Germany is also interested in covering investments in Iran. However, a lack of full-fledged banking ties between Iran and Europe is preventing the complete benefits of the German sovereign guarantee to be felt by Iran.

https://financialtribune.com/articles/economy-business-and-markets/66707/iran-fi...


Madagascar is Afreximbank’s Newest Participating State

(Afreximbank Cairo, 26 June 2017) Madagascar has become the latest country to join the African Export-Import Bank (Afreximbank) as a participating state. Membership of the Bank gives Madagascar 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.

https://afreximbank.com/madagascar-is-afreximbanks-newest-participating-state/


What's New May 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?

Indonesian Community Reps File Cirebon Coal Plant Objections with JIBC

(Friends of the Earth Japan, Tokyo, 24 May 2017) On May 24, 2017, two Indonesian community representatives affected by the JIBC supported Cirebon Coal-fired Power Plant Project in West Java arrived in Japan and handed their objections to the Japan Bank for International Cooperation (JBIC) with respect to the expansion of the Unit 2 power plant (1,000 MW). At the same time, Indonesian and Japanese NGOs filed their complaints with the Japanese National Contact Point (NCP) under the OECD Guidelines for Multinational Enterprises (MNEs). Japanese public and private sectors, including Marubeni and JERA as investors, have pushed through the project despite already serious damages to the livelihoods of the local community and the April 19 revocation of its environmental permit by the District Court in Bandung.

http://www.foejapan.org/en/aid/170524.html


World Coal: IEA CCC Report - Global financing for coal power goes East

(World Coal, Surrey, 19 May 2017) Development finance is essential to help the advancement and empowerment of low and middle income economies. But, past announcements by multilateral development banks restricting finance for greenfield coal plants cast doubts on future funding. This approach to coal investments spread to other development agencies and also became a foundation for the rules governing OECD export credits (pdf). A new report from the IEA Clean Coal Centre by Paul Baruya, Trends in international lending for coal-fired power plants, examines the implications of these announcements and explores the roles and policies of different financial institutions. In 2014 alone, US$152 billion of funding was received by the coal power and mining sectors from such institutions. Of this total, just US$9 billion was provided by multilateral development banks and export credit agencies. Thus these publicly financed institutions make a minor contribution to direct funding of coal projects, although they maintain a role in attracting commercial funding to higher risk projects.

https://www.worldcoal.com/power/19052017/iea-ccc-global-financing-for-coal-power...


Turkey in 'final phase' of secretive Saudi arms export deal

(Defense News, Ankara, 3 May 2017) Turkey’s defense and procurement officials are expecting to finalize a large defense export contract with Saudi Arabia, but its contents will be kept top secret. Turkish Defence Minister Fikri Isik has said the defense export contract with Saudi Arabia will be the largest-ever single export deal for the Turkish industry...  Turkey, he said, would launch a new export lending mechanism outside the scope of Eximbank loans in order to finance Turkish exports. Eximbank is a state-owned export credit bank in Turkey. The Minister said his government was working on a broad plan to boost Turkish defense and aerospace exports. He admitted that financing was often a major problem for potential markets.

http://www.defensenews.com/articles/turkey-in-final-phase-of-secretive-saudi-exp...


N.J. critic of Export-Import Bank appointed to overhaul federal credit agency

(National Public Radio Newsworks, Delaware, 16 May 2017) Republicans who want to disband the Export-Import Bank of the United States were heartened during the presidential campaign when candidate Donald Trump indicated he would kill it if he were elected president. Now, President Trump said he supports the bank and the micro-financing it gives U.S. companies. Republican Ryan Costello and other lawmakers from the Delaware Valley are in that corner as well, but are now perplexed by the President's tapping of former U.S. Rep. Scott Garrett to serve on the  bank's board. Garrett, a founding member of the very conservative House Freedom Caucus, has long been a critic of the bank — even voting against its reauthorization. Democrats fear Garrett and Trump are trying to undermine the bank from within. Democrat Brendan Boyle said it's difficult to discern whether Trump is being devious or if he just doled out a favor to a loyalist who recently lost a bid for re-election. "It could just be that there's no forethought in this whatsoever,” Boyle said.

http://www.newsworks.org/index.php/local//item/103984-nj-critic-of-export-import...


Airbus tightens fraud controls

(Air Transport World, Arlington, 22 May 2017) Airbus has established a new independent compliance review panel (ICRP) to ensure “irreproachable” behavior, following allegations of fraud, bribery and corruption in its civil aviation business. The move follows an investigation by the UK Serious Fraud Office (SFO) and France’s Parquet National Financier (PNF), after Airbus self-disclosed misstatements and omissions found a year ago. Revelations started emerging in April 2016, when the UK Export Finance (UKEF), Britain’s export credit agency (ECA), placed a temporary hold on all guarantees and credit export support of Airbus products. Coface, the French ECA, and Euler Hermes, the German ECA, followed within days. The probe is focused on alleged misuse of third-party agents and European export credit by Airbus.

http://atwonline.com/manufacturers/airbus-tightens-fraud-controls


Iran in talks with UK export credit agency over jetliner export funding

(Reuters, Paris, 4 May 2017) Iran is in talks with Britain's export credit agency to facilitate the financing of aircraft sales to state airline IranAir as part of its pact with world powers to lift sanctions over its nuclear program, a senior Iranian official said. IranAir's plan to buy more than 180 jets from Airbus and Boeing is the most visible economic deal on the table after major powers last year lifted most sanctions on Iran in return for restrictions on its nuclear activities. But financing for the purchases has been hard to secure because most Western banks are holding back, concerned about the future of the 2015 agreement after U.S. President Donald Trump called it a bad deal and ordered a review. So far, IranAir has taken delivery of just three Airbus jets, for which it paid cash, industry sources say. Meanwhile, other news reports say that Theresa May’s snap decision to hold general elections in June discourages Britain’s export credit arm from taking defining decisions affecting foreign policy during such a critical time. The government is also likely to postpone dealing with the issue until after the elections. Meanwhile, the Iranian government was under immense pressure to show results of the Nuclear Deal before the country’s elections in May. The Slovakian and Finnish ECAs have also signed deals with Iran.

http://www.reuters.com/article/us-iran-britain-financing-exclusive-idUSKBN1800VW


China's Export Credit Agency Covering Iran Investment

(Financial Tribune, Tehran, 9 May 2017) China Export & Credit Insurance Corporation (Sinosure) will provide export insurance for Chinese construction and production investments in Iran. According to a recently signed Meorandum of Understanding, the Chinese export credit agency will insure state-owned and private Chinese companies that intend to invest in Iranian projects, enabling them to use new lines of credit, particularly for the export of high-value added goods from China. Prior to this, the entity had provided credit lines and export insurance for mining and refinery projects in Iran.

https://financialtribune.com/articles/economy-business-and-markets/64046/chinas-...


Like spring weather, Delta’s positions on EXIM change quickly and dramatically

(eTurbo News, Hawaii, 11 May 2017) A recent high-profile example of Delta’s advocacy agility was its position on export credit financing and reauthorization of the Export-Import Bank (EXIM). Delta opposed it before it supported it. In the beginning, Delta was a leading voice opposing reauthorization of the EXIM. It was a visible and vocal member of the chorus decrying export credit financing as inherently bad public policy and crony capitalism. Delta claimed it was chased out of the US-India market by EXIM lending to Air India to purchase Boeing 787 Dreamliners. Simultaneously, it spent millions of dollars repeatedly suing EXIM seeking to use the courts to block guarantees for Air India’s 787s. Then Delta pivoted. It claimed it never opposed export credit financing and, after waging a scorched earth lobbying campaign against EXIM, it in fact was prepared to support its reauthorization provided the legislation included an anticompetitive carve-out prohibiting widebody financing for state-owned carriers.

https://www.eturbonews.com/154422/like-spring-weather-deltas-positions-change-qu...


State Bank of India could fund Gautam Adani’s coal mine in Australia

(National Herald, New Delhi, 9 May 2017) Australia's Market Forces environmental finance group has warned that Indian businessman Gautam Adani could turn to the Indian government to get his $21 billion coal mine funded, as Australian and international investors increasingly pull out of the project due to environmental concerns. "The (funding) model now looks like a combination of North Australia Infrastructure Funding (NAIF) funding, State Bank of India (SBI) and foreign export credit providing the bulk of the debt. The remainder would likely rely heavily on Indian commercial banks that Adani has a close relationship with, and some other foreign commercial banks that have not yet ruled out finance," Julien Vincent, the Executive Director at Market Forces, told National Herald, replying to an emailed questionnaire. Taxpayers in Australia and India are most likely to fill the funding gap that Adani is experiencing, Vincent said.

https://www.nationalheraldindia.com/news/2017/05/09/sbi-could-fund-gautam-adanis...


Kenya’s stake in pan African ECA diluted

(The Star, Nairobi, 8 May 017) Kenya's shareholding in African Trade Insurance Agency has been marginally diluted following entry of four new investors, the largely political risk and investment guarantee firm has said. Chief executive George Otieno said Kenya's stake has dropped to about 12 per cent from 15 per cent. This was after Ethiopia and Zimbabwe joined the pan-African investment and commercial risk insurance provider last year, while Ivory Coast came on board last month. UK’s national export credit agency, UK Export Finance, has also acquired undisclosed stake in ATI, joining African Development Bank and Italian Export Credit Agency as non-state shareholders. “Kenya, however, remains the single largest shareholder in ATI and by some measure the single biggest beneficiary of ATI cover since its inception,” ATI’s chief underwriting officer John Lentaigne said. “We have investments in Kenya equivalent to 15 per cent (about Sh1.08 trillion) of the current GDP (about Sh7.2 trillion) since its (ATI's) inception.” The company was formed by seven African countries, with Kenya as single largest shareholder, in 2001 but started operating fully in 2003. The agency was financially and technically supported by the World Bank Group during its formation.

http://www.the-star.co.ke/news/2017/05/08/kenyas-stake-in-pan-african-firm-dilut...


US Trade Finance for Cuba ‘Much Further Down the Road’ says Ex-Im Bank Officer

(Sputnik News, Washington, 15 May 2017) Trade finance to Cuba is not expected in the near future because of the quantity of work that needs to be completed, including the country's payments due to export credit agencies, US Export-Import Bank (Ex-Im) Business Development Officer Kate Bishop told Sputnik on Monday. "It looks like trade restrictions are easing, but trade finance, which is where we come in, I think that would be much further down the road before it would even be considered," Bishop said on the sidelines of the Fifth Annual Doing Business with the BRICS Conference on Monday.

https://sputniknews.com/business/201705151053637579-us-trade-cuba-exim/


What's New April 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.

  • In policy reversal Trump names new Ex-Im president
  • Don't fund South African coal mine, activists plead with Australian export credit agency
  • JBIC Must Immediately Review and Repeal its Loan Agreement for Illegal Coal Project
  • German, Swedish, Chinese, Russian, Japanese, Italian and French ECAs support Yamal LNG project
  • Brazil will offer export credit-line for defence products
  • Ex-Im Bank of India confirms $1.6bn loan for Rampal coal plant to bankroll Sundarbans destruction
  • EDC Signals Millions in New Loans for India with the Opening of Singapore Branch
  • Canada's EDC and UK UKEF eye Philippine growth and infrastructure
  • Alba secures $700m in export credit financing
  • Iran, Portugal ECAs Sign Cooperation Deal

In policy reversal Trump names new Ex-Im president

(Deutsche Welle, Washington, 15 April 2017) US President Trump has named Scott Garrett, a conservative Republican former lawmaker, to head the Export-Import (Ex-Im) Bank. Garrett voted to close the official US export credit agency when he was a member of Congress. Trump also named Spencer Bachus, a Republican former congressman from Alabama, to be a member of the Ex-Im board of directors. During last year's presidential election campaign, Trump dismissed the bank as "unnecessary." He alleged in August that "it's sort of a featherbedding for politicians and others, and a few companies." On April 12th, in comments reported by the Wall Street Journal, Trump announced a policy change on Ex-Im, saying: "Actually, it's a very good thing. And it actually makes money, it could make a lot of money." Garrett, a New Jersey Republican, served seven terms in the House of Representatives and voted in 2012 and 2015 against renewing the Ex-Im charter. A founding member of the Freedom Caucus and reported to have made a series of anti-gay remarks, Garrett was defeated in the November elections. Speaking about Ex-Im at a congressional hearing in 2014, Garrett said "when you mix big corporations and taxpayer-backed guarantees, you get a little something that looks an awful like crony capitalism." In a tweet in October 2015, Garrett described the bank as a "corporate welfare program."

http://www.dw.com/en/in-policy-reversal-president-trump-names-new-president-for-...


Don't fund South African coal mine, activists plead with Australian export credit agency

(Guardian, London, 6 April 2017) Environmental action groups including Greenpeace, Oxfam and GetUp have signed an open letter to Australia’s export credit agency asking it not to fund a controversial new coal mine. The groups say a loan to the proposed Resgen Boikarabelo mine in South Africa will lead to human rights abuses and hinder Australia’s Paris commitment to keep global warming below 2C. The open letter to the Efic Board of Directors from civil society organizations led by ActionAid and Jubilee Australia, and representing some 2 million Australians all together, expressed their belief that by funding this coal mine, Efic is at risk of funding human rights abuses in South Africa.

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


JBIC Must Immediately Review and Repeal its Loan Agreement for Illegal Indonesian Coal Project

(Friends of the Earth Japan, Tokyo, 19 April 2017) Following objections from local affected villagers, on April 19th the regional court in Bandung, West Java revoked the environmental permit for the 1000MW Cirebon coal-fired power plant expansion plan known as Cirebon 2 (which Marubeni and JERA invested in). The Japan Bank for International Cooperation (JBIC) had concluded a loan agreement for Cirebon 2 on April 18, the day immediately before the court verdict was due. JBIC now must sincerely take into account the local villagers’ rights and the judicial decision in the host country. JIBC must immediately review and repeal its decision to provide financing for Cirebon 2, as the project is illegal according to local law and in violation of the “JBIC Guidelines for Confirmation of Environmental and Social Considerations” (Guidelines) which require “the compliance with environmental laws of the host nation and local governments concerned” and “the submission of environmental permit certificates issued by the host governments.”

http://www.foejapan.org/en/aid/170419.html


German, Swedish, Chinese, Russian, Japanese, Italian and French ECAs support Yamal LNG project

(Kyiv Post, Moscow, 21 April 2017) The German and Swedish export credit agencies have decided to take part in the Yamal LNG project, Novatek CEO Leonid Mikhelson said during the annual general meeting of shareholders. The cost of the project is $27 billion. Yamal LNG has signed credit agreements for the equivalent of $12 billion with China Development Bank (CDB) and the Export and Import Bank of China (CEXIM), and the equivalent of $4 billion with Gazprombank and Sberbank. The Japan Bank for International Cooperation (JBIC) will provide €200 million, and Italian bank Intesa Sanpaolo will provide €750 million under coverage from Italian export credit agency Sace and France’s Coface (amounting to €350 million. In addition, Yamal LNG received the equivalent of $2.4 billion from Russia’s National Welfare Fund (NWF). WWF Russia in 2015 noted that the situations on Sakhalin Island, the Yamal Peninsula fields (and, apparently, in the Gydansky Peninsula in future) failed to comply with Item 8.4 of the Environmental Standards for Operations of Oil and Gas Companies Acting in Russia developed in 2004 by non-governmental nature conservation organizations.

https://www.kyivpost.com/russia/mikhelson-german-swedish-export-credit-agencies-...


Brazil will offer export credit-line for defence products

(QUWA, San Francisco, 6 April 2017) Brazil will offer a credit-line to overseas customers of its defence products. The announcement was made by the President of the National Bank for Economic and Social Development (BNDES), Maria Sílvia Bastos Marques, at LAAD 2017, which is taking place at Rio de Janeiro. As per the Brazilian Ministry of Defence’s press release, current schemes are done on an ad hoc basis, but this formal mechanism will coordinate with each of Brazil’s ministries and will boost the competitiveness of the Brazilian defence industry. For example, there is a Defence Group in the Foreign Trade Chamber.
http://quwa.org/2017/04/06/brazil-will-offer-credit-line-defence-exports


Ex-Im Bank of India confirms $1.6bn loan for Rampal coal plant to bankroll Sundarbans destruction

(BankTrack, Nijmegen, 11 April 2017) Ex-Im Bank of India’s confirmation today that it is providing a $1.6 billion loan to Bangladesh-India Friendship Power Company (BIFPCL) for development of the Rampal coal plant in Bangladesh has been strongly criticised by BankTrack. Johan Frijns, director of BankTrack, said: “Ex-Im India’s decision to bankroll the massive Rampal coal plant in Bangladesh, situated right next to the Sundarbans mangrove forest, comes packaged with the claims that ‘state of the art technologies have been selected for this project’, and that ‘all environment concerns related to the project have been addressed’. Yet such statements are completely at odds with the deep concerns held by the Bangladeshi population and the international public, and fly in the face of overwhelming expert opinion to the contrary. Resistance is now set to grow further against the project promoters and the bank.

https://www.banktrack.org/news/exim_bank_of_india_confirms_1_6bn_loan_for_rampal...


EDC Signals Millions in New Loans for India with the Opening of Singapore Branch

(Business Wire, Mumbai, 2 April 2017) Export Development Canada today announced its new and first global branch outside of Canada, in Singapore. “EDC’s new branch can process transactions in real time for Indian companies, eliminating the previous 12 hour delay to connect back to our financing team in Canada,” says Bill Brown, Regional Vice-President, Asia, EDC. “EDC’s financial services are now offered more quickly and effectively, which will significantly benefit Indian companies.” The new Singapore branch is expected to play an important role in doubling EDC’s loan bookings by 2021, when it hopes to be providing over USD 4 billion in new commercial financing annually.

https://finance.yahoo.com/news/export-development-canada-signals-millions-013000...


Canada's EDC and UK UKEF eye Philippine growth and infrastructure

(Philippine Daily Inquirer, Manila, 24 April 2017) As offers of development funding from China and Japan pour in, Canada also wants a bigger piece of the Philippine growth story as its export credit agency Export Development Canada (EDC) seeks more opportunities to fund infrastructure projects and other key industries. In an e-mail interview with the Inquirer, EDC regional vice president for Asia international business development William Brown said EDC was anticipating more Canadian businesses wanting to invest and sell more products to the Philippines as Canadian exporters and investors seek opportunities in emerging markets. EDC recently opened a branch in Singapore to function as its financing hub in Asia. The United Kingdom has offered the Philippines a chance to tap its £4.5-billion export-import facility as a financing option for the Duterte Administration’s massive infrastructure program, the Department of Finance (DoF) said over the weekend.

https://business.inquirer.net/228257/canada-export-bank-eyes-ph


Alba secures $700m in export credit financing

(Trade Arabia, Manama, 16 April 017) Aluminium Bahrain (Alba), a leading aluminium smelter, has secured commitments of about $700 million from Export Credit Agency (ECA) supported facilities to finance Line 6 Expansion project. The facilities are made-up of a dual tranche of c. $310 million and c. EUR315 million ($334 million) SERV Guaranteed Export Credit and c. EUR50 million Euler Herms Guaranteed Export Credit. The SERV-backed facility will fund the company’s Power Station 5 (PS5) wherein General Electric (GE), EPC contractor, will provide three 9HA gas turbines, three steam turbines and three heat recovery steam generators (HRSGs).

https://www.tradearabia.com/index.php?%2Fnews%2FIND_323517_html=


Iran, Portugal ECAs Sign Cooperation Deal

(Financial Tribune, Tehran, 20 April 2017) Export Guarantee Fund of Iran (EGFI) and Portugal’s private insurance firm COSEC signed a memorandum of understanding in Tehran on Tuesday to expand cooperation. The two entities agreed to expand cooperation in co-insurance, reinsurance, credit assessment, claims prevention and recovery of debts that help the exporters of both countries, EGFI reported in a press release. The private insurance COSEC has the mandate to manage the official export credit guarantee scheme on behalf of the Portuguese government. Since the lifting of sanctions, EGFI has been expanding ties with various ECAs and has held talks with institutions across the world, including the United Kingdom Export Finance, Japanese Nippon Export, Investment Insurance Export Credit Guarantee Corporation of India, South Korea’s K-Sure and Italy’s SACE. Iran-Portugal trade stood at $1.76 million during the 10 months to January 20, 2017, Tehran Chamber of Commerce, Industries and Mines’ website reported.

https://financialtribune.com/articles/economy-business-and-markets/62804/iran-po...


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