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What's New! Vol.
5, No. 7
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July 2006
"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
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1) |
Atradius swaps Indonesia coverage for Viet Nam with Denmark's EKF |
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2) |
With easy nickel fading fast, INCO goes after the tough stuff at Goro Nickel |
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3) |
Changing markets for export credit agencies: China, private sector ECAs |
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4) |
Iran amongst the best UK export credit clients |
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5) |
Human rights and ECAs |
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6) |
Japan publishes complete projects list (Categories A, B and C) |
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7) |
Farnborough air show - 30% of sales ECA financed |
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8) |
ECAs and arms |
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9) |
BTC pipeline opens |
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10) |
First renewables loan for US Ex-Im |
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View Back Issues of What's New |
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| 1. |
Atradius swaps Indonesia coverage for Viet Nam with Denmark's EKF |
| (Both Ends, Amsterdam, 5 July 2006) The Netherlands Ministry of Finance announced today (July 3, 2006) its first agreement for a swap of its exposure on Indonesia. A risk of € 50 million of Atradius-DSB on Indonesia is exchanged for the same amount of risk of the Danish EKF on Vietnam. |
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| 2. |
With easy nickel fading fast, INCO goes after the tough stuff at Goro Nickel |
| (WSJ, Noumea, 12 July 2006) With easy nickel fading fast, miners go after the tough stuff --- Inco tries again at 'Goro' site using acid and heat; Protests in New Caledonia --- Company's trucks go missing |
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Changing markets for export credit agencies: China, private sector ECAs |
| (Ex-Im Bank, Washington, June 2006) Over the past year, OECD ECAs have regularly cited emerging market ECAs as serious competition for them, particularly since they do not have to follow the Common Approaches recommendation on environmental and social standards. Who are these emerging ECAs? The US Ex Im Bank has produced some useful basic descriptions of Chinese, Indian and Brazilian ECAs and their activities, noting that the Chinese appear to generally follow OECD Arrangement guidelines. A recent World Bank Global Development Finance report highlights the trend toward private sector ECAs |
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Iran amongst the best UK export credit clients |
(IRNA, Tehran, 21 July 2006) Iran remains among the most active markets provided with financial support underwriting of export credits by the British government, despite a deterioration in political relations. Iran has also received over half a Billion Euros of export credit support from the Netherlands since mid-2002.
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Export Credit Agencies and Human Rights |
| (Amnesty International, London, 25 July 2006) In Amnesty International's new publication, "HUMAN RIGHTS, TRADE AND INVESTMENT MATTERS", Korinna Horta of Environmental Defense argues that fundamental reforms are needed to ensure that export credit agencies contribute to responsible investment. The UN Secretary General's Special Representative for Business and Human Rights is including a focus on ECAs as part of his work. |
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Japan publishes complete projects list (Categories A, B and C) |
| (JIBC, Tokyo, 21 July 2006) The Japan Bank for International Cooperation has published it's latest set of Category A, B and C projects received for screening. SACE of Italy has begun to publish it's projects as well, but does not indicate if projects are in Category A or B. Neither ECA provides a value for projects, nor makes EIA statements available online. SACE has however recently released the basis for its categorization of the BTC pipeline project in 2003, citing the provisions of the law transposing the Aahrus Convention in Italy. |
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Farnborough air show - 30% of sales ECA financed |
| (BBC, London, 18 July 2006) Of all the planes sold [at the Farnborough air show], between 20-30% will be financed with the help of an export credit agency |
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| 8. |
ECAs and arms |
| (DCAAT, Amsterdam, 24 July 2006) The Dutch Campaign Against Arms Trade has produced a brochure on ECAs and the arms trade. For information on export credit agencies and arms trade, contact www.stoparmstrade.org, www.eca-watch.org or m.peperkamp@stopwapenhandel.org. In late September, the ENAAT Research Group will publish a report on ECA support for military transactions, www.enaat.org |
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| 9. |
BTC Pipeline Opens |
| (ResourceInvestor.com, Saudi Arabia, 12 July 2006) -- Senior government officials, state royalty and top energy industry executives from 32 countries were among those on hand at the official inauguration ceremony of the final section of the BP-led partnership's Baku-Tbilisi-Ceyhan (BTC) oil pipeline in the Anatolian port town of Ceyhan, Turkey July 13. |
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| 10. |
First renewables loan for US Ex-Im |
| (Ex-Im Bank, Washington, 11 July 2006) PowerLight Corporation of California will export equipment and services for a 1-megawatt solar power project in Gwangju, Korea, with a 15-year, $7.8 million loan guarantee from the Export-Import Bank of the United States. PowerLight is the first U.S. exporter to benefit from the new 15-year repayment terms available under OECD guidelines to support renewable energy, water and hydroelectric power projects. The guaranteed lender is City National Bank of Los Angeles. |
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