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What's New! Vol.
5, No. 9
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September 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) |
Three European ECAs set to support Ilisu dam despite obvious failure to meet standards |
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Spanish company announces withdrawal from papermill investment in Uruguay |
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Armaris bids for four Bulgarian corvettes with Coface support |
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Flawed OECD reporting and analysis of HIPC transactions |
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Ex-Im increases subsidies for aircraft |
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G7 to discourage China from unproductive, expensive debt |
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Swedish Export Credit Corp. sells $1 billion in five-year global notes |
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EBRD urged by WWF to not fund controversial Sakhalin project |
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Armenians welcome US Senate move to block Ex-Im subsidy for railroad bypass |
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View Back Issues of What's New |
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| 1. |
Three European ECAs set to support Ilisu dam despite obvious failure to meet standards |
| (ECA Watch, Brussels, 27 September 2006) As OECD based ECAs debate revised environmental standards, 3 of them seem set to support one of the world's most controversial dams in Turkey which will displace tens of thousands of people, destroy a significant cultural heritage site and increase the potential for conflict over water resources with neighbouring Iraq and Syria. ECAs are also looking at support for other controversial projects such as Sakhalin, Camisea II, Yusufeli, Yemen LNG, etc., projects whose approval would seriously undermine any remaining credibility of the OECD Common Approaches environmental and social standards. |
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| 2. |
ENCE announces withdrawal from ECA supported papermill investment in Uruguay |
| (MercoPress, Montevideo, 22 September 2006) Spain’s ENCE announced Thursday that Uruguay remains a “strategic” player for its pulp industry interests in spite of having cancelled the construction of a pulp mill until a new location is agreed with Uruguay.
Ence was planning to build the mill with Spanish ECA CESCE support just across from neighbouring Argentina, next to another mill under construction belonging to Finland’s Botnia, in an area which was being challenged for environmental reasons. |
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| 3. |
Armaris bids for four Bulgarian corvettes with Coface support |
| (Defense News, Paris, 12 September 2006) French company Armaris has tendered for four corvettes in Bulgaria, arranging for debt financing for the purchase with a pool of banks led by French bank Societé Générale, with repayment guaranteed by the Coface export credit agency. |
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Flawed OECD reporting and analysis of HIPC transactions |
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Ex-Im increases subsidies for large aircraft |
| (PRNewswire, 7 Sep 2006, Washington) The Export-Import Bank of the United States (Ex-Im Bank) has extended its offer to reduce exposure fees by a third on asset-backed financings of new U.S.-manufactured large commercial aircraft for buyers in countries that ratify and implement the Cape Town Treaty. Ex-Im Bank's board of directors applauded the progress that OECD export credit agencies (ECAs) have made to date in developing a common approach to offering improved financing terms to airlines based in countries that ratify and implement the Cape Town Treaty, which
significantly reduces the legal risks associated with cross-
border, asset backed aircraft financings and leases. Air transport represents 35% of OECD ECA long-term credits, with Boeing and AirBus being the greatest beneficiaries. |
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| 6. |
G7 to discourage China from expensive export debt |
| (WSJ, Washington, 15 September 2006) - The Wall Street Journal reports that the G7 was to warn China at meetings in Singapore September 23-24 not to overload poor countries in Africa and elsewhere with high-interest trade finance loans.
US Treasury Under-secretary for International Affairs Timothy Adams noted that "There are some aggressive countries out
there that are ramping up their export-credit agencies and looking to
take advantage of countries with lightened balance sheets." |
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| 7. |
Swedish Export Credit Corp. sells $1 billion in five-year global notes |
| .(Reuters, New York, 22 Septmeber 2006) - Swedish Export Credit Corp. sold $1 billion in five-year global notes on Friday, joint lead manager Barclays Capital said. |
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| 8. |
EBRD urged by WWF to not fund controversial Sakhalin project |
| (EDIE, UK, 13 September 2006) The European Bank for Reconstruction and Development should not give the controversial Sakhalin oil and gas project its blessing - or its cash - according to the WWF. The Shell-led project has applied for a loan of around £500 million from the EBRD to help fund the project. WWF claims the controversial project has already breached a number of the bank's policies and should therefore be refused the loan. Several ECAs are awaiting an EBRD decision on Sakhalin prior to making their own commitments, although Sakhalin's lack of compliance with the OECD's Common Approaches risks making the current review of these standards appear a rather hollow process. |
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Armenians welcome US Senate move to block Ex-Im subsidy for railroad bypass |
| (Defacto, Yerevan, 22 September 2006) In a move that demonstrates the potential geopolitical impact of ECA financing, the US Senate Banking Committee has
added an amendment to the Export-Import Bank Reauthorization Bill which would
prohibit American involvement in a proposed Caucasus railroad deliberately excluding Armenia.
In 2006, BP finished construction of the controversial BTC oil
pipeline through Turkey, Azerbaijan and Georgia with ECA support, despite potential cost and distance advantages of an Armenian route. |
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