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What's New! Vol.
7, No. 4
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April 2008 - What's New! Indices - 2005 2006 2007 2008
"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) |
UK court declares cancellation of ECA BAE/Saudi fraud case illegal |
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2) |
UN`s Ruggie focuses spotlight on export credit agencies |
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3) |
Sace joins ECA refusals to support trade with Iran |
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4) |
High cost of Indian ECA coverage a hindrance to deeper India/Russia trade relations |
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5) |
ECAs important for aircraft financing |
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6) |
Russian, French and Italian ECAs sign deal for super jet development |
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7) |
South Africa writes off ECA debt from Cuba |
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Planned Hungarian guarantee scheme incompatible with EU rules |
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9) |
US Eximbank approves $2.2 billion program for India |
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10) |
Kazakhstan and China: Relations strengthened further, facilitated by ECAs |
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View Back Issues of What's New |
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| 1. |
UK court declares cancellation of ECA BAE/Saudi fraud case illegal |
| (The Corner House, 24 April 2008, Dorset) The High Court today formally quashed the Serious Fraud Office (SFO) decision to drop its corruption investigation into arms deals between BAE Systems and Saudi Arabia. This follows the Court's ruling on 10th April that the SFO, acting on government advice, acted unlawfully in stopping its investigation in December 2006 following a threat from Saudi Arabia. |
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| 2. |
UN`s Ruggie focuses spotlight on export credit agencies |
| (Halifax Initiative, 30 April 2008, Ottawa) On April 7, 2008, John Ruggie, Special Representative to the United Nations Secretary-General on human rights and transnational corporations (SRSG), submitted his final report to the Human Rights Council (HRC) for consideration when it meets on June 2-13. He argues that “ECAs, representing not only commercial interests but also the broader public interest, should require clients to perform adequate due diligence on their potential human rights impacts. |
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Sace joins ECA refusals to support trade with Iran |
| (AKI, 11 April 2008, Rome) Ahmad Rafat - Italy's export credit agency Sace, which insures the activities of Italian enterprises in foreign markets, has stopped issuing policies to companies seeking to operate in Iran. Sace which has a scale of one to seven to measure risk, has placed Iran in the sixth position. Although Iranian president Mahmoud Ahmadinejad continues to downplay the impact of UN imposed economic sanctions, the economy of Iran has been badly affected by this international isolation. On Thursday the French oil company Total said they had decided to give up on investments in Iran. A Chinese company which won a contract for the construction of a highway in Iran, has just decided to pull out of the deal without giving any explanation. |
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High cost of Indian ECA coverage a hindrance to deeper India/Russia trade relations |
| (Financial Express, 23 April 2008, New Delhi) Indian Prime Minister Manmohan Singh indicated during last July’s G-8 Summit in St Petersburg that he wanted to force the pace of Indo-Russian cooperation. Amongst the factors inhibiting trade are credit risk, the high cost of India`s Export Credit Guarantee Corporation (ECGC) cover, insurance and the Russian ban on farm imports. |
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ECAs important for aircraft financing |
| (Air Finance Journal, April 2008, London) Export credit loans cover 85% of the aircraft’s value. This type of finance is extremely important during a downturn when many banks stop lending. |
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Russian, French and Italian ECAs sign deal for super jets |
| (Business Wire, 17 April 2008, Moscow) The State Corporation “Bank for Development and Foreign Economic Affairs” (Vnesheconombank, Russia), COFACE, a French export credit agency, and SACE, an Italian export credit agency signed a Joint statement on the establishment of an export credit financing scheme for the Sukhoi Superjet 100 international sales. |
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South Africa writes off ECA debt from Cuba |
| (AFP, 17 April 2008, Johannesburg) South Africa has waived Cuban debt totalling more than 100 million dollars. The 926.8-million-rand (117-million-dollar/ 73-million-euro) debt was owed for insurance cover provided by the Export Credit Insurance Corporation of SA for the export of diesel engines and pesticides in 1996. |
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Planned Hungarian guarantee scheme incompatible with EU rules |
| (BBJ.hu, 17 April 2008, Budapest) The European Commission said Thursday that a planned scheme for providing short-term export credit guarantees to Hungarian SME exporters and their foreign clients is incompatible with EU rules as risks covered by the guarantees are too wide and give Hungarian exporters an unfair competitive advantage over companies in other member states. |
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US Eximbank approves $2.2 billion program for India |
| (Reuters, 16 April 2008, Washington) - The U.S. Export-Import Bank has approved a $2.2 billion loan guarantee program to support U.S. exports to help build energy and other infrastructure projects in India. |
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| 10. |
Kazakhstan and China: Relations strengthened further |
| (Kazinform, 16 April 2008, Astana) During 9-12 April meetings of senior officials, the Kazakhstan Development Bank and Chinese Export-Import Bank concluded an Agreement on soft credit. Kazakh-Chinese relations rely mainly on trade-and-economic cooperation. Bilateral trade turnover grew to USD 13.8 billion in 2007 with suggestions it could exceed USD 15 billion by 2010. The two nations have intensified financial cooperation, notably in large project financing, export credit insurance, involvement of second tier banks in development of the two countries’ financial markets, including through opening of subsidiaries. |
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