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What's New! Vol.
8, No. 1
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January 2009 - What's New! Indices - 2005 2006 2007 2008 2009
"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) |
Export credit agencies force Ilisu suspension |
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2) |
Aircraft finance and ECAs |
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3) |
The Sakhalin Saga |
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Hochberg Named Chair of Import-Export Bank |
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Germany to restrict Iran export guarantees |
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6) |
JBIC and Goro Nickel in New Caledonia |
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JBIC signs deal for green energy projects in China |
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8) |
Dutch government announces credit guarantees |
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EDC moves to support Nortel following bankruptcy filing |
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10) |
The Corner House questions ECGD evaluations of BTC pipeline risks |
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11) |
Portugal approves 2 Billion Euro export credit facility to support |
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View Back Issues of What's New |
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| 1. |
Export credit agencies force Ilisu suspension |
| (Environmental Finance, London, 8 January 2009) The German, Swiss and Austrian export credit agencies (ECAs) have suspended guarantees for the controversial Ilisu dam project in Turkey... issuing a joint statement saying that the project has failed to meet the World Bank’s minimum standards... The suspension will last 180 days, and will be lifted when the standards are met, the statement says. According to the ECAs, the focus of work must shift to environmental and cultural management, and resettlement, in order to bring the Ilisu dam into compliance and allow construction to continue... NGOs are pushing for the ECAs to completely withdraw their backing for the dam... According to the NGOs, the suspension means that European construction companies must halt deliveries to the project. These companies include Austria’s Andritz, Zueblin AG in Germany and Alstom in Switzerland, and loans from Bank Austria/UniCredit, DekaBank and Société Générale cannot be dispersed. They calculate this will leave the project with a shortfall of €500 million ($684.8 million). |
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| 2. |
Aircraft finance and ECAs |
| (ECA Watch, Ottawa, 29 January 2009) A plethora of articles this month show the importance of official export credit support for commercial aircraft sales. German, French and U.S. ECAs are offering more support to buyers of new
Airbus and Boeing commercial aircraft amid fears that the reluctance of
the world's banks to lend may be undermining the plane manufacturer's sales. |
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| 3 |
The Sakhalin Saga |
| (Energy Current Editorial, Houston, 28 January 2009) The Sakhalin saga shows the complex interplay of political, economic and environmental concerns that now shape the global oil and gas industry. Sakhalin II has been the focus of a global campaign involving at least 146 NGOs in 22 countries. In 2003 the European Bank for Reconstruction and Development (EBRD) declared the Environmental Impact Assessment for Phase 2 unfit for purpose and in December 2006 said it was no longer considering funding for Sakhalin II. In autumn 2007 Sakhalin Energy claimed an independent assessment
of the Health, Safety, Environmental and Social Action Plan of the
project
showed a 'high level of compliance' although the NGOs accused them of misrepresenting the report's findings, arguing that in fact
it demonstrated 'widespread non- compliance'. In June 2008 Sakhalin Energy announced an agreement on financing with
the Japan Bank for International Cooperation and a consortium of
international banks, demonstrating the reality that energy security takes
priority over concerns about the environment - Japan will be the
major recipient of Sakhalin2's energy exports. |
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| 7. |
JBIC signs deal for green energy projects in China |
| (JBIC, Tokyo, 19 December 2008) The Japan Bank for International Cooperation has signed an agreement on China Environment Fund III, L.P. (CEF III), which makes investments in environment and energy efficiency projects... CEF III is a private equity fund with a focus on projects in the sectors including the energy efficiency, renewable energy, water resource/water treatment, and waste disposal in China... |
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| 8. |
Dutch government announces credit guarantees |
| (Radio Netherlands, Amsterdam, 16 January 2009) The Dutch government has announced a raft of measures to ease the ongoing crisis in the economy. The measures are intended to make lending easier without making a hole in the government's budget and include the expansion of insurance for export credit to Russia and Eastern Europe. |
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| 9. |
EDC moves to support Nortel following bankruptcy filing |
| (ITProPortal.com, UK, 14 January 2009) In a statement to AFP, Canadian Industry Minister Tony Clement confirmed that Export Development Canada will provide with up to 30 million Canadian dollars (£16.5 million) in short term financing and encourage other financial institutions to open channels of communication with Nortel which filed for bankruptcy protection to stave off its international creditors and preserve up to $2.4 billion in cash. |
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| 10. |
The Corner House questions ECGD evaluations of BTC pipeline risks |
| (The Corner House, Dorset, 3 January 2009) Following the Georgia/Ossetia/Russia conflict in August 2008, The Corner House has written ECGD asking if it had undertaken an assessment of the risk that the BTC pipeline project might incite Russia to act to reassert its control over oil and gas exports from the Caspian, or of the risk raised by NGOs prior to ECGD's decision to support it that the BTC project would inflame conflict in the region? |
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| 11. |
Portugal approves 2 Billion Euro export credit facility (in Portuguese) |
| (Agência Financeira, Lisbon, 9 January 2009) The Portuguese government has approved export credit support mechanisms worth 2 billion Euros to rejuvinate economic activity and exports. The sum will be divided equally to support sales to OECD and non-OECD markets and will be managed by FINOVA in support of 5 insurers: COSEC, Credit y Caution, CESCE, Mapfre and COFACE. |
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