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What's New! Vol.
8, No. 2
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February 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) |
Urgent Plea to Save Critically Endangered Western Gray Whales at Sakhalin Island |
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2) |
China arrests former Sinosure head on corruption charges |
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Participants make changes to OECD administered export credit Arrangement |
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Delays in environmental reporting mock OECD Common Approaches commitments |
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OECD publishes 2007 ECA cash flow results for officially supported export credits |
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Lawsuit Forces U.S. ECAs to Account for Their Climate Change Impacts |
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Zurich Surety, Credit & Political Risk Joins with SACE on Public/Private Partnership |
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8) |
Canada vies to back India's nuclear boom |
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Industry grows more accepting of government help for airlines |
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10) |
Former US ExIm Bank official charged with corruption and tax evasion |
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11) |
Export credit agencies to fund PetroSA plant |
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View Back Issues of What's New |
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| 1. |
Urgent Plea to Save Critically Endangered Western Gray Whales at Sakhalin Island |
| (Pacific Environment, Berkeley, 19 February 2009) JBIC and private banks conditioned their financing for Sakhalin II on Sakhalin Energy's support of the scientific expert Western Gray Whale Advisory Panel (WGWAP), including implemention of all reasonable recommendations of the WGWAP, and providing all timely and relevant information and data to the WGWAP. The disturbing news in this IUCN report shows an apparent lack of respect for these ECA environmental conditions.. |
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| 2. |
China arrests former Sinosure head on corruption charges |
| (Reuters, Beijing 6 February 2009) - Tang Ruoxin, chief of Chinese ECA Sinosure since the agency
was established in 2001, has been kicked out of his post and the Communist Party over allegations that he accepted bribes, the country's insurance regulator said. |
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Participants make changes to OECD administered export credit Arrangement |
| (OECD, Paris, 12 February 2009) Following the 105th Participants Meeting which took place on the 21st January 2009, the Participants to the Arrangement on Officially Supported Export Credits have agreed to some modifications to the rules of the Arrangement, i.e.:* A change in the definition of Category I countries enabling a wider range of countries to benefit from 10 year repayment terms instead of a maximum of 8.5 years;
* A temporary change to allow a 50% (instead of 35%) share of participation of officially supported export credits in intra-OECD project finance transactions;
* A change to allow more flexibility in the repayment profile for officially supported export credits in the renewable energies and water sector. |
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Delays in environmental reporting mock OECD Common Approaches commitments |
| (ECA Watch, Ottawa, 23 February 2009) On 17 Dec. 2008 the ECG published a revised survey format for member reporting on Common Approaches procedures and practices on its web site. This format was agreed at their 6 Nov. 2007 meeting and a deadline of 29 Feb. 2008 was set for reporting. On 23 Feb. 2009, results were not yet available on their web site. The last survey results published were dated 4 Aug. 2006. |
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OECD publishes 2007 ECA cash flow results for officially supported export credits |
| (OECD, Paris, 5 December 2008) Member countries of the Working Party on Export Credits and Credit Guarantees submit their cash flow results for officially supported export credits to the Secretariat on an annual basis. Tables I, II, III, IV and V present 2007 and previous years’ results expressed in Special Drawing Rights (SDRs). |
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| 6. |
Lawsuit Forces U.S. ECAs to Account for Their Climate Change Impacts |
| (ENS, San Francisco, 7 February 2009) Environmental groups and cities won a settlement Friday in a precedent-setting lawsuit that sought to force two U.S. government agencies to address the global warming effects of their overseas financing activities. |
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| 7. |
Zurich Surety, Credit & Political Risk Joins with SACE on Public/Private Partnership |
| (Earthtimes, Schaumburg, Ill. 11February 2009) Zurich in North America's Surety, Credit & Political Risk group today announced the successful completion of an initial transaction with SACE, a leading credit insurance group controlled by Italy's Ministry of Economy and Finance.
Under the terms of the agreement, Zurich will offer reinsurance or co-insurance facilities to SACE for transactions where SACE has reached their exposure limits for a particular country or obligor. |
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| 8. |
Canada vies to back India's nuclear boom |
| (UPI Asia, Toronto, 13 February 2009) Competing with the US, Japan, France and Russia, Atomic Energy of Canada will benefit from a Jan. 19 agreement concluded by Trade Minister Stockwell Day following the Indo-U.S.
nuclear deal, to cooperate in building nuclear power plants in
India. Whoever gets better access to the Indian market will be determined by who puts together a better financing deal, with export credit agencies likely to play a major role. |
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| 9. |
Industry grows more accepting of government help for airlines |
| (IHT, Paris, 1 February 2009) Billions of euros earmarked last week by the French government to keep the credit crunch from choking off revenue to the European plane maker Airbus might, analysts said, end up helping to finance its next-generation aircraft, the A350, in what once might have been decried as an illegal subsidy. "This would have sent up huge red flags and set off alarms one or two years ago, but now it's how everyone is running their economy," an an aerospace consultand said. "Protectionism is here - it's not like legality matters any more." The official export credit agency of the United States is also considering increasing its help for Boeing, its biggest client. |
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| 10. |
Former US ExIm Bank official charged with corruption and tax evasion |
| (US Dept. of Justice, Washington, 24 February 2009) A former employee of the Export-Import Bank of the United States (Ex-Im Bank) has been indicted on corruption and tax violations arising from her alleged receipt of a $100,000 bribe while working at the Ex-Im Bank. The indictment alleges that Nigerian businessmen agreed to pay her a bribe of $173,500, in return for a promise to perform official acts to assist the Nigerian businessmen and their company in obtaining loan guarantees and other financial support from the Ex-Im Bank. |
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| 11. |
Export credit agencies to fund PetroSA plant |
| (Business Day, Johannesburg, 16 February 2009) Export credit agencies will account for a big portion of the funding of national oil company PetroSA’s 400,000 barrels a day crude oil refinery in Coega, Port Elizabeth, the company said last week. the project was designed to comply with the requirements of international banks for project finance on environmental standards for projects. |
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