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What's New! Vol.
8, No. 8
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August 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) |
UK
Government gives export support scheme green light despite corruption
concerns |
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2) |
US ExIm Bank caught in environment vs job subsidy contradictions |
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EU clears German export-credit insurance scheme |
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4) |
India will soon be largest borrower from US Exim Bank |
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Australia's EFIC signs agreements with Korean and Thai counterpart ECAs |
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6) |
EFIC approves line of credit for General Motors subsidiary |
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Berne Union Asia special meeting discusses global financial crisis |
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8) |
Congo's Grand Inga hydro project |
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9) |
Canada's EDC to lend Bombardier US$160 Million for SAS aircraft |
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10) |
JIBC new projects |
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View Back Issues of What's New |
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| 1. |
UK Government gives export support scheme green light despite corruption concerns |
(The Telegraph, London, 10 August 2009) The Government is to push ahead with a new insurance scheme to help exporters trade with developing countries, despite concerns from environmental and anti-bribery groups that it could support corruption. NGOs note that the ECGD's proposed Letter of Credit Guarantee
Scheme (LCGS) would exempt short-term credits from the OECD Common Approaches and Principles on Sustainable Lending Practices and would weaken montioring of corrupt practices. The British Exporters Association however welcomes these changes, stating "that the burden of red tape associated with ECGD’s normal application process is excessive and, BExA believes, acts as a disincentive to exporters from using ECGD’s services. |
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| 2. |
US ExIm Bank caught in environment vs job subsidy contradictions |
| (ECA Watch, Ottawa, 27 August 2009) Preliminary approval of a US$2 billion letter of commitment for loans
or loan guarantees to Brazil's Petrobas for the purchase of US offshore
oil drilling equipment has caused quite a stir in Washington. The offshore drilling debate in the US pits environmental concerns resulting from past oil spill disasters against US energy independence. The Obama administration overturned a Bush-era energy policy in February 2009, setting aside a draft plan to allow drilling off the Atlantic and Pacific coasts to allow time for more debate. Environmentalists and some tourism-dependent coastal states oppose the drilling, citing the potential for spills and urging an emphasis on renewable energy instead. |
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EU clears German export-credit insurance scheme |
(Reuters, Brussels, 5 August 2009) - The European Commission approved a short-term export-credit insurance scheme adopted by the German government to limit the impact of the financial crisis on export companies. The scheme would provide short-term export-credit insurance to companies in Germany and tackles the problem of the current unavailability of the short-term export credit insurance cover in the private market," the EU executive said in a statement.
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India will soon be largest borrower from US Exim Bank |
| (Hindu Business Line, New Delhi, 11 August 2009) In the next two or three years, India is slated to be the largest
borrower from the US Export-Import Bank (US Exim Bank), according to Mr
Raymond J. Ellis, Vice-President, Strategic Initiatives Division, US
Exim Bank. |
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Australia's EFIC signs agreements with Korean and Thai counterpart ECAs |
| (Manufacturer's Monthly, Australia, 13 August 2009) EFIC has signed a
Reciprocal Reinsurance Agreement with the Korea
Export Insurance Corporation (KEIC) and a Memorandum of
Cooperation agreement with the Export-Import Bank
of Thailand (EXIM Thailand).
The agreements are part of a coordinated response to the global
financial crisis to ensure businesses in the Asia-Pacific region
continue to have access to trade finance to sustain export activities. |
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| 6. |
EFIC approves line of credit for General Motors subsidiary |
| (Trading Markets, Sydney, 12 August 2009) The Export Finance and Insurance
Corp. of Australian has approved a working capital line of credit of up to US$29.3 million for the export programs of General Motors Holden (GMH), a local subsidiary of U.S.-based General Motors Corp. |
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| 7. |
Berne Union Asia special meeting discusses global financial crisis |
| .(Nexi, Tokyo, 10 August 2009) A special meeting of the Asian Regional Cooperation Group (RCG) of the Berne Union took place in Bangkok 6-7 August to discuss responses by Asian ECAs to the global financial crisis. Asian RCG members supported in excess of US$268 billion of international trade and investment in 2008. To date 7 bilateral reinsurance agreements have been
concluded and the RCG is committed to expanding bilateral reinsurance cooperation among
Asian ECAs, and is expected to function as the Asian Reinsurance
Network. |
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| 8. |
Congo's Grand Inga hydro project |
| (International Rivers Network, Berkeley, 26 August 2009) Grand Inga, the world’s largest hydropower scheme, is proposed for the Congo River in the Democratic Republic of Congo (DRC), one of Africa’s most politically volatile and corruption-plagued countries. The US$80 billion project, with twice the projected capacity of China's Three Gorges dam, will undoubtedly attract significant ECA financial support. NGOs have identified myriad risks:,poor maintenance and financial problems with Inga 1 and 2; concerns about closed–door deals for contracts to Inga with links to lucrative mining and logging concessions in DRC; further deals such as special export zones and free trade agreements which may be made to attract industry at the expense of local businesses and taxpayers; and links to the geo-politics of northern energy security over local development. |
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| 9. |
Canada's EDC to lend Bombardier US$160 Million for SAS aircraft |
| (Reuters, Ottawa, 5 August 2009) The Canadian government will lend C$173 million ($160 million) to Bombardier Inc to help it fill an order for up to eight airplanes from Scandinavian airline SAS. |
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| 10. |
JIBC new projects |
| (JIBC, Tokyo, 22 August 2009) JIBC has released its list of new projects for the period from June 30 to Aug 14, 2009. |
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