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	Overview of the Problems
	Highlight: Russia's Sakhalin II
	Highlight: The BTC Pipeline

What's New! Vol. 8, No. 9

September 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

	1)	Enhanced ECA Financing Terms in Response to Climate Change
	2)	Ex-Im Bank's Climate Proposal Fails to Quell Enviro Groups' Concerns
	3)	G20 to axe fuel subsidies
	4)	How ECAs help companies evade taxes
	5)	China Eximbank Navigates Export Tide
	6)	European Commission approves German export credit scheme
	7)	WTO says airbus got illegal subsidies
	8)	OECD, WTO and UNCTAD call on G-20 for commitment to open trade/investment
	9)	Halifax Initiative identifies reforms for EDC Environmental Policy
	10)	Australia's export credit agency assesses African mining projects
	11)	Launching Indonesia Eximbank
	—	View Back Issues of What's New

1.	Enhanced ECA Financing Terms in Response to Climate Change (pdf)
	(ECA Watch, 17 September 2009) An ECA Watch memo to the OECD export credit working group focuses on the appropriateness of enhanced financing terms being negotiated by the Participants to the Arrangement on Officially Supported Export Credits in response to the challenge of climate change. Public financing from export credit agencies is a limited public commodity and should be specially designed for and restricted to public interest purposes.

2.	Ex-Im Bank's Climate Proposal Fails to Quell Environmental Groups' Concerns
	(New York Times, Washington, 22 September 2009) A federal bank that provides billions of dollars for overseas energy projects has drafted plans to integrate climate change into its financing decisions, but environmentalists say the emerging proposal is weak because it lacks commitments to curb overall emissions of greenhouse gases. The Ex-Im Bank's move toward a carbon policy is part of a February settlement with Friends of the Earth, Greenpeace and cities that successfully sued the export-credit agency over its support for oil and gas, refining, and fossil-power projects

3	G20 to axe fuel subsidies
	(CarbonPositive, Sydney, 26 September 2009) Leaders of G20 nations meeting in Pittsburgh, hosted by US President Barack Obama, agreed to phase out oil and gas subsidies in the medium term but set no firm timetable to do so.


4	How ECAs help companies evade taxes (pdf)
4	(ECA Watch Europe, Brussels, 16 September 2009) Despite French President Sarkozy stating that companies and banks operating through tax havens and offshore financial centres should not receive public support or be part of government bailouts, France’s ECA is still permitted to back companies using tax havens. Other European governments have likewise failed to curb ECA backing for such companies. A new briefing by the European ECA Watch network documents this giant hole in government schemes to stem the leakage of money through tax havens.

5	China Eximbank Navigates Export Tide
5	(Caijing Magazine, Beijing, 21 September 2009) Almost overnight, the Export-Import Bank of China, the country's international trade policy bank, was put under the spotlight as it was seen to move forward with a long speculated restructuring plan, after the central bank proposed a 200 billion yuan (US$29.3 bln) capital injection plan. In the wake of a drop in exports, a policy bank's path is being re-drawn; clear strategies for allocating 200 bln yuan injection have yet to be determined.

6.	European Commission approves German export credit scheme
6.	(Reuters, Brussels, 15 September 2009) European Union competition authorities have cleared a German scheme aimed at unclogging the supply of export credit from crisis-hit banks. Under the scheme, the German public credit institution Kreditanstalt fuer Wiederaufbau would be allowed to buy existing export loans from banks. The lenders would use the cash to grant new export loans to purchasers outside the European Union. The EU competition watchdog, said the plan was in line with guidance provided last October on national measures to help banks hit by the crisis. It authorised the plan for six months. The EU executive has approved similar schemes for other countries in the 27-nation bloc.


7.	WTO says airbus got illegal subsidies
7.	(New York Times, Geneva, 4 September 2009) A preliminary report by the World Trade Organization has found that Airbus received illegal subsidies for the $13 billion A380 superjumbo jet and several other airplanes, hurting Boeing in the battle for sales, American and European officials said Friday. [ECA Watch: While a substantial portion of Airbus and Boeing subsidies are for development costs, export credit support for commerial aircraft represented some 30% of all OECD ECA budgets in 2005, the last date for which the OECD ECG published figures about these taxpayer supported subsidies.]

8.	OECD, WTO and UNCTAD call on G-20 for commitment to open trade/investment
8.	(FinFacts Ireland, Dublin, 14 September 2009) Although the sharp contraction in trade flows evident from the second half of 2008 was attributed primarily to a contraction in demand, tighter credit conditions were increasing the cost of trade finance. The response of the G-20 to "ensure availability of at least $250 billion over the next two years to support trade finance through our export credit and investment agencies and through multilateral development banks" was welcomed by WTO Members.

9.	Halifax Initiative identifies reforms for EDC Environmental Policy
9.	(Halifax Initiative, Ottawa, 26 August 2009) Export Development Canada will revise its Environmental Policy this year and recently concluded a period of public comment on the Policy. The Halifax Initiative prepared a submission for the review that includes a number of recommended improvements. The Environmental Policy, which was established in 2005, governs environmental risk assessment at EDC and outlines the environmental review processes that are applied to EDC’s financial products.


10.	Australia's export credit agency assesses African mining projects
10.	(Mineweb, Johannesburg, 4 September 2009) The export credit agency of the Australian Government continues to support and expand its financial backing for Australian-backed mine project opportunities in Africa.

11.	Launching Indonesia Eximbank
11.	(Jakarta Post, 4 September 2009) The Export Financing Agency, more popularly known as Indonesia Eximbank, launched by the Indonesian government on Tuesday is the country’s first full-fledged credit agency for financing foreign trade, similar to its counterparts in developed economies, such as the Ex-Im Bank in the United States.