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What's New! Vol.
9, No. 6
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June 2010 - What's New! Indices - 2005 2006 2007 2008 2009 2010
"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) |
European ECA support to carbon intensive industries |
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2) |
How The Planet Pays The Price For Europe's Export Credits |
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3) |
UN urges responsible ECA lending to protect human rights |
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4) |
ECGD: The Department for Dodgy Deals |
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Chilean Communities & CSOs Urge US Ex-Im Bank to Reject Pascua Lama mine |
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6) |
New debt creating export fund condemned by Spanish civil society |
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Combating bribery in US$1.5 trillion export credit market requires stronger action |
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8) |
More fraud hits US ExIm Bank |
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Export credit agencies fill finance gap |
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10) |
UK MP asks for figures on ECGD fossil fuel project support |
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11) |
EADS: Many Banks Will Not Return To Aircraft Financing whle ECAs will grow |
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View Back Issues of What's New |
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| 1. |
European ECA support to carbon intensive industries |
| (FERN, Brussels, 15 April 2010) This research conducted for FERN analyses the involvement of all 1 ECAs of EU member countries in the financing of carbon-intensive industries during the period 2004-2009. Seventeen European ECA’s provided export credit guarantees with a total volume of € 468.4 billion in the period 2004-2009 (for four ECAs no figures were found). |
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| 2. |
How The Planet Pays The Price For Europe's Export Credits |
| (FERN, Brussels, June 2010) Member States' Export Credit Agencies (ECAs) are undermining EU climate objectives by providing billions of euros worth of support for highly carbon-intensive projects and "techno-fixes" masquerading as environmental solutions. This new report highlights the most controversial recent agreements signed by ECAs, provides estimated figures of European Union export credit guarantees and shows how ECA financing favours export and investments that disproportionately benefit energy and carbon-intensive industries. |
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| 3. |
UN urges responsible ECA lending to protect human rights |
| (Eurodad, Brussels, 21 June 2010) The UN independent expert on debt and human rights has sent a report to the UN Human Rights Council on his Missions to Norway and Ecuador. The report supports debtor countries’ right and obligation to prioritise human rights over debt servicing and calls on creditor countries to take responsibility for failed lending policies and irresponsible behaviour... The UN expert’s appeal falls at a critical moment, as some European governments are currently rushing to approve new export credit loans to boost their national exporting sector –heightening the risk of irresponsible lending. |
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| 4. |
ECGD: The Department for Dodgy Deals |
| (Jubilee Debt Campaign, London, June 2010) The Department for Dodgy Deals: Welcome to the Export Credits Guarantee Department (ECGD), a little known British Government department which uses taxpayers’ money to back exports to the developing world. All too often, it underwrites dodgy deals which lead to human rights abuses, corruption, climate change and conflict. What’s more, when these deals go wrong, they become Third World Debts. Over 90% of developing country debt to the UK is now Export Credit debt. |
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| 5. |
Chilean Communities & CSOs Urge US Ex-Im Bank to Reject Pascua Lama mine |
| (Halifax Initiative, Ottawa, 10 May 2010) The Pascua Lama project company, Canada's Barrick Gold, has taken a number of actions that have caused significant environmental, social and human rights impacts, and that undermine Chilean institutions and laws. These actions threaten the last remaining fertile valley in the Atacama Desert, an area that is inhabited by seventy thousand people, whose well-being is directly linked to the thriving agricultural economy. Moreover, these actions raise serious doubts regarding the company’s compliance with Ex-Im Bank policies. |
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| 6. |
New debt creating export fund condemned by Spanish civil society |
| (ODG and Eurodad, Madrid, 22 June 2010) The Spanish Parliament this month approved a law to set up a new Fund for providing export finance support to Spanish companies investing in developing countries. According to the campaign “Who owes Whom?” the new law will contribute to worsening the debt crisis for countries in the global South, build up more illegitimate debt and contribute to the accumulation of ecological and climate debt. |
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Combating bribery in US$1.5 trillion export credit market requires stronger action |
| (Transparency International, Berlin, 29 June 2010) As key drivers in the economic recovery process, export credit agencies (ECAs) must strengthen their enforcement of anti-bribery measures and build on progress made in the last 10 years, according to a new report from Transparency International. |
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More fraud hits US ExIm Bank |
| (San Antonio Express News, Texas, 26 June 2010) The federal export-credit agency that was bilked out of millions of dollars by Andrew Parker of San Antonio — one of the largest thefts it has suffered to date — suddenly has a handful of similar fraud cases in El Paso.. On Friday, Mexican businessman Eduardo Rodriguez Davalos pleaded not guilty in El Paso to charges that he and three other people participated in a scheme to defraud the Export-Import Bank of the United States out of nearly $700,000 between 2006 and 2007. |
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| 9. |
Export credit agencies fill finance gap |
| (Financial Times, 23 June 2010) Export credit agencies - quasi-governmental entities that support domestic companies by guaranteeing or lending to overseas projects - have partially filled the breach vacated by banks and the "shadow banking system"... ECAs either finance or guarantee about 50% of the total project finance market in the Middle East, Jonathan Robinson at HSBC Middle East, estimates. |
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| 10. |
UK MP asks for figures on ECGD fossil fuel project support |
| (Hansard, London, 16 & 28 June 2010) Zac Goldsmith, environmental journalist and Conservative MP for Richmond Park, asked the Secretary of State for Business, Innovation and Skills which
fossil fuel energy projects the Export Credits Guarantee Department is
supporting and what steps he plans to take to end Export
Credits Guarantee Department support for future fossil fuel energy
projects. |
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| 11. |
EADS: Many Banks Will Not Return To Aircraft Financing while ECAs will grow |
| (Dow Jones, London, 2 June 2010) The head of Airbus parent European Aeronautic Defence & Space Co. NV said Wednesday that he didn't expect many banks that stopped funding aircraft purchases to return to the market, though China will take up some of the slack... He expected export credit agencies to continue their increased backing for aircraft deals - they accounted for about a third of total industry funding last year. |
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