Welcome to ECA Watch

Export credit agences provide government-backed loans, guarantees and insurance to corporations working internationally in some of the most volatile, controversial and damaging industries on the planet.

Shrouded in mystery, ECAs provide financial backing for risky projects that might never otherwise get off the ground. They are a major source of national debt in developing countries.

ECA Watch is a network of NGOs from around the world. We come together to campaign for ECA reform - better transparency, accountability, and respect for environmental standards and human rights.

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What's New August 2017

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

See all "What's New!" updates since 2005 here.

  • EU Commission underscores the role of ECAs in achieving Paris goals
  • UK undermining climate targets with export credit for fossil fuel projects abroad
  • Dakota Access Pipeline Owner Sues Enviros for Terrorism
  • Germany is reviewing export credit guarantees for German companies doing business with Turkey
  • UK Export Finance Publishes Their Annual Reports and Accounts
  • Iran Has a Long Way to Go to Restore Pre-Sanctions Ties
  • GAO: Status of Ex-Im End-Use Monitoring of Dual-Use Exports
  • Trump gives Ex-Im pick a chance to rescue nomination
  • EDC backed Bombardier sale to Zuma allies accused of corruption
  • Massive Nigerian investments coming with ECA and local financing

EU Commission underscores the role of ECAs in achieving Paris goals

(ECA Watch & Both ENDS, Amsterdam, 24 August 2017) In response to a European Greens Parliamentary question, Cecilia Malmström, European Commissioner for Trade, replied on behalf of the Commission that: "While in the understanding of the Commission the Paris Agreement does not directly address the export credit activities of the Member States, its core objectives should also be duly taken into account in this area [i.e. ECAs] like in all areas of government activity." The EC rightly recalls that the Coal-Fired Electricity Generation Projects Sector Understanding (CFSU) was a political contribution of the OECD Export Credit Group (ECG) to the Paris Agreement on climate action. However, even before closing the negotiations on the CFSU the International Energy Agency stated that, in order to keep global temperature rise below 2 degrees Celsius, new coal-fired power plants as well as at least two thirds of the existing stock should be closed by 2035. As a typical coal fired power plant has a life span of 30-40 years, the rationale of ECA support for all new coal-fired power plant thus is questionable. Last June, Both ENDS published a report that shows that 2/3 of the insured value of projects supported by the Dutch export credit agency, i.e. € 7.3 billion between 2012 & 2015, was for the fossil fuel sector. ADSB’s support for renewable energy projects in this period was only 1% of the insured value for energy-supporting projects. Overall OECD ECA data shows that between 2005 & 2014 38% of non renewable electric power generation projects worth US$35 billion (5.6% of total OECD ECA business) went to coal, 42% to Natural Gas and 17% to oil/diesel - i.e 97% to fossil fuels. Renewable electric power projects in that period were worth US$19.5 billion or 3.1% of OECD ECA business.  This underscores the need for all OECD governments to review whether and how publicly backed ECAs effectively contribute to the Paris Agreement goals.​




UK undermining climate targets with export credit for fossil fuel projects abroad

(The Actuary, London, 23 August 2017) Some 99.4% of the energy support given to foreign countries between 2010 and 2014 by the government department UK Export finance (UKEF) went towards fossil fuel projects, according to new research. This is done through helping UK firms invest overseas by providing guarantees, insurance and reinsurance against loss, acting as the country’s export credit agency. The catholic charity CAFOD, which commissioned the research, argues that this is undermining progress made by other departments in tackling climate change, as well as international targets set out in the Paris Agreement.

http://www.theactuary.com/news/2017/08/uk-undermining-climate-change-targets-by-...


Dakota Access Pipeline Owner Sues Enviros for Terrorism

(BankTrack, Nijmegen, 22 August 2017) BankTrack has taken note of the outrageous allegations in the lawsuit that ETP/ETE has filed against BankTrack, Greenpeace International, Greenpeace Inc., Greenpeace Fund, Inc., Earth First!, and other organizations and individuals that together opposed the Dakota Access Pipeline Project. BankTrack vehemently rejects all accusations brought forward by ETP/ETE. BankTrack considers the lawsuit an attempt of ETP/ETE to silence civil society organisations, and to curb their crucial role in helping to foster business conduct globally that protects the environment, recognises the rights and interests of all stakeholders, and respects human rights. This attempt is bound to fail.

https://www.banktrack.org/news/banktrack_sued_by_etpete_for_campaigning_against_...


Germany is reviewing export credit guarantees for German companies doing business with Turkey

(Spiegel, Ankara, 1 August 2017) As Germany and Turkey struggle with the increasingly strained state of their relationship, Turkish Deputy Prime Minister Mehmet Simsek stresses the two countries' longstanding friendship in an interview with DER SPIEGEL. He also says it is Ankara's duty to rid the state of terrorist elements. The German government has announced a change of course in its policy towards Turkey. For a start, it will be reviewing export credit guarantees for German companies doing business with Turkey. Simsek noted that "Germany is the leader of the EU. We take what Germany says seriously. But the reaction of the German government clearly appears to be based on false information." Turkish authorities gave Germany's Federal Criminal Police Office (BKA) a list of nearly 700 companies that supposedly support terrorism, including Daimler and BASF.

http://www.spiegel.de/international/europe/interview-with-turkish-deputy-prime-m...


UK Export Finance Publishes Their Annual Reports and Accounts

(Manufacturing & Engineeing Magazine, London, 3 August 2017) UK Export Finance, or UKEF, the Government and UK export credit agency has released a report for their transactions of the past year. The published material shows that the Government supported around £458 million of sales overseas for manufacturers. According to the report and figures that have been published, the UKEF provided support to the value of £3 billion for exports from UK manufacturers. The figures show that 79% of the companies that have benefitted from this support over the course of the 2016-17 year were small and medium sized enterprises. The UKEF supported companies by offering finance and insurance which according to the figures released, has allowed 221 companies the opportunity to export their goods to 63 different countries around the world. The most recent OECD cash flow statistics for most OECD ECAs is for 2015 and the OECD breakdown of ECA sectoral activities is a series of very broad stroke graphs covering the entire period from 2005 to 2014.

http://www.memuk.org/business/government/uk-export-finance-published-annual-repo...


Iran Has a Long Way to Go to Restore Pre-Sanctions Ties

(Financial Tribune, Tehran, 14 August 2017) Trade with Italy is being restored slower than expected following the removal of international sanctions against Iran over its nuclear program, reads an opinion piece written by Iranian co-chair of Iran-Italy Chamber of Commerce in the news portal of Tehran Chamber of Commerce, Industries, Mines and Agriculture. In addition, Iran Aseman Airlines says business sources have informed it that undecided roles inside the US Treasury Department have delayed the issuance of licenses for the sales of jets the airline has ordered from global planemakers... The airline said in June that it expected Treasury permits to come as soon as a few weeks. However, the licenses for this order, as well as others whose agreements have been signed or are soon to be signed with Boeing, Airbus and other global aircraft manufacturers are still awaiting a go-ahead by the US. Meanwwhile the Swedish-Iranian Chamber of Trade and Commerce is organizing the First Nordic Iranian Business Summit and Expo in Stockholm. The summit is scheduled for November 20-21, 2017, and the expo for February 16-18, 2018, according to the events' website. Hosting companies and delegations from Sweden, Norway, Finland, Denmark and other European countries as well as Iran, the events are aimed at introducing investment opportunities in Iran's infrastructure, ICT, mining & steel, health & pharmaceuticals, banking & finance, environment and energy.

https://financialtribune.com/articles/economy-domestic-economy/70261/italy-has-l...


GAO: Status of Ex-Im End-Use Monitoring of Dual-Use Exports

(GAO, Washington, 29 August 2017) Every year, the Government Aaccountability Office (GAO) reports on the Export-Import Bank, which helps finance U.S. companies' exports. The Bank may not finance defense goods and services, but it can finance exports that have both civilian and military uses (dual use). The Bank monitors the use of these exports to ensure that they are used mostly for civilian purposes. This year, the Bank determined that dual-use exports were in compliance with this policy. However, it made its determination about satellites sold to the Mexican government before receiving all required information. It was also late completing its determination about construction equipment sold to the Cameroon military. The full report is available here. (pdf)

http://www.gao.gov/products/GAO-17-730R


Trump gives Ex-Im pick a chance to rescue nomination

(Politico, Washington, 2 August 2017) President Donald Trump is giving former Rep. Scott Garrett a chance to save his nomination to lead the Export-Import Bank just weeks after the president privately questioned the appointment amid intense pushback from business groups. The New Jersey Republican’s confirmation has been in doubt for months amid concern about his record in Congress, where he led efforts to try to kill the bank and took positions on LGBT issues that unnerved his corporate backers. An administration official said Trump has “given Garrett an opportunity” to try to prove he can secure enough votes in the Senate. The president has underscored his support for Garrett in conversations with conservative lawmakers, a second administration official said. “He’s looking to get a reformer in there,” the second official said, adding that Trump hopes Garrett can change the agency. The administration itself is developing a plan to make sweeping changes to the bank, officials said. But it's unclear when they will be unveiled publicly.

http://www.politico.com/story/2017/08/02/trump-import-export-garrett-241270


EDC backed Bombardier sale to Zuma allies accused of corruption

(Globe & Mail, Johannesburg, 3 August 2017) The Canadian government's export agency gave $41-million (U.S.) in financing to help Bombardier Inc. sell a luxury jet to the controversial tycoons at the heart of a South African scandal over alleged high-level corruption, leaked e-mails show. Export Development Canada, a Crown corporation, provided the money to a company owned by the Gupta family to help it buy a $52-million Global 6000 jet from Bombardier, the e-mails show. The powerful Gupta family, which has close connections to South African President Jacob Zuma and a business partnership with the President's son, is embroiled in an escalating scandal over widespread allegations of corruption and political influence. The scandal has forced Mr. Zuma to face a non-confidence vote in Parliament on Aug. 8. Critics are asking how the $41-million (U.S.) financing deal was authorized by Export Development Canada, since the borrowers – the politically powerful Gupta family of South Africa – have been surrounded by corruption allegations and investigations for the past seven years. But EDC says it cannot explain anything about the transaction.

https://beta.theglobeandmail.com/news/world/canada-financed-sale-of-bombardier-j...


Massive Nigerian investments coming with ECA and local financing

(African Business Magazine, London, 4 August 2017) Nigeria's Dangote Industries conglomerate has announced massive plans to expand into oil refining as well as large-scale agro processing with financing from local banks and the Central Bank of Nigeria providing working capital finance and own equity and export credit agencies financing equipment – sugar mills, coal generation power plant, ethanol distillery, paddy parboiling equipment, rice milling, polishing & sorting equipment, rice husk power plant, silos, etc.

http://africanbusinessmagazine.com/interviews/massive-investments-agriculture-oi...


What's New July 2017

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

See all "What's New!" updates since 2005 here.

  • G20 public finance for fossil fuels 'is four times more than renewables'
  • Russia's $70 Billion ‘Secret’ Export Credit Spending Lets Money Do the Talking
  • Is EDC complicit in support of foreseeable human rights violations?
  • White House under pressure to drop Export-Import Bank nominee
  • Global export credit falls amid US Exim wipeout
  • Turkey’s growing repression leads to review of German ECA guarantees
  • Eximbank of Korea to finance gas field development project in Mozambique
  • UK government signs deal with major banks and contractors to raise exports post-Brexit
  • SACE’s support for exports grows, reaches €7.8 billion in H1
  • Norway launches new ECA backing in push for diversity

G20 public finance for fossil fuels 'is four times more than renewables'

(Guardian, London, 5 July 2017) The G20 nations provide four times more public financing to fossil fuels than to renewable energy, a report has revealed ahead of their summit in Hamburg, where Angela Merkel has said climate change will be at the heart of the agenda. The authors of the report accuse the G20 of “talking out of both sides of their mouths” and the summit faces the challenge of a sceptical US administration after Donald Trump pulled out of the global Paris agreement. The new report by a coalition of NGOs found that the G20 countries provided an average of $71.8bn of public finance for fossil-fuel projects per year between 2013-2015, compared with just $18.7bn for renewable energy. Japan provided the most at $16.5bn per year, which was six times more than it allotted for renewables. China, which is curbing its coal use and increasingly being seen as a climate leader, provided $13.5bn for fossil fuels but just $85m for green energy. Germany, also seen a climate leader, provided $3.5bn of public finance for fossil fuels, compared with $2.4bn for renewables. Britain provided $972m for fossil fuels, compared with $172m for renewable energy. The public finance comes in the form of soft loans and export credit guarantees from governments, and, along with huge fossil fuel subsidies, makes coal, oil and gas plants cheaper, and locks in carbon emissions for decades to come...  The Natural Resources Defence Council has noted that most of these emissions don’t count towards the G20's carbon footprint as they are funding coal projects abroad.

https://www.theguardian.com/world/2017/jul/05/g20-public-finance-for-fossil-fuel...


Russia's $70 Billion ‘Secret’ Export Credit Spending Lets Money Do the Talking

(Bloomberg, Moscow, 25 July 2017) As state secrets go, Russia’s program of export finance and loans to other nations might be one of the worst kept. While discussions about aiding cash-strapped allies frequently spill into the open, the Finance Ministry’s debt chief Konstantin Vyshkovsky says information about individual loans isn’t public and a budget addendum on state financial and export credit is classified as “secret.” But, speaking in an interview at his office a short walk from the Kremlin, Vyshkovsky said Russia has committed about $70 billion in total to such loans [over 20+ years?], a figure that hasn’t been disclosed before... The vast majority of money made available by the government covers export finance, with the borrower getting Russian products and services and a domestic company receiving the funds. Nuclear projects account for 90 percent of the $70 billion total in state loans, followed by the defense industry and civil aviation, according to Vyshkovsky.

https://www.bloomberg.com/news/articles/2017-07-25/russia-s-70-billion-secret-sp...


Is EDC complicit in support of foreseeable human rights violations?

(Globe and Mail, Toronto, 21 September 2016) In 2015 Netsweeper Inc. of Waterloo Ontario, with support from Export Development Canada, sold Internet filtering technology to the government of Bahrain — a country criticized internationally for widespread suppression of human rights defenders through censorship, surveillance, arbitrary detention and torture. In 2016 Bahrain started using Netsweeper's Web-filtering software to keep a lid on dissent, a University of Toronto report said. It added that the Sunni-dominated monarchy is going so far as to use the software to deny Bahrain’s majority Shia citizens access to basic information about their religion and religious leaders. In 2015, the Netsweeper's software was also reported as being used to cut Yemen’s citizens off from learning about the civil war surrounding them. Following a February 2017 submission from ECA Watch member Above Ground which called for the adoption of regulatory and policy measures to ensure Canada is not complicit in foreseeable human rights violations associated with the use of digital censorship and surveillance technologies supplied by Canadian companies, EDC was called to to testify before Canada's Senate human rights committee. In their testemony, EDC stated that, at this point, the guarantee that is the subject of the complaint is no longer in place, nor is the company a customer of EDC.

https://www.theglobeandmail.com/news/national/bahrain-using-canadian-software-to...


White House under pressure to drop Export-Import Bank nominee

(Politico, Washington, 17 July 2017) President Donald Trump is standing behind former Rep. Scott Garrett, his choice to head the Export-Import Bank, amid escalating pressure from business groups to pull the plug on the nomination. His record has driven businesses that rely on the agency to try to stop his nomination, even though they also want the Senate to confirm nominees who would fill out its board. During his career in Congress, Garrett was one of the most outspoken critics of the bank. In 2015, he said the agency “embodies the corruption of the free enterprise system.”  The bank has been unable to approve deals worth more than $10 million because of a lack of a quorum. Three Democratic Senators have argued that “If confirmed as chairman of the board, Mr. Garrett would have wide latitude to control the board’s agenda and substitute his personal views for the statutory mission of the bank, destroying it from within after failing in his efforts to persuade his colleagues to legislate its demise”. Trumps new communications officer Anthony Scaramucci was a senior vice-president and chief strategy officer at the Export-Import Bank.

http://www.politico.com/story/2017/07/17/scott-garrett-trump-export-import-bank-...


Global export credit falls amid US Exim wipeout

(Global Trade Review, London, 12 July 2017) Medium and long-term export credit activity nosedived among OECD countries in 2016, led by a massive decline in activity at US Exim. With notable exceptions (including France, Italy, Sweden and the UK) export credit volumes declined in many major markets. Most obviously, there was a 97% fall in support from US Exim, Japanese agency support dropped by 63%, backing from Euler Hermes in Germany was down 39%, while the numerous Korean agencies saw their export credit support fall by 23%. The Competitiveness Report by US Exim outlines the “sluggish global export growth of around 2% last year”, along with “massive market liquidity” around the world, which led to historic levels of activity from specialist financiers, such as private export credit insurers. However, the fact that US Exim spent much of the year in liquidation, and has yet to be revived under the US President Donald Trump (although he has voiced unexpected support for the export credit agency [ECA]) are the primary reasons for its lack of action. These issues are not alluded to in the report, which does not mention the US president once in 68 pages.

https://www.gtreview.com/news/americas/global-export-credit-falls-amid-us-exim-w...


Turkey’s growing repression leads to review of German ECA guarantees

(The Telegraph, Berlin, 21 July 2017) Germany announced a series of hardline measures against Turkey on Thursday amid rapidly deteriorating relations between the two Nato partners. Sigmar Gabriel, the German foreign minister, accused the Turkish government of the “arbitrary” arrest of German citizens on its soil and demanded their immediate release. In a series of measures that could threaten the fragile Turkish economy, he issued tough new travel advice for Germans on visiting the country, and ordered a review of export credit guarantees for German companies investing in Turkey. He also said Germany would seek a review of €630m (£560m) of aid Turkey currently receives each year from the EU, and of Turkey’s partial membership of the customs union.

http://www.telegraph.co.uk/news/2017/07/21/angela-merkel-backs-hardline-policy-t...


Eximbank of Korea to finance gas field development project in Mozambique

(Club of Mozambique, Maputo, 30 June 2017) The Export-Import Bank of Korea announced on June 27 that it has signed a project financing contract on June 26 for offshore gas field development in Mozambique. The gas field development project is a joint project of the Korea Gas Corporation, Exxon Mobil, Italian energy company Eni and Empresa Nacional de Hidrocarbonetos (ENH) of Mozambique. The signing ceremony was held in Rome, Italy. In the project, the eight institutions including the Export-Import Bank of Korea, the Korea Trade Insurance Corporation and the Export-Import Bank of China are scheduled to provide a total of US$5 billion as creditors. According to the contract, the Export-Import Bank of Korea is responsible for one-fifth of the amount. NGOs have noted that the proposal to construct the onshore liquefied natural gas plant could result in the relocation of thousands, the destruction of fragile coral reefs, and greenhouse gas emissions equivalent to an estimated 5.2m metric tonnes of carbon dioxide each year.

http://clubofmozambique.com/news/eximbank-of-korea-to-finance-gas-field-developm...


UK government signs deal with major banks and contractors to raise exports post-Brexit

(Bloomberg, London, 13 July 2017) Five of the U.K.’s leading retail banks have pledged more financial support for small British exporters, with government backing, as Prime Minister Theresa May’s administration prepares the country for life after Brexit. The U.K. said its export credit agency reached an agreement with Barclays, HSBC, Lloyds Banking Group, RBS/NatWest and Santander UK Plc to provide export-related trade finance, for example working capital loans and bonds required by overseas buyers, backed by government guarantees. The extra help for British companies to export is part of the U.K. government’s effort to prepare the economy for leaving the EU. Currently, the UK is lagging behind a number of European countries where exports are concerned – such as Germany – and there are worries that trade from UK businesses could weaken following last year’s EU referendum result. UKEF’s credit risk appetite was doubled to £5 billion by the government at the last Autumn Statement and the Department for International Trade (DIT) has set up a ‘Team UK’ construction consortia to bid for overseas contracts. Infrastructure Exports UK will bring together 17 leading UK construction firms and consultants which, individually, have worked on large-scale global projects. IE: UK board members will meet three times a year to choose the projects they wish to bid for as a single business, with government support.

https://www.bloomberg.com/news/articles/2017-07-11/u-k-retail-banks-to-offer-mor...


SACE’s support for exports grows, reaches €7.8 billion in H1

(Italy/Europe 24, Rome, 26 July 2017) Italian export credit agency SACE is continuing to boost Italian companies abroad. Along with SIMEST – the other export and internationalization arm of state holding CDP – the SACE agency led by Alessandro Decio closed the first six months of this year with €7.8 billion of financial resources mobilized, up 19% compared to the same period of 2016.

http://www.italy24.ilsole24ore.com/art/business-and-economy/2017-07-25/italian-e...


Norway launches new ECA backing in push for diversity

(Global Trade Review, London, 5 July 2017) Norwegian export credit agency Giek has launched a new lender guarantee for export-related investments in Norway. The new product will provide guarantees to banks that finance corporate investment in Norway, where the investment directly or indirectly leads to exports. Aimed at boosting diversity in the oil and gas-rich nation, the guarantees will not be applicable to oil and gas processing plants, tourism, real estate development and large infrastructure projects.

https://www.gtreview.com/news/europe/norway-launches-new-eca-backing-in-push-for...


What's New June 2017

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

See all "What's New!" updates since 2005 here.

  • Report: Why and how the Dutch government must exclude credit support for fossil fuel
  • EDC’s response to alleged abuse in Colombian oilfields highlights deficits in due diligence
  • New database reveals world’s biggest coal plant developers
  • Kuwait Seals US$6.25bn Loan in Largest ECA-Backed Corporate Transaction Ever
  • Yamal LNG raises more financing with coverage by Swedish and German ECAs
  • Italy's Eni signs LNG deal in Mozambique with ECA support
  • EXIM Banks of India and Korea sign MOU for export credit of USD 9 billion
  • Boeing strikes deal with Italian export credit agency in lieu of Ex-Im Bank
  • Trump sends Export-Import Bank nominees to Senate
  • Iran ECA Finance Talks Making Headway

Report: Why and how the Dutch government must exclude credit support for fossil fuel

(Both ENDS, Amsterdam, 14 June 2017) Export Credit Agencies (ECAs) are key institutions governments employ to support private companies doing business overseas. ECAs offer a wide range of guarantees and insurances to private companies. This makes it easier for these companies to gain access to finance, mostly from banks. Based on publicly available data, this report concludes that the Dutch Export credit agency Atradius DSB, which provides export insurances on behalf of the Dutch state, insured fossil fuel-related projects with a total value of € 7.3 billion in the period 2012-2015. This is two-thirds of its total insured value for that same period.

http://www.bothends.org/en/Publications/document/184/Paris-Proof-Export-Support-...


EDC’s response to alleged abuse in Colombian oilfields highlights deficits in due diligence

(Above Ground, Ottawa, 14 June 2017) Our latest correspondence with Export Development Canada (EDC) about the impacts in Colombia of two oil companies it financed highlights our longstanding concerns about the adequacy and transparency of the agency’s human rights due diligence practices. Last fall, following the release of a report documenting serious human rights abuses associated with the operations of EDC clients Pacific Exploration & Production and Ecopetrol in Colombia’s Rubiales and Quifa oilfields, we joined the report authors[1] in writing to EDC to express our concern. We asked the agency whether it was aware of the substantial risks associated with oil development in the region when it decided to finance the two companies, and how it would respond to the reported violations of indigenous, labour and environmental rights connected to its clients’ activities.[2] Export Development Canada’s letter of reply neglected to provide any substantive answer to these questions. As we note in our response to EDC, it remains unclear how the agency will address reported abuses associated with its clients’ activities — including the violation by Pacific E&P of Colombian law governing consultation with indigenous peoples, as determined by a 2015 court ruling. It also remains unclear how EDC will ensure that its clients remediate the harms caused, provide redress, and prevent their operations from heightening the serious risks to local community leaders who’ve spoken out critically about the companies’ activities and now face death threats.




New database reveals world’s biggest coal plant developers

(Banktrack, Berlin 29 June 2017) The environmental NGO urgewald and its partners have revealed which companies are at the forefront of plans to expand the world’s coal-fired power capacity by a staggering 42.8%. urgewald’s previous in-depth research played a key role in initiating the coal divestment actions of the Norwegian Government Pension Fund and the insurance company Allianz.

http://mailchi.mp/banktrack/press-release-new-database-reveals-worlds-biggest-co...


Kuwait Seals US$6.25bn Loan in Largest ECA-Backed Corporate Transaction Ever

(Bonds & Loans, London, 13 June 2017) Kuwait National Petroleum Company’s (KNPC) US$6.245bn ECA-backed loan includes plans to modernise the Mina Al Ahmadi oil refinery located in Al Ahmadi Governorate, south of the country, to make it meet stringent environmental requirements.

http://www.bondsloans.com/news/article/1471/case-study-knpc-seals-us625bn-loan-i...


Yamal LNG raises more financing with coverage by Swedish and German ECAs

(Your Oil & Gas News, Edinburgh, 1 June 2017) Yamal LNG announced the signing of agreements with several European banks, inter alia Raiffeisen Bank International AG and Intesa Sanpaolo for up to 425 million with insurance coverage provided by the Swedish export credit agency EKN and the German export credit agency Euler Hermes. Yamal LNG has previously received financing from the National Welfare Fund of Russia, signed agreements on credit lines with Sberbank and Gazprombank, as well as with the China Development Bank and the Export-Import Bank of China, the Japan Bank for International Cooperation (JBIC) and the bank Intesa Sanpaolo with insurance coverage by the Italian export credit agency SACE and the French export credit agency COFACE. In June 2015 WWF Russia noted that the Environmental and Social Impact Assessment of the project, while complying with the best Russian practices were not complete regarding a number of issues and that certain ESIA strategic conclusions required additional discussions and consultations.

http://www.youroilandgasnews.com/yamal+lng+raised+financing+with+insurance+cover...


Italy's Eni signs LNG deal in Mozambique with ECA support

(Reuters, Maputo, 1 June 2017) Italian energy company Eni signed an $8 billion deal on Thursday to develop a gas field off the coast of Mozambique, the first of a series of projects that could transform the poor African nation into a major energy supplier to Asia. Developing the Coral South field requires building six subsea wells connected to a floating facility capable of producing about 3.4 million tonnes of liquefied natural gas (LNG) per year. Eni said project finance would fund 60 percent of the cost of building the floating LNG facility, while the financing agreement has been subscribed by 15 major international banks and guaranteed by five export credit agencies [Export-Import Bank of China, Coface of France, Export-Import Bank of Korea (Kexim), Korea Trade Insurance Corporation, and SACE of Italy] The floating LNG platform will be built in South Korea by a consortium led by Samsung Heavy and including France’s Technip and Japan’s JGC.

http://www.reuters.com/article/us-eni-mozambique-idUSKBN18S6AW


EXIM Banks of India and Korea sign MOU for export credit of USD 9 billion

(OpenGovAsia, Singapore, 16 June 2017) The Export-Import Bank of India (EXIM Bank) and the Export-Import Bank of Korea (KEXIM) have signed a Memorandum of Agreement (MoU) for export credit of USD 9 billion to support infrastructural development in India and for the supply of goods and services as part of projects in third countries.

http://www.opengovasia.com/articles/7712-exim-banks-of-india-and-korea-sign-mou-...


Boeing strikes deal with Italian export credit agency in lieu of Ex-Im Bank

(Seeking Alpha, Ra'Anana Settlement Israel, 31 May 2017) Boeing has sealed a deal for Italy's export credit agency to provide an initial $1.25B/year in guarantees for jetliner sales, partly to fill the void left by the U.S. Export-Import Bank, which has been restricted since July 2015 when some lawmakers blocked the appointment of a new board. Dow Jones reports that the new agreement with Italy's Sace is the first between Boeing and an overseas export credit agency and provides a template for the company to secure similar deals with other countries that supply large parts of its jetliners.

https://seekingalpha.com/news/3270788-boeing-strikes-deal-italian-export-credit-...


Trump sends Export-Import Bank nominees to Senate

(Defense News, Washington, 20 June 2017) U.S. President Donald Trump has formally nominated former members of Congress, Scott Garrett and Spencer Bachus, to two vacant positions on the U.S. Export-Import bank as expected, a win for the defense and aerospace sector.  Trump announced the move in April — a reversal after calling the federal government’s export credit agency “excess baggage” in 2015. Though the Heritage Foundation and some free-market conservatives have criticized the Ex-Im Bank as subsidizing foreign competitors of U.S. firms, the Aerospace Industries Association, touted it as vital to small- and medium-size companies. Among the largest export beneficiaries of the bank’s financial assistance have been Boeing and General Electric, which have overseas customers that use the agencies' government-backed loans to buy their products.

http://www.defensenews.com/articles/trump-sends-export-import-bank-nominees-to-s...


Iran ECA Finance Talks Making Headway

(Financial Tribune, Tehran, 19 June 2017) Iran has held negotiations with Italy’s Medibank and SACE export guarantee for €2 billion ($2.24 billion), Exim Bank of China for $30 billion, China Development Bank for $15 billion, Korea Export–Import Bank for $8 billion and Korea Trade Insurance Corporation for $5 billion to receive foreign financing. Other parties involved in finance negotiations with Iran include Japanese Nippon Export and Investment Insurance and the Japanese Ministry of Finance for $10 billion, the Japan International Cooperation Agency for €1.2 billion ($1.34 billion), Russian Ministry of Economic Development for €5 billion ($5.6 billion) and the Norwegian Guarantee Institute for Export Credits for €1 billion ($1.1 billion). Euler Hermes of Germany is also interested in covering investments in Iran. However, a lack of full-fledged banking ties between Iran and Europe is preventing the complete benefits of the German sovereign guarantee to be felt by Iran.

https://financialtribune.com/articles/economy-business-and-markets/66707/iran-fi...


Madagascar is Afreximbank’s Newest Participating State

(Afreximbank Cairo, 26 June 2017) Madagascar has become the latest country to join the African Export-Import Bank (Afreximbank) as a participating state. Membership of the Bank gives Madagascar automatic access to the full range of products and facilities offered by Afreximbank, including trade finance facilities, project finance services, trade information and advisory services, support in the development of a local content policy and assistance in developing and implementing industrial parks and special economic zones.

https://afreximbank.com/madagascar-is-afreximbanks-newest-participating-state/


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