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 November 2015

"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

  • OECD deal to curb coal financing has more holes than a sieve
  • US bill with Ex-Im extension attached extended to 4 December 2015
  • BPIFrance issues its first export credit
  • Envoys cry foul as US seeks to protect its farm export credits
  • Petrobras secures US$1.84bn in export credit from ECAs
  • Sinosure executive dies days after corruption probe started
  • Ukraine sets up export credit agency
  • Tata Group Gets $500 Million of Canada Export Credit Financing

OECD deal to curb coal financing has more holes than a sieve

(Friends of the Earth, Paris, 18 November 2015) After nearly two years of discussions, the Organisation of Economic Cooperation and Development member countries have finally reached an agreement on reducing their support to some coal plants through their export credit agencies. The agreement comes a day after the G20 had reiterated its willingness to reduce inefficient fossil fuel subsidies and only 12 days before the start of COP21, the climate change conference. The agreement, which only covers some OECD-member export credit agency financing for coal power plants and leaves out financing for mining, transport and related coal infrastructure, won’t do what is needed to solve the climate crisis. A recent research report notes that G20 members provide $452bn a year in fossil fuel production subsidies – despite pledges to remove them and take action to limit climate change.

http://www.foe.org/news/news-releases/2015-11-deal-to-curb-coal-financing-has-mo...


US bill with Ex-Im extension attached extended to 4 December 2015

(CCJ, Washington, 23 November 2015) President Barack Obama signed into law Friday, Nov. 20, a bill to extend highway funding, which includes Ex-Im renewal, for two weeks. A dozen Senators and 28 Representatives have been delegated to a bicameral conference committee tasked with producing a multi-year bill both chambers can agree to. The US House of Representatives Nov. 5th voted 363-64 to approve a multiyear transportation funding bill that would also renew the Export-Import Bank, setting up negotiations with the Senate, which had already passed its own highway funding bill. The two chambers must now resolve their differences. House Republicans had proposed 10 amendments with respect to the Ex-Im provisions of the Bill.

http://www.ccjdigital.com/president-signs-bill-to-extend-highway-funding-through...


BPIFrance issues its first export credit

(Global Trade Review, Paris 24 November 2015) France’s Banque Publique d’Investissement (Bpifrance) has issued its first export credit facility to bread equipment manufacturer Mecatherm, for the export of two bread production lines to Mozambique. Created in 2013, Bpifrance offers capital and innovation investment, guarantees and support for small businesses’ internationalisation. It is in the process of taking over Coface’s ECA offering to gather all public export support under one umbrella, with completion expected by mid-2016.

http://www.gtreview.com/news/europe/bpifrance-issues-first-export-credit/


Envoys cry foul as US seeks to protect its farm export credits

(Livemint, Delhi, 2 November 2015) The US has demanded ‘safe harbor’ protection for its controversial farm export credit programme from the disciplines underpinning the World Trade Organization’s agreement on subsidies and countervailing measures despite denying such a flexibility to India and other developing countries for public stockholding programmes for food security last year. In October, Washington’s trade envoy Ambassador Michael Punke sought the ‘safe harbor’ protection for export credits for its farm products from legal challenges arising from the disciplines in the WTO’s agreement on Subsidies and Countervailing Measures (SCM), which also apply to OECD export credit agencies. The EU has joined forces with Brazil and five other farm exporting countries to propose tighter WTO rules on export subsidies and similar measures, one month ahead of the global trade body’s ministerial conference in Nairobi, Kenya.

http://www.livemint.com/Politics/t1MuhoVSvG8bR7WlPxxe2L/Envoys-cry-foul-as-US-se...


Petrobras secures US$1.84bn in export credit from ECAs

(Global Trade Review, London, 18 November 2015) Brazilian national oil company Petrobras has concluded negotiations with international export credit agencies (ECAs) for a total of US$1.84bn. According to a company statement, this financing will contribute towards its fundraising efforts for 2016. The negotiations involve Italian ECA Sace, UK Export Finance (UKEF), Nippon Export and Investment Insurance (NEXI) from Japan and Austria’s Oesterreichische Kontrollbank (OeKB).

http://www.gtreview.com/news/americas/petrobras-us1-84bn-export-credit-ecas-sace...


Sinosure executive dies days after corruption probe started

(Caixin, Beijing, 27 November 2015) The chief auditor of state-owned Chinese ECA Sinosure was found dead in his office five days after he was put under investigation by the Communist Party's graft-fighting agency, a person with knowledge of the matter says. Agence France Press in Beijing also reports that Dai Chunning, a deputy general manager at Sinosure, “is suspected of serious discipline violations and currently under investigation”, the Commission for Discipline Inspection, a branch of the ruling Communist Party, said on its website.

http://english.caixin.com/2015-11-27/100879326.html


Ukraine sets up export credit agency

(Ukranian Journal, Kiev, 3 November 2011) The Ukrainian government is planning to create an export-credit agency to support national exports. The initiative is stipulated in draft law No. 9373 on the state financial support of exports, which was registered in Parliament on November 1. "The creation is foreseen of a state-run financial enterprise – a export-credit agency created in the form of a public joint-stock company by the state in the person of the Ukrainian cabinet - to secure Ukrainian exporters from commercial and non-commercial risks and to provide guarantees of the fulfillment of liabilities under foreign economic agreements by foreign buyers," reads the bill.
 
http://www.ukrainianjournal.com/index.php?w=article&amp%3Bid=13451


Tata Group Gets $500 Million of Canada Export Credit Financing

(Bloomberg, Ottawa, 4 November 2015) Tata Group, the Indian owner of assets including Jaguar Land Rover and the Tetley Tea brand, will receive as much as $500 million a year in financing from Canada’s government-owned export development bank. EDC will underwrite loans to the Tata Sons unit to support orders from local suppliers, the Ottawa-based agency and Mumbai-based company said in a joint statement Wednesday. Tata has invested C$1.3 billion ($1 billion) in its Canadian operations over five years for products such as steel, chemicals and consulting services. The Tata financing follows a $500 million arrangement in April 2014 for Reliance Industries Ltd., another Indian company. Canada is seeking to broaden its exports beyond the U.S., which currently buys about three quarters of its northern neighbor’s foreign shipments.

http://www.bloomberg.com/news/articles/2015-11-04/tata-group-gets-500-million-of...


What's New October 2015

"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

  • House Votes Overwhelmingly to Reopen the Ex-Im Bank
  • U.S. and Japan to announce deal curbing ECA coal financing
  • GasLog Ltd. Completes $1.3 Billion Financing Facility
  • Why Japan's Climate Action Deserves a Failing Grade
  • UKEF lending Roman Abramovich's company £45m
  • Corporate Welfare for the Kochs [via ECAs] - New York Times
  • Russia's Gazprombank chairman says Yamal LNG financing [including ECAs] is in final stages
  • Italy’s SACE export credit agency losses €3 bln due to sanctions vs Russia
  • Canada’s export credit agency sets up Africa-focused Joburg office
  • Sullivan & Worcester’s annual export credit agency finance update
  • Finnvera Group’s Interim Report for January-September 2015
  • Russia to provide Cuba with 1.2-bln-euro export credit for construction of power plants
  • SACE agrees to over 1 billion Euro line of credit for UAE

House Votes Overwhelmingly to Reopen the Ex-Im Bank

(New York Times, Washington, 27 November 2015) The House acted with rare bipartisanship on Tuesday to approve legislation that would reopen the federal Export-Import Bank, after a debate that underscored the split between the party’s traditional pro-business members and ascendant free-market conservatives who are suspicious of big corporations. The lopsided final vote of 313 to 118 belied that split, as a majority of Republicans allied with all but one Democrat to reauthorize the 81-year-old bank agency, but only once the bill’s passage was assured... But the bank’s future may not be resolved until December. The House bill now goes to the Senate, which approved a similar bank reauthorization measure as part of an unrelated transportation bill.

http://www.nytimes.com/2015/10/28/us/politics/house-votes-overwhelmingly-to-reop...


U.S. and Japan to announce deal curbing ECA coal financing

(ClimateWire, Washington, 27 October 2015) The Obama administration has crafted a deal with Japan to restrict financing for overseas coal projects, several sources told ClimateWire. The agreement is aimed at influencing other members of the Organisation for Economic Co-operation and Development (OECD), which will meet next month in Paris for a contentious decision over setting common rules to phase out coal financing for export credit agencies. Yet other OECD countries have not yet signed onto the deal, which could curtail 80 percent of coal projects in the export credit agency pipeline. Sources say the talks are in a sensitive phase and the administration wants to bring in other countries before making an announcement.

http://www.eenews.net/stories/1060026972


GasLog Ltd. Completes $1.3 Billion Financing Facility


(CS Solutions Blog, 26 October 2015) International owner, operator and manager of LNG carriers, GasLog Ltd. has completed an export credit agency-backed debt financing of USD 1.3 billion with 14 banks for its newbuilding program. The so called Newbuild Facility will include eight vessels, which will be delivered between 2016 and 2019. Seven of the eight vessels have long-term contracts of between 7 and 10 years and will be chartered to a subsidiary of BG Group plc following delivery... . Korea Eximbank and Ksure either directly lent or provided cover for over 60% of the facility.
http://ccsolutionsblog.blogspot.ca/


Why Japan's Climate Action Deserves a Failing Grade

(Natural Resources Defense Council, New York, 22 October 2015) We have given a "climate grade" to key countries for their climate actions and new targets in the lead-in to the Paris climate agreement. Nobody is receiving top marks - an "A+" - but some countries are receiving failing grades. We gave Japan a failing grade - a "D" - for its climate actions because it is the biggest financer of overseas coal projects, its climate target is too weak, and it is a bit fuzzy on some of its methodologies. Reason #1: Japan is the largest provider of public finance for overseas coal projects. Japan had the largest amount of coal financing of any country by far, more than double any other OECD country's financing, with over $20 billion of financing from 2007 to 2014, according to data from NRDC, Oil Change International and WWF.

http://switchboard.nrdc.org/blogs/jschmidt/why_japans_climate_action_dese.html


UKEF lending Roman Abramovich's company £45m

(Management Today, London, 30 September 2015) Evraz, the steel and mining giant that is 30.8% owned by the Russian oligarch and Chelsea FC owner Roman Abramovich, is due to receive a £45m loan from Britain's export credit agency. The loan is part of the UK Export Finance 'direct lending' scheme launched last year by the Government in a bid to meet its target of doubling exports by 2020. The scheme lends money to overseas importers of British goods and services in the hope that it will create jobs in the UK. According to the Times, Evraz will use some of the cash to pay Primetals Technologies (a joint venture between Siemens and Mitshubishi Heavy Industries) to upgrade its steel factory in northern Canada.

http://www.managementtoday.co.uk/news/1366509/the-british-taxpayer-lending-roman...


Corporate Welfare for the Kochs [via ECAs] - New York Times

(New York Times, New York, 10 October 2015) In 2013 the people who dreamed up Big River Steel in Arkansas wanted government aid that would help make the project successful — the kind of aid that groups like Heritage Action and Americans for Prosperity, both generously supported by the right-wing billionaires Charles and David Koch, derisively describe as “corporate welfare.” The Arkansas Legislature was considering a $125 million bond issue to help pay for the mill’s construction, as well as over $200 million in tax credits for buying and installing recycling equipment... The deal also depended on an $800 million 10-year loan from a German bank, KfW IPEX-Bank which in turn, was contingent on credit insurance provided by Euler Hermes, an ECA like the Export-Import Bank of the United States. In America, of course, Koch-funded groups have led the battle to defund the Ex-Im Bank. The Germans have no such ideological hang-ups, because Big River Steel would be buying its steelmaking equipment from a German company. In February 2013, Koch Minerals, part of Koch Industries took a 40% equity stake in Big River Steel, making them the project’s biggest investor. The Arkansas incentive package ultimately passed, the German government-insured loan was completed and the plant should be up and running next year.

http://www.nytimes.com/2015/10/11/opinion/sunday/corporate-welfare-for-the-kochs...


Russia's Gazprombank chairman says Yamal LNG financing [including ECAs] is in final stages

(Reuters, Moscow, 29 October 2015) A deal to raise financing for the Novatek-led Yamal LNG project in Russia is in its final stages, the chairman of the management board at Gazprombank, Andrey Akimov, told Reuters. Financing for the $27 billion project is seen as a test for Russia in securing foreign loans, at a time when the country's access to capital markets is limited by Western sanctions over its involvement in the conflict in eastern Ukraine. In a rare interview, Akimov said Chinese lenders are set to provide $12 billion, Russian banks $4 billion, and export credit agencies are expected to put up another $4 billion. Novatek has a 50.1 percent stake in what will be only Russia's second LNG plant. France's Total and China's CNPC hold 20 percent each. Last month, Novatek agreed to sell a 9.9 percent stake to the China Silk Road Fund.

http://www.thefiscaltimes.com/latestnews/2015/10/29/Exclusive-Russias-Gazpromban...


Italy’s SACE export credit agency losses €3 bln due to sanctions vs Russia

(Tass, Verona, 22 October 2015) The Italian export credit agency SACE has suffered losses up to €3 billion due to sanctions against Russia, head of the agency Giovanni Castallaneta said. "We have already suffered damage for 2014-2015 for the sum of €2.5-3 billion," Castellaneta told the Eurasian Economic Forum in Verona. Italian exports to Russia and neighboring countries decreased by $6.5 billion.

http://tass.ru/en/economy/831008


Canada’s export credit agency sets up Africa-focused Joburg office

(Creamer Media, Johannesburg, 29 October 2015) Canada’s official trade finance agency, Export Development Canada (EDC), has formally established permanent offices in Johannesburg, from where it aims to facilitate $10-billion-worth of business between sub-Saharan African and Canadian companies over the coming five years. The export credit agency has already provided $7.4-billion in financial support to African firms purchasing goods and services from Canadian companies, including participation in a R6.99-billion rand-denominated loan facility for Bombardier Transportation, which has been awarded a contract to supply 240 electric locomotives to Transnet Freight Rail.

http://www.miningweekly.com/article/canadas-export-credit-agency-sets-up-africa-...


Sullivan & Worcester’s annual export credit agency finance update

(TFX News, London, 16 October 2015) Sullivan & Worcester's Mark Norris and UK Export Finance's Margaret Eyres present S&W's Export Credit Agency Annual Update breakfast briefing. Norris analyses the general trends affecting the ECA market, while Eyres provides an overview of UK Export Finance's new direct lending scheme. Watch the 1hr 9min full video at this link.
http://www.txfnews.com/News/Article/5311/Sullivan-Worcesters-annual-export-credi...


Finnvera Group’s Interim Report for January-September 2015

(Global News Wire, Copenhagen, 29 October 2015) During the period under review, the volume of export credit guarantee offers given by Finnvera was 52 per cent greater than in the corresponding period in 2014. As concerns financing offers for export credits, the figure was over two times greater. The volume of loans and guarantees granted to SMEs and enterprises larger than the SME definition applied by the EU was 31 per cent greater than the year before.

http://globenewswire.com/news-release/2015/10/29/781320/0/en/The-Finnvera-Group-...


Russia to provide Cuba with 1.2-bln-euro export credit for construction of power plants

(Interax, Moscow, 20 October 2015) The Russian government has approved the allocation to the Cuban authorities a state export credit for up to 1.2 billion euro for financing the construction of four generating units for thermal power plants (TPP) on the island: one 200-megawatt power unit at Maximo Gomez and three 200-MW units at Eastern Havana. The project will be implemented by Russia's Inter RAO Export LLC, a subsidiary of Inter RAO UES and Cuba's Energoimport, part of Union Electrica. The terms of the project will be spelled out in the contract on upgrading the capacity of the power stations. Under the terms of the agreement, Cuba will exempt Inter RAO and contractors from payment of profit taxes and customs fees, and their employees will be exempt from individual income taxes.

http://rbth.com/news/2015/10/19/russia_approves_agreement_to_build_800_mw_of_pow...


SACE agrees to over 1 billion Euro line of credit for UAE

(ANSAmed, Rome, 20 October 2015) New export opportunities in the United Arab Emirates for Italian companies after the agreements signed by SACE with the Dubai Aviation City Corporation (DACC) and Abu Dhabi Ports, on the occasion of the Emirati National Day at the EXPO. The accord with DACC, said SACE, is intended to support export and investments by Italian companies involved in the Dubai South project, an area of 145 square kilometers which will host the new international Al Maktoum airport and EXPO Dubai 2020. After the accord, SACE opened a one billion Euro line of credit for DACC for the purchase of goods and services by Italian companies.

http://www.ansamed.info/ansamed/en/news/sections/economics/2015/10/20/enterprise...


What's New September 2015

"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

  • China's 'highly polluting project' decision to spur coal export credit subsidy talks
  • Crédit Agricole announces new coal power policy: Major blow for Croatian coal plant
  • 63 CSOs Call on JBIC to Reject Financing for Batang Coal Plant in Indonesia
  • General Electric to shift engine plant to Canada, creating 350 jobs
  • OECD Export Credit consultation with CSOs
  • Banks to Unveil the Future of Project Financing in the Oil and Gas Sector This November in London
  • International Chamber of Commerce launches Global Export Finance Committee
  • Ilisu dam protest
  • Zimbabwean firms to get export insurance
  • Asian Infrastructure Investment Bank (AIIB): regional solution or global threat?
  • Dutch export credit agency can finance Russia’s shipbuilding projects despite sanctions
  • Oman's ORPIC to use debt to finance most of $5.2 bln plastics plant

China's 'highly polluting project' decision to spur coal export credit subsidy talks

(Reuters, London, 30 September 2015) China's promise to curb public funding of "highly polluting projects" has isolated Japan and increased the pressure to close a deal to phase-out coal export subsidies after months of wrangling. The Paris-based Organisation for Economic Cooperation and Development has been hosting talks on the issue since last year. Wary of regional competition from China, Japan has been at the vanguard of opposition to phasing out coal export credits that help OECD nations send coal plant technology abroad and benefit companies such as Toshiba Corp. But on Friday in a joint U.S.-China statement on Climate Change, China signaled it would take similar steps to those already promised by the United States, the World Bank and others to end coal financing overseas.

http://uk.reuters.com/article/2015/09/30/us-coal-oecd-subsidies-idUKKCN0RU128201...


Crédit Agricole announces new coal power policy: Major blow for Croatian coal plant

(FOE France, Paris, 30 September 2015) Today's publication of new criteria for coal-fired power plant financing by French bank Crédit Agricole suggests that the bank will be unable to finance the controversial €800 million Plomin C coal power plant in Croatia, campaign groups beleive. The policy now rules out finance for coal power plants in high-income countries, which includes Croatia. The new policy from Crédit Agricole has been announced less than a month after the publication by a campaign group study which showing incompatibility of the Plomin C project with the bank's own corporate social responsibility standards. Crédit Agricole had responded to the report and publicly defended its advisory role in the project. However today’s policy changes now rule out the bank’s involvement in Plomin C. Civil society organisations are now focused on stepping up pressure on the worst coal finance offenders, including BNP Paribas in France, Deutsche Bank in Germany and Morgan Stanley in the United States, for example calling on customers of major French banks to switch their accounts away from climate damaging banks to banks with no fossil fuels in their portfolios.

http://us6.campaign-archive1.com/?u=ca4ff3016df790ab4c04c0ddd&id=3f7fcea6a5&e=a1...


63 CSOs Call on JBIC to Reject Financing for Batang Coal Plant in Indonesia

(FOE Japan, Tokyo, 25 September 2015) At the proposed project site of the controversial 2,000-megawatt coal-fired power plant in Batang, Central Java, Indonesia, further cases of human rights violations have been reported. On September 25, the undersigned 63 organizations from 20 countries, have submitted the urgent petition as below to call on Japan Bank for International Cooperation (JBIC) to reject financing for the project, which has been pushed through in the forcible way, neglecting the local people’s opinion and rights.

http://www.foejapan.org/en/aid/150925.html


General Electric to shift engine plant to Canada, creating 350 jobs

(Globe & Mail, Toronto, 28 September 2015) General Electric Co. is planning to build a state-of the art $265-million (U.S.) engine plant in Canada, as it shifts more business out of the United States following the collapse of U.S. government-sponsored export financing. GE said Monday it will close down its operation that makes gas-powered engines in Wisconsin and construct a plant in Canada, creating 350 new jobs there. In mid-September GE said it would invest $26-million in an aircraft engine facility in Winnipeg, including a major upgrade to a massive wind tunnel used for testing jet engines. GE says it is making the moves because it can no longer get U.S. export credit financing and is currently bidding on $11-billion of projects that must have export financing in order to be completed. GE also recently announced an agreement with the UK export credit agency UK Export Finance to access export financing for up to $12 Billion. [It is not yet clear if such efforts are part of an effort to re-establish US export credit financing blocked by the US Republican Tea Party faction, or to stimulate competition amongst OECD ECAs to further sweeten official subsidies to exporting corporations.]

http://www.theglobeandmail.com/report-on-business/international-business/us-busi...


OECD Export Credit consultation with CSOs

(OECD, Paris, 29 September 2015) A Consultation between Civil Society Organisations (CSOs) and Members of the OECD’s Working Party on Export Credits and Credit Guarantees (ECG) and the Participants to the Arrangement on Officially Supported Export Credits will take place on Tuesday, 17 November 2015, from 9.30 a.m. to 1.00 p.m., at the OECD Conference Centre, Paris.




Banks to Unveil the Future of Project Financing in the Oil and Gas Sector This November in London

(BUSINESS WIRE, London, 29 September 2015) Leading experts involved with project financing in oil and gas will meet this November 23-24 in London, at the Project Financing in Oil and Gas Conference. Project Financing in Oil and Gas has a varied amount of risk attached to a project, and this differs between up – mid – downstream. Sponsors, who are developing the projects, must therefore prove that their investments are not too risky and that satisfactory revenue will be produced once the project is built.
http://www.marketwatch.com/story/smi-group-deutsche-bank-societe-generale-niger-...


International Chamber of Commerce launches Global Export Finance Committee

(ICC, Barcelona, 7 September 2015) The International Chamber of Commerce (ICC) is launching today the “ICC Global Export Finance Committee” – an export finance working group, chaired by Eric de Jonge, Global Head of Structured Export Finance at ING Bank. The launch event of the Committee took place in Barcelona, Spain, and is supported by many leading banks across the export finance industry. Operating under the umbrella of the ICC Banking Commission, the committee is the first step towards building a real global export finance community - representing medium- and long-term (MLT) export finance banks. The Global Export Finance Committee has three key objectives:

1. To create a credible standing global discussion forum of banking experts in MLT export financing,
2. To create a representative body to discuss industry matters with various stakeholders,
3. To advocate for and help develop improvements and efficiencies through the standardization and harmonization of processes and regulations.

http://www.iccwbo.org/News/Articles/2015/ICC-launches-Global-Export-Finance-Comm...


Ilisu dam protest

(Hasankeyf Action Day, Hasankeyf, 20 September 2015) On September 20th, activists, social movements and NGO's joined an international action day for the conservation of Hasankeyf and the Tigris River. Protesting against the Ilisu Dam Project, a large demonstration took place in the 10.000 year old town of Hasankeyf, which is threatened by the Ilisu Dam and Hydroelectric Power Plant Project. If the ongoing construction of the project is completed, there will be a massive social, ecological and cultural destruction in Turkish-Kurdistan, the North of Mesopotamia. The Ilisu Project will also intensify ongoing Middle East conflicts within and outside Turkish borders, in particular in Iraq and Syria. Protesters requested UNESCO designation of Hasankeyf as a world heritage site. In July 2010 after several years of local and international campaigns, the Export Credit Agencies of Germany, Austria and Switzerland suspended credit guarantees due to Turkey's failure to comply with required environmental, social and cultural heritage conditions. However, the Turkish state and the companies found new financing and continue with the project.

http://www.hasankeyfgirisimi.net/


Zimbabwean firms to get export insurance

(All Africa News, Harare, 2 September 2015) The Reserve Bank of Zimbabwe (RBZ) is discussing with banks an insurance package for exports, as it moves to tackle a high political risk premium that has affected international trade. Zimbabwe's import bill has been rising while exports have been retreating, fuelling a widening trade deficit estimated at over US$700 million in the first quarter of 2015. Industry and Commerce Minister, Mike Bimha, said the RBZ had agreed to mobilise funding, estimated at not less than US$7,5 million, for the country to join the African Trade Insurance agency (ATI), which was set up by the Common Market for Eastern and South Africa (COMESA) to cover exports. Launched in 2001, ATI has supported over US$13 billion worth of trade and investment across Africa, and government says joining the agency would open doors to more markets for local products. Meanwhile, a delegation from the China Export and Credit Insurance Corporation was in Zimbabwe from September 21-25 to facilitate insurance cover on loan facilities extended to Zimbabwe's companies by Chinese banks.

http://allafrica.com/stories/201509030544.html


Asian Infrastructure Investment Bank (AIIB): regional solution or global threat?

(Global Capital, London, September 2015) The stated aim of the China-backed Asian Infrastructure Investment Bank (AIIB), officially launched in June 2015, is to respond to a need for massive spending across Asia. But its creation has caused political controversy, with supporters arguing it shows up previous iniquities while opponents fear it will be a mere tool for China's projection of power. An American campaign to boycott the AIIB collapsed in March when George Osborne, Britain’s chancellor of the Exchequer, announced that Washington’s staunchest ally would be joining the Chinese-initiated bank. Membership of the AIIB has since swelled to 57 countries, more than twice the number that half a century ago joined the Asian Development Bank (ADB), the incumbent Japanese- and American-led rival based in Manila. There will be significant support from Chinese policy banks for the One Belt, One Road strategy. State-owned banks experienced in financing overseas, such as ICBC or Bank of China, will be very well placed to provide support. There will probably be policy bank support from either Export-Import Bank of China or China Development Bank. And Sinosure will also have a role to play in terms of some of their export credit insurance. Canadian absence from the AIIB roster has largely escaped notice, although China is Canada’s second-largest trading partner after the US. Jack Austin, a former Canadian senator and influential politician who helped establish Canada’s diplomatic relations with China back in the 1970s, notes that Prime Minister Stephen Harper belongs to an evangelical Christian church that believes in the inerrancy of the Bible, and Christian fundamentalists are a core part of his support base. Austin says “The constituency sees China’s regime as totally hostile to their values”.

http://www.globalcapital.com/special-reports?issueId=tgmngl34p42s


Dutch export credit agency can finance Russia’s shipbuilding projects despite sanctions

(PortNews, Moscow, 21 Septeember 2015) The Dutch export credit agency is ready to finance shipbuilding projects in Russia, Jan Fijnekam, Customer Finance Manager at Damen Shipyards, said today, September 21, at the International Conference “Advanced port fleet - the basis of safety” organized by media-group PortNews.

http://en.portnews.ru/news/206830/


Oman's ORPIC to use debt to finance most of $5.2 bln plastics plant

(Reuters, SOHAR, Oman, 8 September 2015) State-owned Oman Oil Refineries and Petroleum Industries Co (ORPIC) will borrow money to finance 70 percent of its $5.2 billion plastics production complex, its chief financial officer said on Tuesday. The complex, the Liwa Plastics Project, is being built in the northern port city of Sohar and aims to further diversify the sultanate's economy away from hydrocarbons. It is due to be completed in 2018. ORPIC has contacted 35 banks - both domestic and international - and eight export credit agencies, to fund the project.

http://www.reuters.com/article/2015/09/08/oman-orpic-debt-idUSL5N11E1RK20150908


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