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.

Featured publications and stories

What's New April 2016

"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 approves revisions to the Common Approaches for Export Credits and Environmental and Social Due Diligence
  • OECD Agreement on export credits and coal plants: WWF raises key implimentation issues
  • France, Germany halt Airbus export credit amid UK corruption probe
  • U.K. touts satellite finance advantages over Coface, US ExIm
  • ECAs and Coal in Turkey’s Energy and Climate Policies
  • Bpifrance to take over as French ECA by end of 2016
  • China unveils steps to support exports to help economy
  • Italy extends $5bn credit line and export guarantees to Iran
  • Global call to Exim Bank of India to Stop support for the Rampal Coal Power plant
  • Late Payment Affects 90% of Businesses in Western Europe, Atradius Survey Reveals
  • Could Trump winning the nomination be a good thing for US Ex-Im?
  • Emerging trends in Gulf PPP projects and ECA finance

OECD approves revisions to the Common Approaches for Export Credits and Environmental and Social Due Diligence

(OECD, Paris, 6 April 2016) In 2015, the ECG agreed that a thorough review of the 2012 Recommendation was not necessary, given Members’ limited implementation experience, but that some of its elements should be revised. The Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence was adopted by the OECD Council on 28 June 2012; a revised text was subsequently adopted by the OECD Council on 6 April 2016 based on discussions finalized in November 2015.

http://www.oecd.org/trade/xcred/the2012commonapproaches.htm


OECD Agreement on export credits and coal plants: WWF raises key implimentation issues

(WWF, Brussels, 8 March 2016) A WWF short brief to the OECD's Export Credit Working Group (ECG) highlights scientific research showing that new coal plants are not compatible with 1.5/2°C climate change scenarios, and what this should mean in terms of implementation of the OECD sector understanding on export credits for coal-fired electricity generation adopted on 17 November 2015. A full briefing with detailed NGO views/recommendations will be presented at the next OECD ECG meeting planned for the 6th to 10th of June 2016. In order to contribute to the fight against climate change, the OECD Export Credit Group on the 17th of November 2015 adopted a ‘Sector Understanding on export credits for coal-fired electricity generation projects’. This Sector Understanding has been added as Annex VI to the Arrangement on Officially Supported Export Credits.

http://www.eca-watch.org/sites/eca-watch.org/files/WWF%20OECD%20agreement%20key%...


France, Germany halt Airbus export credit amid UK corruption probe

(Reuters, Paris/Berlin, 8 April 2016) - France and Germany have joined Britain in suspending export credit facilities for Airbus jet deliveries, expanding the fallout from a potential corruption probe in Britain, several people familiar with the matter said on Friday. The move follows Britain's decision last week to suspend financing and alert the Serious Fraud Office after Airbus Group said it had found anomalies over the declaration of overseas agents and that it had itself notified the UK authorities. Unusually, it leaves the world's two largest planemakers, Airbus and Boeing, both facing paralysis over government export financing as Congressional delays leave U.S. Export Import bank unable to support Airbus's U.S. rival. To make things more complex, Airbus Group SE may open itself up to financing from an unlikely source when the first jet is delivered Monday from its new factory in Alabama: the U.S. Export-Import Bank.

http://uk.mobile.reuters.com/article/idUKKCN0X526X?irpc=932


U.K. touts satellite finance advantages over Coface, US ExIm

(Space News, London, 15 April 2016) Britain’s export-credit agency may be the most attractive source of satellite project financing that almost none one has heard of or uses. While its more active counterparts in the United States and France are most comfortable guaranteeing loans only when a large majority of the work done in these nations, U.K. Export Finance is willing to support projects with as little as 20 percent U.K. content, said Peter Maplestone, senior underwriter at the agency and responsible for satellite export programs.

http://spacenews.com/u-k-export-finance-says-it-has-satellite-finance-advantages...


ECAs and Coal in Turkey’s Energy and Climate Policies

(Sabanci University, Istanbul, Novermber 2015) A November 2015 report from the Sabancı University Istanbul Policy Center recently translated to English addresses the current status of coal in Turkey as an energy and greenhouse gas source, its impacts on health, the association between increasing the share of coal in electricity generation and climate and economic policies, and the discussions on “clean coal.” The share of coal, oil, and gas in Turkey’s primary energy supply was 88% in 2013. Almost more than 70% of electricity is produced from fossil fuels. Total installed capacity is 71 GW, 20.5% of this coming from coal-fired power plants. The installed capacity of coal-fired power plants has increased by 77% when compared to 2004. According to a September 2015 Oil Change International report on The Cost of Subsidizing Fossil Fuel Production In Turkey, "most of the US$1.5 billion of international public finance going to coal in Turkey came from ECAs, specifically OECD export credit agencies. (p.12)

http://ipc.sabanciuniv.edu/en/wp-content/uploads/2015/11/CoalReport.pdf


Bpifrance to take over as French ECA by end of 2016

(Global Trade Review, Paris, 16 April 2016) France’s export credit agency (ECA) activities will be placed under the responsibility of the Banque Publique d’Investissement (Bpifrance) by the end of this year, now that the conditions of the transfer from Coface have been agreed on. Under the agreement, all of Coface’s public export guarantee activities will be moved to Bpifrance Assurance Export, a new subsidiary created for that purpose. All employees working on these activities will become Bpifrance employees, and even relevant IT systems will be transferred.

http://www.gtreview.com/news/europe/bpifrance-to-take-over-as-french-eca-by-end-...


China unveils steps to support exports to help economy

(Reuters, Beijing, 20 April 2016) China will take steps to boost exports, including encouraging banks to boost lending, expanding export credit insurance and raise tax rebates for some firms, the cabinet said on Wednesday, in the latest step to underpin growth. The government will also implement proactive import policies, supporting imports of advanced equipment and technology and will step up investment in roads, railways and airports in poorer regions and encourage its less developed western and central provinces to attract investment from more developed eastern provinces.

http://uk.reuters.com/article/us-china-economy-trade-idUKKCN0XH12F


Italy extends $5bn credit line and export guarantees to Iran

(Financial Times, Tehran/Rome, 12 April 2016) Italian financing agencies have teamed up to give Iran nearly €5bn in credit lines and guarantees for exports, in one of the most significant financial deals with the Islamic Republic since the landmark nuclear agreement that led to lifting of international sanctions. The Cassa Depositi e Prestiti, Italy’s state financing agency, which controls more than €350bn in assets, will issue €4bn in credit lines to Iranian public entities for them to fund big infrastructure projects such as railways and motorways. Italian companies such as Ferrovie dello Stato are expected to participate in those contracts. Sace, Italy’s export credit agency, will support the transactions by providing €4bn in guarantees for those deals and an additional €800m in funding for Italian SME’s doing business in the country.

https://next.ft.com/content/aac121ae-00c2-11e6-99cb-83242733f755


Global call to Exim Bank of India to Stop support for the Rampal Coal Power plant

(Bank Track, Nijmegen, 19 April 2016) The proposed Rampal coal-fired power plant (also known as the Maitree Super Thermal Power Project) in Bangladesh with the EPs. A July 2015 research report (pdf) shows that serious deficiencies in project design, planning, implementation and due diligence obligations render the project non-compliant with the minimum social and environmental standards established by the Equator Principles, as well as the International Finance Corporation’s Performance Standards which are a key part of the EPs. The Rampal coal plant is a proposed 1320-megawatt (MW) coal-fired power station to be located at Khulna division in southwest Bangladesh. The project is a 50:50 joint venture between the Bangladesh Power Development Board (BPDB) and India's partly state-owned National Thermal Power Corporation (NTPC), which signed a Memorandum of Understanding in August 2010 to jointly implement the project by 2016. The Indian Exim Bank is the main financier of the project and a coalition of Indian and Bangladesh organisations as well as European environmental and finance monitoring NGOs are petitioning them to refrain from financing the Rampal coal power plant.




Late Payment Affects 90% of Businesses in Western Europe, Atradius Survey Reveals

Around 90% of the respondents of the latest edition of the Atradius Payment Practices Barometer survey for Western Europe had invoices paid late by their B2B customers over the past year. Respondents in Great Britain were the hardest hit by late payment from export customers (46.4% of the total value of British export credit sales were reported to have been paid late by B2B customers, compared to a 38.3% average for Western Europe). Late payments resulted in an average of nearly 40% of the total value of B2B receivables being defaulted on. Respondents in Italy and Greece were the most adversely affected by late payments by domestic B2B customers (on average, nearly half of the total value of their B2B invoices were defaulted on, which is around 10% above the average for Western Europe).

http://www.prnewswire.com/news-releases/late-payment-affects-90-of-businesses-in...


Could Trump winning the nomination be a good thing for US Ex-Im?

(Trade & Export Finance, Washngton, 7 April 2016) Donald Trump seems to be on course to win the US Republican nomination. Trump, a conservative, is in favour of small government and it is believed would cheerfully close the US export credit agency, US Ex-Im Bank if he could. And although the ECA is now protected until 2019, a Republican appointed chairman and vice-chairman could effectively muzzle the capabilities of US Ex-Im until that time.

http://www.txfnews.com/News/Article/5509/Could-Trump-winning-the-primary-be-a-go...


Emerging trends in Gulf PPP projects and ECA finance

(Gulf Times, Doha, 24 April 2016) The fall in crude oil prices has had a significant impact on the fiscal positions of states in the Gulf Cooperation Council (GCC), and a number of infrastructure projects in the region have been delayed for the indefinite future. While GCC economies will continue to pursue infrastructure development as part of non – hydrocarbon diversification there are significant developments in the PPP segment in recent years to encourage the private sector to participate in a diverse range of projects and thus relieve the government from seeking additional debt or to suspend further essential projects. Debt financing for regional PPPs structured on a project finance basis has generally been characterised by long tenors, and mainly sourced from commercial banks and in the case of large projects through export credit agencies (ECAs). GCC governments are expected to pursue private sector financing as a way to plug budgetary gaps for public infrastructure development in a weak oil market.

http://www.gulf-times.com/story/489902/Emerging-trends-in-Gulf-PPP-projects


What's New March 2016

"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

  • Ethiopia's controversial Gibe IV dam secures Italian ECA finance
  • Why Germany will Struggle to Take on Iran’s Export Market
  • Iran signs first post-sanctions ECA deal with India Exim
  • Conservatives still blocking Export-Import Bank
  • In Boeing country, Clinton rips Sanders’ rancor toward Export-Import Bank
  • TXF Export Finance Report: ECA deal volumes drop by 29%
  • Trade credit insurers expect tough 2016
  • Coface closes Kurdistan deal despite two-year Isis delay
  • UKEF and Sinosure join forces to win new contracts
  • UKEF adopts Equator Principles

Ethiopia's controversial Gibe IV dam secures Italian ECA finance

(The Reporter, Addis Ababa, 12 March 2016) The long-awaited negotiation between Ethiopian Electric Power (EEP) and the Italian construction company, Salini Costruttori, has been finalized enabling the latter to commence with the building of the 2,200MW Gibe IV hydropower plant. The two institutions are also expected to formally ink an agreement shortly... Sources told The Reporter an Italian financial institution identified as Servizi Assicuative del Commerce Estero (SACE) has agreed to finance the project estimated at EUR 1.5 billion... The other massive Omo River hydroelectric power project–the 1,800-megawatt Gibe III–that was highly challenged by right groups in connection with indigenous tribes living around Lake Turkana was completed only a few months ago and has now started generating power partially. Construction of that dam began in 2006 with flagrant violations of Ethiopia’s own laws on environmental protection and procurement practices, and the national constitution. The project’s US$1.7 billion contract was awarded without competition to Italian construction giant Salini, raising serious questions about the project’s integrity. The Gibe III dam and expansion of large, irrigated plantations in the Lower Omo basin threatens the food security and local economies that support more than half a million people in southwest Ethiopia and along the shores of Kenya's Lake Turkana.

http://www.thereporterethiopia.com/content/gibe-iv-secures-finance


Why Germany will Struggle to Take on Iran’s Export Market

(The Market Mogul, London, 11 March 2016) Before the embargo, Iran was Germany’s most important European trade partner with almost $5bn in exports going to the country in the Middle East. Today, Germany wants to live up to earlier commercial successes after a considerable drop in exports during the trade embargo... Currently, there is no big European bank that engages in the financing of Iranian trade deals. European and specifically German banks are holding back export financing due to uncertainties in the market. One reason certainly is the missing due-diligence information about Iranian clients. More important, however, is the lack of export credit guarantees for the designated trades from Iran. Export credit guarantees are an essential part of German foreign trade policy, which protects German companies in the event of non-payment from its debtors. Many Iranian companies still hold old debt with German firms from trades before the embargo. Only when Iran has paid back its old debt of $560m are German banks willing to provide further export guarantees. While this issue should not be an obstacle, in the long run, it has and will certainly limit exports in the coming months.

http://themarketmogul.com/germany-will-struggle-take-irans-export-market/


Iran signs first post-sanctions ECA deal with India Exim

(Trade and Export Finance, London, 9 March 2016) The Export-Import Bank of India (India Exim) last month signed a $150 million line of credit with Iran's Bank of Industry and Mine (BIM) to finance rail upgrades in Iran. The deal, which will finance the supply of 150,000 tonnes of steel railway tracks from Indian exporter State Trading Corporation, is Iran's first post-sanctions export finance agreement... The project is linked to a wider Chinese-backed project to electrify more than 900 kilometres of railway between the capital of Tehran and the north eastern city of Mashad.

http://www.txfnews.com/News/Article/5470/Iran-signs-first-post-sanctions-ECA-dea...


Conservatives still blocking Export-Import Bank

(Houston Chronicle, Houston, 3 March 2016) The fight to empower a government agency that ensures U.S. companies can compete around the world, and even makes money for the taxpayer, is sadly not over. Ex-Im can't close any deals exceeding $10 million because of conservative opposition in the Senate... The Ex-Im bank is the latest victim of a conservative minority refusing to compromise. The bank board needs three of five directors to reach a quorum, but the chairman of the Senate Banking Committee refuses to fill one of three open seats... The lack of a quorum has held up six deals worth $2.6 billion so far.

http://www.houstonchronicle.com/business/columnists/tomlinson/article/Conservati...


In Boeing country, Clinton rips Sanders’ rancor toward Export-Import Bank

(Seattle Times, Seattle, 22 March 2016) The obscure U.S. Export-Import Bank moved to center stage in Washington’s Democratic presidential contest, as Hillary Clinton and her allies chided Bernie Sanders for opposing the bank, which plays an outsized role in this state. Speaking Tuesday at the Machinists union hall in Everett, Clinton said “I just shook my head” when Sanders joined conservative Republicans in criticizing the bank as a vehicle for corporate welfare... In Washington state, the bank reports that 162 of the 238 exporters it has helped in the last decade are small businesses... But the vast majority of the bank’s help to Washington companies, in terms of dollars, has gone to loan guarantees for financing foreign buyers of Boeing’s planes. Since 2007, $64 billion of the bank’s $65 billion in insured shipments, guaranteed credit or loans disbursed for Washington companies has gone to help Boeing.

http://www.seattletimes.com/seattle-news/politics/in-boeing-country-clinton-rips...


TXF Export Finance Report: ECA deal volumes drop by 29%

(Trade and Export Finance, London, 1 March 2016) The global volume of export credit agency (ECA) deals has fallen by nearly a third compared to 2014, according to TXF Data's 2015 Export Finance Report. In 2014 ECAs supported $119.33 billion of deals, but TXF's latest report reveals that the global total of all ECA transactions for 2015 was $84.63 billion – a drop of 29% year-on-year... Coface, the French export credit agency (ECA), was the single most active ECA in 2015 supporting a total of $7.73 billion worth of transactions while HSBC was the biggest lender of export credit agency (ECA) debt in 2015, signing a total of $4.54 billion of ECA-supported debt to borrowers... The report, which reviews all ECA transactions, calculates the most active ECAs by covered volume in 2015 by taking each ECA direct loan and guarantee and adding the total. The report only focuses on medium and long-term (MLT) debt and is based on deals submitted to www.tagmydeals.com...The report, which reviews all ECA transactions in 2015, calculates the top five lenders of last year by taking each bank’s individual exposure to every ECA deal and then adding the total. The report does not capture the most active bookrunners or arrangers of ECA debt but measures bank participation across all ECA-backed loans. HSBC topped the table with $4.54 billion, while Sumitomo Mitsui Banking Corporation (SMBC) was the second largest lender of ECA deals with $4.19 billion, Société Générale was the third largest ECA lender with $4.11 billion, ING Bank ranked fourth with $3.84 billion, and Crédit Agricole CIB was fifth overall offering $3.69 billion of ECA-supported loans to borrowers.

http://www.txfnews.com/News/Article/5453/TXF-Export-Finance-Report-ECA-deal-volu...


Trade credit insurers expect tough 2016

(Global Tade Review, London, 30 March 2016) A survey by members of the Berne Union and of the International Credit Insurance and Surety Association (ICISA) expect a mixed 2016 for trade credit insurance, with growth in premium income and insured turnover, but increases in claims and insolvencies in almost all regions... The joint survey was also an opportunity to highlight the increased co-operation between government-backed ECAs and the private sector... Kai Preugschat, secretary general of the Berne Union, explains: “We see increased co-operation between ECAs and private insurers, often with private members reinsuring ECAs. Private insurers have the advantage of the untied nature of their products, whereas ECAs are tied to the specific rules of their respective mandates.

http://www.gtreview.com/news/global/trade-credit-insurance-tough-2016/


Coface closes Kurdistan deal despite two-year Isis delay

(Trade and Export Finance, London, 23 march 2016) After two years of delays resulting from the war with Isis, French export credit agency (ECA) Coface last month provided its first ever guarantee in Iraqi Kurdistan to fund the purchase of turbines for the country’s Bazian power plant.

http://www.txfnews.com/News/Article/5487/Coface-closes-Kurdistan-deal-despite-tw...


UKEF and Sinosure join forces to win new contracts

(Global Trade Review, London, 23 March 2016) UK Export Finance (UKEF) and the China Export & Credit Insurance Corporation (Sinosure) have signed a mutually beneficial framework agreement aimed at increasing UK and Chinese exports... The agreement will see the two export credit agencies (ECAs) co-operate in supporting contracts in third countries involving both UK and Chinese exports... The agreement will also facilitate co-operation between Chinese and UK firms as they compete for business in other countries. As such, UKEF and Sinosure will work together to identify opportunities for trade in capital goods, equipment and services involving co-operation between the two countries.

http://www.gtreview.com/news/europe/ukef-and-sinosure-join-forces-to-win-new-con...


UKEF adopts Equator Principles

(Global Trade Review, London, 31 March 2016) UK Export Finance has adopted the Equator Principles, a global framework aiming to promote sustainable project financing. Introduced in 2003 and already adopted by 80 financial institutions, the Equator Principles are a risk management framework to determine, assess and manage environmental, social and human rights risk in projects... “This global framework will give UK exporters supported by UKEF confidence that environmental, social and human rights issues that may carry ethical or reputational risk have been given consideration as part of UKEF’s support to relevant projects. In adopting the Equator Principles, we do not anticipate any additional administrative burden to UK exporters applying for export finance support.

http://www.gtreview.com/news/europe/ukef-adopts-equator-principles/


What's New February 2016

"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

  • US Ex- Im Bank confirms serious labour rights violations at Reliance’s Sasan Power Project
  • ECAs shy away from ‘dirty’ coal deals
  • How new French ECA Bpifrance will differ from Coface
  • Proposal for UK aid money to be used to promote western exports
  • UK Government responds to UK Export Finance anti-bribery and corruption consultation
  • Reliance’s new ‘shopping line’ deal covered by Euler Hermes takes petchem spree to $17bn
  • Iran signs historic deal with Airbus with key ECA financing
  • Sinosure said to blacklist Nigeria

US Ex- Im Bank confirms serious labour rights violations at Reliance’s Sasan Power Project

(Srijan Lokhit Samiti, 9 February 2016) The Export Import Bank of the United States, a financer of Reliance’s Sasan Power Project in Madhya Pradesh, confirmed serious labour rights violations at the project, including 19 deaths. In the report “Report on Project Financing of Sasan Power Limited” dated September 2015, by the Office of Inspector General of the US governments's ExIm bank, it has been confirmed that Ex-Im Bank’s Chairman expressed his continued disappointment to the CEO of Reliance regarding the “poor safety” practices at the Project. In particular, the Chairman’s letter stated, “the number of all fatalities at the integrated Project is now 19 - which is both tragic and absolutely unacceptable.” Despite that, nothing changed on the ground. Most of these cases were not investigated, nor action taken against the Reliance for this serious lapses. Ex-Im Bank, despite expressing concerns about these cases, failed to take any action to ensure that such cases do not recur. A 15 October 2015 Los Angeles Times article also found that "the privately run Sasan power project — backed by hundreds of millions of dollars in U.S. government funding — has also generated land disputes, health and environmental concerns and financial hardship for villagers who say it has delivered little of what was promised."

https://lokhitsamiti.wordpress.com/2016/02/09/us-ex-im-bank-confirms-serious-lab...


ECAs shy away from ‘dirty’ coal deals

(Trade & Export Finance, London, 8 February 2016) Low prices and dwindling sources of finance are forcing coal producers to turn increasingly to export credit agencies (ECAs) to support their capital needs. But ECAs and their governments, increasingly driven by environmental concerns, show little or no appetite for coal projects... In December 2015, the participants in the OECD Arrangement on Officially Supported Export Credits agreed new restrictions on providing support to inefficient coal power stations, specifically as a way of tackling climate change... The OECD coal ruling was surprisingly popular among member states, with only Australia and Japan consistently opposed to the proposal...After two years of negotiations, the final agreement made one concession, which allows ECAs to support high-efficiency coal project deals.

http://www.txfnews.com/News/Article/5433/ECAs-shy-away-from-dirty-coal-deals#


How new French ECA Bpifrance will differ from Coface

(Trade & Export Finance, London, 29 January 2016) A new law was passed in France last month which will change the face of the country's export credit agency (ECA). After nearly 70 years as France's ECA Coface is set to transfer the handling of state export credit guarantees to French public investment bank, Bpifrance. The change is due to take place at some point in 2016. Sources close to the market state that the move will have a wider impact on French export credit guarantees than merely a name change, and predict that some of the changes could even ensure cheaper pricing on French ECA deals. One of the big amendments which is set to happen is the French state's introduction of direct, rather than indirect guarantees for Bpifrance cover.

http://www.txfnews.com/News/Article/5424/How-new-French-ECA-Bpifrance-will-diffe...


Proposal for UK aid money to be used to promote western exports

(Jubilee Debt Campaign, Liege, 10 February 2016) The UK’s Department for International Development is considering using aid money to subsidise lower interest rates for export credits for some low income countries... Under OECD rules, Western government export credit agencies, such as UK Export Finance, are only supposed to lend to low income country governments at lower interest rates. But UK Export Finance does not have such a ‘concessional lending’ arm so the UK government claims it is currently blocked from supporting exports to some low income countries. The response to this problem is to propose to use UK aid money to subsidise lower interest rates. However, it is debatable whether it would be illegal under UK law to subsidise loans tied to British exports, so the proposal is for these subsidies to be available to any export credit agency.

http://cadtm.org/Debt-policy-update-from-Jubilee


UK Government responds to UK Export Finance anti-bribery and corruption consultation

(UK Export Finance, London, 28 January 2016) The UK Government's response to its anti-bribery and corruption consultation was published on 28th January 2016. The response is the result of almost a year of consultation. Responses were invited from interested parties by 15 May 2015. Ten responses were received, including from financial institutions, consultancies, Non-Governmental Organizations (NGOs) and one law firm. The report includes annexes reproducing respondent submissions, including ECA Watch member The Corner House (p.29)

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/495926...


Reliance’s new ‘shopping line’ deal covered by Euler Hermes takes petchem spree to $17bn

(Trade & Export Finance, London, 9 February 2016) Reliance Industries’ latest €950 million ($1.04 billion) export credit agency (ECA)-backed deal is expected to push its capital expenditure spree in refinery and petrochemical expansion projects to approximately $17 billion. The Mumbai-based conglomerate – with business across India engaged in energy, petrochemicals, textiles, retail and telecommunications – signed an innovative ‘shopping line’ credit facility with nine banks in December. This deal, which has an 11-year tenor and is covered by German ECA Euler Hermes, will fund the purchase of equipment primarily from German engineers Linde and MAN for Reliance’s largest existing petrochemicals plant, located in Jamnagar in the north-western province of Gujurat.

http://www.txfnews.com/News/Article/5434/Reliances-new-shopping-line-deal-takes-...


Iran signs historic deal with Airbus with key ECA financing

(Trend News Agency, Baku, 30 January 2016) Over the past ten years and after the removal of crippling nuclear-related sanctions on Iran, Hassan Rouhani was the first Iranian president to visit Europe breaking the deadlock over ties between the Islamic Republic and its traditional trade partners. In addition to a raft of deals ranging from energy to industry and environment, Rouhani paved the way for signing a deal which surely opens a new chapter in the history of Iran’s aviation which has suffered from a worn-out fleet over the past decades claiming at least 1,168 lives between 1979 and 2014. After 21 years of embargo on Iran’s aviation, finally on January 28, Tehran signed a historic deal with Airbus for the purchase of 118 airliners (73 widebodies, 45 single aisle) including 12 A380 superjumbos worth $25 billion at list prices...  The airbus deal would not be inked if was not the financial contribution that Rouhani secured at the first stop of his Europe tour in Rome, where the Italian Export Credit Agency, SACE, and Iran’s Central Bank (CBI) signed a settlement agreement for the recovery of the sovereign credit due to SACE by Iranian counterparties.

http://en.trend.az/iran/business/2487914.html


Sinosure said to blacklist Nigeria

(Get-Top-News, Guangzhou, 19 February 2016) According to Nigeria's Business Daily (February 16) due to the deterioration of Nigerian foreign exchange environment, China Export & Credit Insurance Corporation (also known as Sinosure) will blacklist Nigeria. Nigerian Central Bank (CBN) extreme foreign exchange controls has resulted in market the dollar shortage, international investors and companies have complained about this and more. According to an unnamed informed source, CITIC has notified its customers will not accept deals with Nigeria.

http://m.get-top-news.com/news-11777216.html


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