(ECA Watch, 19 December 2006) The UK’s Serious Fraud Office has closed its corruption investigation into an ECGD guaranteed British defence contract with Saudi Arabia. ECA Watch members CAAT and the Cornerhouse are exploring the possibility of taking legal action against the decision.

(IHT, Paris, 29 november 2005) Could OECD Secretary General elect José Angel Gurría be the new face for the globalizing economy? OECD admirers call the Paris-based body “the world’s greatest think tank.” But detractors say the OECD risks irrelevance, lacking the stature of other international organizations like the United Nations, the World Bank or the International Monetary Fund. Gurría, 55, recognizes these dangers and plans to turn it into a “secretariat of the globalization process.”

(Guardian, London, 20 December 2005) A Guardian investigation has discovered that steel bridges costing more than £400m have been sold to the Philippines by the Mabey family, all secured with UK government-backed loans and grants. But as many as 22% of the crossings, which were supposed to open up flood-prone jungle terrain, have no roads to go with them.

(The Corner House, Dorset, 19 December 2005) OECD Export Credit Group Member ECAs seem poised to subsidize new dam construction now with newly authorized subsidies. Nicholas Hildyard addresses the real and damaging conflicts that dams (and other large infrastructure projects such as oil pipelines and mines) can cause and exacerbate. Infrastructure development is often at the junction where conflicts over resources and decision-making meet, where future conflicts are created and where past conflicts are perpetuated. This paper raises key questions about decision-making, and political and economic power, about wider geo-politics and re-colonisation.

(EDC, Ottawa 29 November 2005) – An Export Development Canada (EDC) report indicates that global capital flows returned to developing markets in 2004 and 2005. EDC also suggests that the pace of foreign direct investment (FDI) is likely to fall off in 2006 as the global economy slows and credit risks increase. Falling FDI may increase demand for ECA support in emerging markets for riskier projects.

(Xinhuanet, Shanghai, 9 December 2005) China has been facing increasing risks in international trade and a survey indicates its ratio of bad accounts in exports is 5%, ten to 20 times the average for developed countries. China falls behind in terms of experience, construction of financial and credit supporting networks, basic research on risk control and relevant technological developments according to the deputy general manager of China Export and Credit Insurance Corporation (SINOSURE).

(The Australian, Sydney, 20 December 2005) Nauru lost its air link with the world last week when the U.S. Ex-Im Bank repossessed the debt-laden Pacific nation’s sole passenger aircraft at Melbourne Airport. Nauru lost the plane after a failed legal attempt to put the U.S. on trial in a bizarre case involving spies, terrorism and North Korean defectors.

(Scottish National Party, Edinburgh, 22 November 2005) SNP Europe Spokesman Alyn Smith MEP is calling for Scots to have control of their share of the UK’s International aid budget, stating that the Department for International Development (DFID) has in the past used their budgets to assist with export credit guarantees for arms or unnecessary investment in developing countries rather than concentrating on core needs.

(Antara News, Jakarta, 30 November 2005) In November, the U.S. lifted its embargo on military sales to Indonesia. Now the Indonesian Army plans to use export credit facilities to purchase helicopter replacements and parts.

(Reuters, Sofia, 7 December 2005) – U.S. energy firm AES on Wednesday launched a €1 billion (US$1.17 billion) project to build a new thermal power plant in Bulgaria that would help the Balkan state remain the region’s leading power producer. Under the 12.5-year debt facility, EBRD will lend 105 million euros, while the banks will provide the remaining funds, insured by EBRD, the German and French export credit agencies and the World Bank’s investment guarantee agency MIGA.