(Het Financieele Dagblad, Amsterdam, 13 May 2008) Dutch NGO Both Ends notes that recently proposed legislation could increase developing nation debt and that vulnerable groups and the environment are threatened by this new policy, while independent oversight of Atradius DSB will be reduced when more supervision is needed.
Index for May 2008
Volume 7, Issue 5
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(ECA Watch, Ottawa, 29 May 2008) The export credit agencies (ECAs) of Germany, Austria and Switzerland held meetings in Vienna on May 13-14, 2008 to try to overcome Turkey's failure to meet some 150 conditions imposed by the 3 OECD ECAs prior to approval of funding for the controversial project, the construction of which has already begun.
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(Engineering News, Johannesburg, 16 May 2008) South Africa's power utility Eskom is reviewing plans for nuclear power development to meet electricity needs after bids well above estimates came in from Areva of France and Toshiba's Westinghouse, supported by a combination of income ranging from export credit guarantees, local bonds, international issues, corporate paper bonds, development finance institutions and higher tariffs.
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(EDC, Ottawa, 30 April 2008) EDC has issued a Statement on Human Rights, setting principles that guide its consideration of potential impacts on the human rights of individuals affected by transactions EDC has been asked to support. EDC has been criticized by NGOs over its human rights policies and the Government of Canada will conduct a Legislative Review of EDC’s mandate and performance in 2008. In addition, Canada's Auditor General will also undertake a Special Examination of the non-financial aspects of EDC’s business, including progress in CSR initiatives, policies and practices.
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(Wall Street Journal, 19 May 2008) XOJet Inc., a private-aviation company backed by buyout firm TPG, has secured $2.5 billion in new financing, including $400 million from Canada's export credit agency, Export Development Canada, to fund the purchase of Bombardier's Challenger jets. It also plans to launch an international expansion in partnership with Tasameem, the real-estate arm of the Abu Dhabi Investment Authority.
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(WOAI.COM, San Antonio Texas, 5 May 2008) San Antonio businessman Andrew Parker, owner of an export company San Antonio Trade Group, Inc. has been indicted on fraud charges. Court documents claim he was a major player in a scheme to defraud the US Export Import Bank of US$163 million. The F.B.I. and the I.R.S. have been investigating Parker for more than 2 years, saying he solicited Mexican-based companies, helped them find lending agencies in the U.S., and helped the borrowers get loans using false information.
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(Domain-B.com, Mumbai, 15 May 2008) Power Finance Corporation Limited (PFC) will get an $800 million credit facility from the Export Import Bank of the US (US Exim) for financing projects for integrated development of Indian power and associated sectors. The use of special delegated line of credit under this facility will be subject to the approval of Reserve Bank of India and it will not require any guarantee from the Government of India.
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(Tradingmarkets.com, New Delhi, 1 May 2008) The Indian Government has approved waiving of Rs 347 crore (US$81.4 million) payable by Cuban companies to firms in India for imported goods. The move will facilitate resumption of credit facilities, insurance cover by EXIM Bank and Export Credit Guarantee Corporation of India to Cuba and enhance bilateral trade and investment.
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(OECD, Paris, 13 May 2008) The OECD's Export Credit Division has released a 16 page outline of the milestones of the Arrangement on Officially Supported Export Credits and challenges to the ECG to widen participation in their export credit rules to new players through the OECD strategy of accession and enhanced engagement.