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 for October 2023

"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.

  • Fossil Free Export Credit Agencies – a new web resource
  • Alignment of US EXIM with US climate and development policy objectives
  • EXIM Board Unanimously Approves Financing for 3 projects in Romania Kazakhstan and Iraq
  • Israel-Hamas conflict: Indian exporters may face higher risk premiums shipping costs
  • EU and UK seek ban on ECA subsidies for foreign fossil fuel projects
  • ECAs and Reconstruction in Ukraine
  • UKEF Announces Financial Support for Ukraine’s Nuclear Fuel Supply
  • CPChem QatarEnergy finalize financing on $6 bn Ras Laffan Qatar petrochemicals project
  • Afreximbank signs US$300mn deal to support Congolese crude oil production
  • Uganda crude pipeline nears Sinosure $3bn funding deal
  • Hai Long team confirms €3bn Taiwan wind financing deal
  • India's Reliance Jio Secures $2 Bn In Largest FY24 Offshore Loan with Finnvera backing
  • SACE Meets India: Facilitating $1.6 Billion for Green Transitions
  • Germany offers cheaper export credit support in new climate policy
  • ECAs and the airline industry’s financial landscape
  • Afri-Exim  ICRC approve $1.2bn for moribund Burutu port
  • Egypt in talks to secure $2.1 bln loan for 2nd high-speed rail line
  • London Hosts West and Central Africa Trade Forum
  • Citigroup: The future of export agency finance
  • Over 250 organizations support OECD end to $41 billion annual fossil fuel finance

Fossil Free Export Credit Agencies – a new web resource

The climate crisis can't be solved if export credit agencies continue to support fossil fuels. We, a group of concerned civil society organizations, call on governments to immediately end all export credit and other public support for fossil fuels.


Alignment of US EXIM with US climate and development policy objectives

(Oxfam America, Boston, 16 October 2023) This 51 page study assesses the alignment of the United States Export-Import Bank (EXIM) — the official export credit agency (ECA) of the US — with the country’s climate and development policy objectives derived from relevant Executive Orders (EOs), acts, guidance, and strategic policy documents. Export credit agencies (ECAs) like the Export-Import Bank of the United States (EXIM) are government-backed private or public agencies with a mandate to promote national exports through loans, guarantees, and insurance to domestic companies or foreign buyers. EXIM exerts great leverage by reducing the risk of private investments and, consequently, supports the expansion of specific industry sectors such as aircraft, manufacturing, and oil and gas. In developing countries, ECAs often finance large-scale energy infrastructure projects with significant lifetimes that disproportionately benefit carbon-intensive industries, increasing greenhouse gas (GHG) emissions (OECD n.d.). In fact, ECAs are the largest category of public finance institutions (PFIs) supporting fossil fuel investments. Between 2019 and 2021, G20 ECAs facilitated transactions amounting to $34 billion per year for fossil fuels, over 90 percent of which were for oil and gas. The share of clean energy transactions in ECA portfolios was considerably lower, with only $4.7 billion per year over the same period.


EXIM Board Unanimously Approves Financing for 3 projects in Romania, Kazakhstan and Iraq

(EXIM, Washington, 22 September 2023) The Board of Directors of EXIM has approved 3 transactions in the energy and transportation sectors. The first transaction a direct loan for more than $57 million to EnergoNuclear S.A. to support pre-construction engineering and feasibility studies for the potential development of two nuclear reactors at the Cernavodă nuclear power plant complex in Romania. The transaction, issued under EXIM’s Engineering Multiplier Program, will support an estimated 200 new jobs in Texas and Illinois. The EXIM Board also approved a $594 million loan guarantee to the national railway of Kazakhstan, KTZ, to support the export of Wabtec locomotive and locomotive shunter kits to KTZ. The transaction will support an estimated 1,500 U.S. jobs. The final transaction approved by the Board was a $240 million guarantee of a loan to the Ministry of Electricity of the Republic of Iraq to finance the export of GE Energy products to support the repair and upgrade of operating gas turbines in ten locations in Iraq. The transaction is estimated to support approximately 500 U.S. jobs across California, Connecticut, Illinois, Ohio, Oregon, Massachusetts, and Nevada. [An aside re Iraq: A recent Brown University study found that the 2003-2011 Iraq war cost the US $2.9 trillion, over 500,000 lives, created 7 million refugees, nearly 8 million displaced persons and a legacy of ISIS like terrorism throughout the world. Pentagon spending since 2001 has totaled over $14 trillion, one-third to one-half of which went to defense contractors.]


Israel-Hamas conflict: Indian exporters may face higher risk premiums, shipping costs

(Devdiscours, New Deli, 8 October 2023) Indian exporters shipping goods to Israel may face higher insurance premiums and shipping costs due to the Israel-Hamas conflict, according to experts. For merchandise exports of India, the war may lead to higher insurance premiums and shipping costs. Indian ECA ECGC may charge higher risk premiums from Indian firms exporting to Israel, think tank Global Trade Research Initiative (GTRI) said on Sunday. ECGC Ltd (formerly Export Credit Guarantee Corporation of India Ltd) is wholly owned by the government of India. Mumbai-based exporter and founder chairman of Technocraft Industries India Sharad Kumar Saraf said the conflict may have an impact on Indian exporters in the short run. ''But if the war escalates, things may get bitter for our exporters of that region,'' Saraf said.


EU and UK seek ban on ECA subsidies for foreign fossil fuel projects

(Financial Times, Brussels, 29 October 2023) The UK and EU will push the world’s richest countries to end subsidies for foreign oil and gas operations and coal mining at a closed-door OECD meeting next month, according to people familiar with the matter. The proposal to cut off the biggest foreign source of public finance for fossil fuels is expected to spark heated negotiations at the OECD’s Paris headquarters. The move builds on a commitment by some OECD countries to align public finance institutions with Paris agreement goals to limit global warming to well below 2C and ideally 1.5C above preindustrial levels. But the effort to end subsidies for foreign projects will draw attention to the prevalence of domestic subsidies for oil and gas industries, even as a global deal to end fossil fuel production without the emissions captured at the upcoming UN COP28 climate summit looks increasingly unlikely. Ending export credit agencies’ provision of loans and guarantees for fossil fuel projects would be “an essential first step to keeping our international climate goals within reach”, said Nina Pušić, an export finance climate strategist at the US environment campaign group Oil Change International.


ECAs and Reconstruction in Ukraine

(Ukraine Recovery, London, 22 June 2023) The Ukraine Recovery Conference 2023 was co-chaired by the UK and Ukraine in London on 21-22 June 2023. The conference was a continuation of the cycle of annual events, with URC 2022 conducted jointly with Switzerland in Lugano. The conference focussed on mobilising international support for Ukraine's economic and social stabilisation and recovery from the effects of war, including through emergency assistance for immediate needs and financing private sector participation in the reconstruction process. URC 2023 showcased the strength and potential of the private sector in supporting Ukraine to “build back better”, working alongside a broad coalition of governments, international organisations and civil society. URC 2023 brought together Leaders, Ministers, and representatives of 59 states, 32 international organisations and international financial institutions, over 500 businesses, and 130 civil society organisations. Press articles this month (October) highlight Swedish, French, Dutch and Canadian support for aid to Ukraine: The Swedish government proposes to allocate SEK 333 million (about $30 million at the current exchange rate) for special export credit guarantees for companies trading with Ukraine; The French state-owned insurance company Bpifrance Assurance Export will insure French companies ready to invest in Ukraine and its recovery without waiting for the war to end; The Netherlands is allocating EUR 102 million for the third support package of assistance to Ukraine in 2023; Export Development Canada, without announcing specific funding has noted that it continues to closely monitor the situation in Ukraine, engage with Canadian exporters and qualified investors interested in the market and provide support through its suite of products.


UKEF Announces Financial Support for Ukraine’s Nuclear Fuel Supply

(Anyuak Media, Warsaw, 12 October 2023) UK Energy Secretary Grant Shapps has made a visit to Ukraine to announce fresh financial support aimed at reducing the country’s reliance on Russia for its nuclear fuel supply. The UK will provide a £192m loan guarantee to Ukraine’s national nuclear company, Energoatom, through the UK’s export credit agency, UK Export Finance. As part of the agreement, UK-headquartered Urenco will supply Energoatom with vital uranium enrichment services necessary for nuclear fuel. Currently, nuclear power accounts for more than half of Ukraine’s electricity generation


CPChem, QatarEnergy finalize financing on $6 bn Ras Laffan, Qatar, petrochemicals project

(Business Wire, San Francisco, 9 October 2023) Ras Laffan Petrochemicals, a joint venture company owned 30% by Chevron Phillips Chemical and 70% by QatarEnergy, today announced that it has secured $4.4 billion to finance an integrated polymers facility to be located in Ras Laffan Industrial City, Qatar. The project financing comprises commercial and Islamic lenders and a group of export credit agencies. Finalizing the financing is a key milestone in the development of the 435-acre petrochemical project, which will include the largest ethane cracker in the Middle East and one of the largest in the world. The two companies also are constructing a joint venture integrated polymers facility on the Texas Gulf Coast, which is expected to be operational in 2026.  [No information is available on which ECAs are involved.]


Afreximbank signs US$300mn deal to support Congolese crude oil production

(Global Trade Review, London, 4 October 2023) The African Export-Import Bank has agreed a US$300mn facility with Trident OGX Congo to bump up crude oil production in the Republic of the Congo. Other export credit agencies (ECAs) around the world have come under fire for continuing to finance the oil industry, most prominently the ECAs of western countries whose governments signed up to end international fossil fuel financing for new oil and gas projects. But some claim that global efforts to drastically scale back oil and gas production disadvantages African nations that have not yet reaped the economic benefits of fossil fuels, a tension borne out in the struggle over financing the East African crude oil pipeline. While western economies have had years to prepare for ESG requirements, Gwen Mwaba, director and global head of trade finance at Afreximbank, said that there was now “an expectation for Africa to fall in line immediately, when the reality is that we also need time to find our way on this journey. We should be given that space given how little we contribute to carbon emissions as a continent compared to the western world,” she said.


Uganda crude pipeline nears Sinosure $3bn funding deal

(Argus Media, Cape Town, 3 October 2023) Chinese export credit agency Sinosure is slated to complete talks with Uganda and oil companies TotalEnergies and CNOOC this month to provide $3bn for the country's crude export pipeline EACOP, after western financiers pulled out due to environmental concerns, Petroleum Authority of Uganda director Ernest Rubondo said today.



Hai Long team confirms €3bn Taiwan wind financing deal

(ReNews, Winchester UK, 17 October 2023) Northland Power and its partners have met all conditions and completed the NT$117bn (€3bn) financing for the 1 GW Hai Long offshore wind project off Taiwan. The financing will be provided by 16 international and local banks, including China Trust, Taipei Fubon Bank, Taiwan Life, Fubon Life, HSBC, Crédit Agricole Bank, Auspreci Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank MUFG Bank and Deutsche Bank. A high proportion of the funds in this joint loan case will be provided by local financial institutions. At the same time, Hai Long has obtained the highest credit guarantee ratio from Taiwan's history, provided by seven export credit agencies, including Export Development Canada (EDC), Japan Bank for International Cooperation (JBIC), Japan Trade Insurance (NEXI) and UK Export Finance Agency.


India's Reliance Jio Secures $2 Bn In Largest FY24 Offshore Loan with Finnvera backing

(Business World, Delhi, 3 October 2023) Reliance Jio, Indian telecom giant, has successfully raised nearly USD 2 billion (approximately Rs 16,640 crore), marking India's largest offshore loan in FY24, as reported by a media house. HSBC played a leading role in arranging this initiative, which is intended to finance the recent purchases of 5G network equipment from Nokia, a Finnish technology company. The report also reveals that Finnish export credit agency Finnvera has provided a similar insurance cover to safeguard Nokia, the supplier of Jio's 5G equipment and the global lenders associated with the telecommunications company. The inclusion of Finnvera insurance is expected to reduce Jio's overall funding costs for its 5G equipment. Such arrangements offer greater reassurance to global lenders and major 5G network suppliers involved in substantial deals.


SACE Meets India: Facilitating $1.6 Billion for Green Transitions

(Livemint, Mumbai, 17 October 2023) Italy’s Export Credit Agency, SACE, brought together a hundred leaders in Mumbai to explore trade and industrial synergies. SACE is currently evaluating $1.6 billion of new projects to facilitate the green transition in India. These projects are expected to promote and grow trade and industrial synergies between Italy and India in a diversified range of sectors including green technologies & renewable energy, infrastructure, automotive, and steel amongst others. In this scenario, SACE brought together a hundred leaders from the Indian and Italian business and finance communities in Mumbai for its event, “Italy meets India - A Push towards a Sustainable Future", to explore new potential business opportunities between Italy and India. SACE has an overall transaction portfolio of $173 billion and a presence in India through its office in Mumbai since 2012,


Germany offers cheaper export credit support in new climate policy

(Global Trade Review, London, 25 October 2023) Germany has become the latest country to offer more attractive export credit guarantee pricing and conditions for climate-friendly transactions. In a policy scheduled to take effect from November 1, applicants for export credit support from the energy, transport and heavy industry sectors will be graded based on the alignment of their transactions to the Paris Agreement target of keeping global warming under 1.5 degrees Celsius. Export credit guarantees, investment guarantees and untied loans will be cheaper for transactions that support the 1.5 degrees goal. The down payment on local costs will also be waived, government coverage will be boosted from 95% to 98%, and German content will only need to form 30% of the overall transaction. Additionally, a surcharge on local currencies will be removed, meaning the premium paid will remain the same regardless of the currency used. Current pricing and terms will apply to transactions classified as compliant with the global warming limitation target. Those that are not aligned will be refused cover. Overall, the policy aims to make German export credit cover with developed countries climate-neutral by 2045 and with developing countries by 2050. Euler Hermes administers the export credit policy, overseen by Berlin’s climate and economy ministry.


ECAs and the airline industry’s financial landscape

(IATA, London, 26 October 2023) Airline finances were a major focus at the World Financial and World Passenger Symposiums. Airlines generally raised more money than they needed during the pandemic and so have good liquidity on the whole, but it is estimated that the industry will need to invest about $5 trillion or some $175 billion per year to achieve its goal of net zero carbon emissions by 2050. Yet the 2023 profit for airlines will be just $10 billion and that is following three years of heavy losses. Clearly, aviation will need to access finance to support its sustainability initiatives. Increasing demand and sustainability mean that money is being spent and airlines are reluctant to raise more capital at the moment because of the high interest rates. Airlines will therefore soon start to access finance again. It is expected that in the United States bond issuing markets will be the most active element. In China and Asia-Pacific, local banks will, as usual, be the main sources for financing while other areas will look more at sale and leaseback as well as export credit agencies.


Afri-Exim, ICRC approve $1.2bn for moribund Burutu port

(Vanguard, Lagos, 4 October 2023) THE African Import Export Bank, Afri-Exim Bank, in collaboration with the Infrastructural Concession Regulatory Commission, ICRC, have approved a $1.2 billion loan facility to rehabilitate the moribund Burutu Port in Burutu, Delta State, Nigeria. An official of Afri-Exim Bank,  Mr. Hope Nyongo, disclosed that the Business Case for Burutu Port has been prepared by the ICRC and encouraged investors with similar projects to take advantage of Joint Project Preparation Facility to develop such facilities. He stated: “Because of the typical nature of the maritime and the lack of internal capacity, we have a facility called the Joint Project Preparation Facility initiated by Afri-Exim for port related development in Africa.


Egypt in talks to secure $2.1 bln loan for 2nd high-speed rail line

(Zawya, Dubai, 11 October 2023) The Egyptian government is currently negotiating with several international financing institutions to secure a $2.1 billion concessional loan for the implementation of the second high-speed rail line, two government officials told Asharq Business. The potential lenders include, the Italian Export Credit Agency and the German state-owned KfW Bank, one source noted. On a related note, five international firms are competing for a deal on supplying 21 trains for the first phase of Alexandria metro project at an estimated cost of up to $400 million, the sources said. The companies are the French Alstom, South Korea’s Hyundai, Spanish CAF, China’s CRRC, and Russian-based Transmashholding.


London Hosts West and Central Africa Trade Forum

(Mirage News, London, 17 October 2023) Delegations from seven African nations joined leading UK companies and investors to advance partnerships that promote economic growth and jobs. Organised by UK Export Finance (UKEF) - the UK's export credit agency - and DMA Invest, the Forum brings together prominent representatives from Benin, Cameroon, Cote d'Ivoire, the Democratic Republic of Congo, Guinea, Senegal and Togo to discuss new trade and investment opportunities with their UK counterparts that will benefit British businesses. It forms part of the Prime Minister's priority to grow the economy.


Citigroup: The future of export agency finance

(Global Trade Review, London, 24 October 2023) [In an article sponsored by CITI, GTR has published an overview of export finance by Richard Hodder, head of export agency finance at CITI.] "In today’s world of escalating environmental concerns and shifting global economic priorities, export credit agencies have the potential to play a pivotal role in advancing the transition to cleaner energy sources and sustainable development... “In terms of the energy transition, the sheer volume of financing that will be required to drive it, as well as the large size of individual projects, will necessitate a diversity of funding sources – and ECA support will be key,” says Hodder. “Looking at the enquiries across our network, we expect ECA demand to grow and remain at sustained high levels over the next decade.” [Citigroup Inc. hired HSBC Holdings Plc’s Richard Hodder in June 2023 to lead its export agency finance business as the Wall Street giant seeks to expand its trade operations.]


Over 250 organizations back groundbreaking efforts by OECD countries to end $41 billion a year in fossil fuel finance

(Price of Oil, Washington, 30 October 2023) As Organisation for Economic Co-operation and Development (OECD) delegates prepare to meet in Paris from November 6-10, over 250 civil society organizations (CSOs) from 30 countries published an open letter calling on negotiators to support an end to OECD export finance for fossil fuels. Signatories include Amnesty International, Greenpeace International, and Friends of the Earth International. The Financial Times (FT) has revealed that the UK and the EU will put forward proposals for doing so, with Canada planning to back the UK’s proposal. These efforts can end the USD 41 billion per year flowing to fossil fuel projects from government-run OECD export credit agencies (ECAs). The OECD Arrangement on Officially Supported Export Credits sets rules that all OECD country ECAs must follow.


What's New for September 2023

"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.

  • Rich country ECAs sink billions into oil and gas despite Cop26 pledge
  • ECA Market Booming Worldwide
  • Export Finance for Future (E3F) and accountability
  • Trade Credit Insurance Market Report by Development Factors 2031
  • UK, Japanese and Italian ECAs support projects in Africa
  • Uganda in talks with Chinese ECA for pipeline funds after Western banks cave in
  • FSD Africa Investments Pledges $19.5 Million to Fortify Africa’s Climate Resilience
  • UAE pledges $4.5bn for Africa clean energy projects
  • USEXIM to Invest $5 Billion in Space Industry
  • Ukraine’s ECA-backed exports hit record high
  • US Exim approves first domestic manufacturing deal
  • Could ECAs finance cleaner steel & industrial hubs?
  • Hungary Exim wins World Bank support for ING loan
  • Canada restricts subsidies, but delays plan to end billions more in ECA fossil fuel finance

Rich country ECAs sink billions into oil and gas despite Cop26 pledge

(Climate Change News, Broadstairs UK, 7 September 2023) The US, Germany and Italy have been accused of backsliding on a Glasgow promise to end public subsidies to fossil fuel projects overseas. They are among rich countries providing billions of dollars of public subsidies to fossil fuel projects abroad this year despite promises to end this support. Export credit and development agencies from six developed nations have approved $4.4 billion in funding for oil and gas projects overseas since the start of 2023, research from campaigning group Oil Change International shows. More than half of the total financing has been provided by the United States ($1.5 billion) and Italy ($1.2 billion), followed by Germany, Japan, the Netherlands and Switzerland. Common Dreams notes that: "The U.S., Italy, and Germany are going rogue by backtracking on their commitment to end international public finance for fossil fuels," said one analyst. "There needs to be accountability."


ECA Market Booming Worldwide

(openPR, 7 September 2023) The latest study published by HTF MI Research on the "Import Export Insurance Market'' evaluates market size, trend and forecast to 2029. Some of the Major Companies covered in this Research are Atradius (Netherlands), Euler Hermes/Allianz Trade (France), Coface (France), Zurich Insurance Group (Switzerland), Chubb Limited (Switzerland), Allianz SE (Germany), Liberty Mutual Insurance (United States), Tokio Marine Holdings (Japan), AXA XL (France), QBE Insurance Group (Australia), Sompo Holdings (Japan), AIG (American International Group) (United States). According to HTF Market Intelligence, the Global Import Export Insurance market [is] to witness a CAGR (compound annual growth rate) of 8.4%, an increase by USD 7.94 Bn, during the forecast period of 2023-2028. Global Import Export Insurance Market Breakdown by Application (Manufacturing, Agriculture, Energy, Retail, Others) by Type (Export Credit Insurance, Marine Insurance, Political Risk Insurance, International Product Liability, Others) by Organization Size (Large Enterprise, Small and Medium Enterprise (SMEs)) and by Geography (North America, South America, Europe, Asia Pacific, MEA).


Export Finance for Future (E3F) and accountability

(LinkedIn, Sunnyvale CA, Unknown date) An international coalition working to harness public export finance as a key driver in the fight against climate change. [ECA Watch note: Unfortunately E3F uses the LinkedIN professional network which relies on professional contacts, does not display dates for postings, and uses a format which is much less public than web page or Facebook networks, thus much less open to public information sharing and accountability.] E3F was launched by 7 European countries at ministerial level in April 2021 to align public export finance with climate goals. More specifically, the coalition aims to increase support for sustainable and climate-friendly projects and accelerate the progressive phasing out of fossil fuel related projects. With this, the coalition members, currently composed of the governments of Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Spain, Sweden and the United Kingdom, reaffirm their commitment to contribute to the climate goals of the Paris Agreement and to promote consistent international standards and pursue ambitious multilateral action. All current members are also signatories to the COP26 statement on international public support for the clean energy transition. From the E3F LinkedIn page: "Denmark is pleased to announce that Denmark will take over the chairpersonship of the Export Finance for Future (E3F) Coalition for the coming year. The coalition warmly thanks Germany for their efforts and for successfully steering E3F through the last year, maintaining our commitments and ambition through the energy crisis. There is a solid foundation for moving E3F further, and Denmark looks forward to taking up the mantle. The focus for the coming year will be on ensuring the continued credibility and increasing the visibility of the coalition, fostering dialogue with non-members and stakeholders, deepening the coalition and strengthening the coherence with other government initiatives." German NGO World Economy, Ecology & Development (WEED) has urged Denmark within E3F to "push all members to adopt ambitious local stratgies to end export finance for fossil fuels! - where Germany failed during their chairpersonship!"


Trade Credit Insurance Market Report by Development Factors 2031

(Benzinga, Detroit, 11 September 2023) The Trade Credit Insurance Market Insights of 2023 is an extensive and comprehensive report that provides a complete analysis of the market's size, shares, revenues, various segments, drivers, trends, growth, and development. The Trade Credit Insurance market is expected to grow annually by (CAGR 2023 - 2031). The Trade Credit Insurance market report is a striking 131 pages that includes a comprehensive table of contents, a list of figures, tables, and charts, as well as extensive analysis. This report offers valuable insights to industry stakeholders and vendors. The report highlights company profiles, financial metrics, market demands, technological innovations, and regional developments. [A single user license costs US$4000.]


UK, Japanese and Italian ECAs support projects in Africa

Zawya, Dubai, 7 September 2023) The UK and Japanese export credit agencies (ECAs) have signed a memorandum of understanding (MoU) to support their future collaboration on sustainable projects worldwide, especially in Africa. The terms of the agreement will guide the UK Export Finance (UKEF) and Nippon Export and Investment Insurance (NEXI) to collaborate on projects around the world – especially in Africa and the Indo-Pacific – which draw on UK and Japanese supply chains, the UKEF said in a statement. With a focus on export credit policy and co-investment projects, the partnership between the two ECAs will support the international competitiveness of UK and Japanese businesses as they seek to access global trading opportunities, the statement added. In other news, The director of Mozambique NGO Justiça Ambiental has charged that "rich countries are addicted to fossil fuels" and emphasized the importance of fighting against oil and gas projects, noting that "If there isn't a strong backlash, the rest of the world will follow soon and then there will be no chance for vulnerable countries like Mozambique to deal with the ravages of the climate crisis... Instead of supporting Mozambique to develop clean and just energy sources, these countries are pushing Mozambique down a fossil fuel development pathway." The director took aim at Italian export credit finance agency SACE for its involvement in "the gas rush in northern Mozambique, which has led to human rights abuses, devastated lives, increased conflict and militarization, and oppression of communities, journalists, and civil society."


Uganda in talks with Chinese ECA for pipeline funds after Western banks cave in

(Reuters, Kampala, 25 September 2023) Uganda is in advanced talks with Chinese export credit agency SINOSURE to provide credit for its crude oil pipeline after pressure from environmentalists forced some Western banks to recoil from the project, a top official said on Monday. The 1,445-kilometre (898-mile) East African Crude Oil Pipeline (EACOP) is planned to help Uganda export its crude from oilfields in the country's west via a port on Tanzania's Indian Ocean coast. It is co-owned by the government of Uganda, France's TotalEnergies (TTEF.PA), China's CNOOC (0883.HK) and Tanzania's Tanzania Petroleum Development Corporation (TPDC). The project will cost $5 billion, including the cost of credit and 40% of the money will be raised through debt while the rest will come from equity. Activists contend that the project violates the Equator Principles, a set of standards adopted by these specific lenders for assessing, determining, and managing social and environmental risk for project finance. In addition to Kampala, London, Paris, and New York, the Eacop demonstrations also took place in 18 other cities, including Tokyo, Johannesburg, Frankfurt, Brussels, Sendai, Hoima, Nagoya, Toronto, Fukuoka, Goma, Cape Town, Amsterdam, Copenhagen, and Vancouver.


FSD Africa Investments Pledges $19.5 Million to Fortify Africa’s Climate Resilience

(Techinafrica, South Africa, 8? September 2023) [A somewhat confused article apparently about an investment in un-named Latin American ride sharing services by an African investment fund backed by un-named ECAs.] "To enhance mobility and environmental sustainability in Latin America, FSD Africa Investments (FSDAi) [a UK International Development funded regional programme operating in more than 30 countries from its Kenya base] has forged a significant alliance with the [South African] ride-hailing service [app] InDrive." [An Uber cum taxi competitor now operating in 6 other African countries]. FSDAi’s investments in Acre Impact Capital’s Export Finance Fund I, the Catalyst Fund, and Camco’s Spark Energy Services underscore the institution’s commitment to collaborating with local investment managers and venture capitalists. The goal is to champion environmentally-conscious enterprises that might otherwise face challenges securing the necessary capital. [Support for privately owned automobile services is environmentally conscious?]


UAE pledges $4.5bn for Africa clean energy projects

(Argus Media, Nairobi, 5 September 2023) The UAE will provide $4.5bn in finance to accelerate the development of clean energy projects in Africa, UN climate summit Cop 28 president-designate Sultan al-Jaber said today at the Africa Climate Summit in Nairobi. Abu Dhabi's state-owned renewables firm Masdar, Abu Dhabi Fund for Development, Etihad Credit Insurance, the country's export credit agency and Amea Power — a Dubai-based renewable-energy company — will provide the funds, al-Jaber said. Africa development bank's Africa50 investment platform will act as a strategic partner to help identify initial projects. The pledge aims to "catalyse at least an additional $12.5bn from multilateral, public and private sources," al-Jaber said. "This initiative will target countries with clear transition plans, robust regulatory frameworks and a real commitment to putting the necessary grid infrastructure in place," he added. Africa's annual climate finance needs amount to $250bn, according to the African Development Bank, but the continent only receives 12pc of the total, and less than 2pc is going to adaptation, according to al-Jaber.


USEXIM to Invest $5 Billion in Space Industry

(CNBC, Paris, 11 September 2023) The U.S. export credit agency is working through a $5 billion pipeline of applications related to the space industry, as companies look to fund projects in orbit in a tighter capital market. The Export-Import Bank of the United States, or EXIM, is no stranger to financing space projects such as satellite and rocket products. EXIM generally sees more applications during tougher economic times, as the previous bulk of its financing for the space sector came between 2010 and 2015. “In our pipeline related to this industry, about $1.3 billion are likely to come to fruition within a year and another $4 billion that we’re looking at are a little less further along,” Judith Pryor, EXIM’s first vice president and vice chair of the board of directors, said on Monday at the 2023 World Satellite Business Week conference.


Ukraine’s ECA-backed exports hit record high

(Global Trade Review, London, 30 August 2023) The export credit agency (ECA) of Ukraine insured loans for exports worth more than Hrn1bn (US$27.1mn) for the first time last month, as the agency continues to increase the scale of its support for trade from the war-torn country. The Ukrainian ECA was founded in 2018, began operations in 2022 and in 2021 covered Hrn12.5mn in financing for exporters. A total of 10 exporters were supported across the country. The largest individual loan, for Hrn20mn, was issued in Kyiv. The three banks that have provided the most in loans in 2022/23 are two major Ukrainian banks, Oschadbank and Ukrgasbank, and Vienna-headquartered Raiffeisen Bank. They issued loans of Hrn256.3mn, Hrn229mn and Hrn210mn, respectively, financing exports worth a total of Hrn5.33bn. In July, Russia withdrew from the Black Sea Grain Initiative, an agreement that saw the safe shipment of grain from Ukraine, and so far no new deal has been successfully negotiated. The news also comes weeks after the Ukrainian central bank said it was removing a ban on ECA-backed loan repayments, put in place amid Russia’s invasion of the country. The National Bank of Ukraine had barred the repayment of principal and interest on loans from foreign lenders. Following the invasion, several ECAs suspended coverage for Ukrainian trade, and some claimed the ban on overseas payments was the reason. While several countries, including Canada, the UK and the US, kept their coverage and credit limits for exports to Ukraine, in September 2022 the agency asked ECAs to restore their pre-war coverage limits.


US Exim approves first domestic manufacturing deal

(Global Trade Review, London, 5 September 2023) The Export-Import Bank of the United States (US Exim) has approved the first transaction under its domestic manufacturing programme, a direct loan of US$4.7mn to a Pennsylvania-based technology firm. The transaction comes more than a year after US Exim formally launched its Make More in America Initiative (MMIA), which in the time since has made available the agency’s range of medium and long-term loans for the establishment or expansion of US-based manufacturing facilities with an “export nexus”. US Exim had been recommended to explore the possibility of creating such a product a year earlier, following a 100-day White House review of supply chains for critical products, such as minerals and semiconductors.


Could ECAs finance cleaner steel & industrial hubs?

(Clean Technica, Bradenton FL, 15 August 2023) The climate finance community should be watching Sweden. Swedish steelmaker H2 Green Steel (H2GS), founded in 2020 to produce (using renewable hydrogen), is completing a landmark €5 billion+ fundraise for its first plant in Boden, near the Arctic Circle in northern Sweden, an industrial project finance template is taking shape and it’s important: heavy industry produces 30% of global carbon emissions and steelmaking is 7% alone. Export credit agencies may be less nimble than private lenders, due to the government oversight and political constraints they must operate within. But for these first-of-a-kind deals, they are proving to be powerful allies, both as debt guarantors and direct lenders. In the H2GS deal, Swedish ECA Svensk Exportkredit participated in the €3.3 billion senior debt tranche alongside commercial banks. Meanwhile, the core ECA, Allianz-owned Euler Hermes, committed to guaranteeing €1.5 billion of the senior debt.


Hungary Exim wins World Bank support for ING loan

(Global Trade Review, London, 13 September 2023) The Hungarian Export-Import Bank (Hungary Exim) will boost sustainable lending after securing a €300mn loan extended by investment bank ING and covered by the investment insurance arm of the World Bank. The World Bank’s Multilateral Investment Guarantee Agency (Miga) issued €386mn in guarantees to ING, covering the Dutch lender’s principal, interest and other financing costs on the debt. Hungary Exim says it will use the credit line to launch new green financing products and primarily to support SMEs, although some “larger” sustainable projects may also benefit.


Canada restricts subsidies, but delays plan to end billions more in ECA fossil fuel finance

(Above Ground, Ottawa, 4 August 2023) Ottawa has taken a major step forward towards ending another significant component of its fossil fuel support. It announced last week a policy that makes Canada the first G20 country to publish a plan for delivering on the group’s 2009 commitment to phase out so-called “inefficient” subsidies to the fossil fuel sector. Under the new policy, federal support identified as a fossil fuel subsidy can no longer be provided unless it fulfills one of six criteria. Unfortunately, these criteria provide for significant exemptions that may allow fossil fuel companies peddling false climate solutions to benefit from billions of dollars a year in tax breaks and public spending. For example, Ottawa will still provide subsidies that facilitate “abated production processes” – language often used by oil companies to describe their use of carbon capture technology to reduce emissions from their own operations. This ignores the much larger quantity released when the fuels they produce are burned. Perhaps most significantly, the new policy leaves intact public financing from Export Development Canada (EDC), which Ottawa – contentiously – doesn’t consider a subsidy. Last year alone, EDC provided roughly $20 billion in financing to oil and gas companies, mostly in the form of loans, guarantees and insurance. This represents the overwhelming bulk of Canada’s financial support for the sector. Ottawa has pledged to “develop a plan” to phase out this financing as well. As of January the government has, under its Glasgow policy, barred EDC from providing new, direct financing for most oil and gas activities abroad. Yet this doesn’t touch the majority of EDC’s fossil fuel finance, which supports the industry’s operations in Canada.


What's New for August 2023

"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.

  • OECD Modernisation of the Arrangement on Export Credits
  • Australian Government sued for failing to report the climate and biodiversity impacts of subsidising fossil fuel projects
  • Green Groups Call on EXIM to Reject PNG LNG Project
  • US fossil fuel hypocrisy is betraying the planet
  • The BRICS come of age [But what role for ECAs?]
  • EU’s €45bn plan to tackle Latam productivity woes
  • Feet to the Fire: Big Oil and the Climate Crisis
  • India's Reliance Jio ties up $2.2 bn funding from Sweden's EKN for 5G equipment
  • New Chinese growth drivers sought to boost exports amid weak global demand
  • Sinosure’s Country Blacklist?
  • Russian ECA plans special loans for African companies
  • Four Emirati women lead UAE’s powerful financial institutions
  • UKEF to provide £192m loan guarantee to boost Ukraine nuclear capabilities
  • Arafura Rare Earths offered EDC and Euler Hermes support
  • Euler Hermes to back €1.29bn financing for Angolan solar infrastructure development
  • EDC trying to reclaim $347 million insurance payout to Suncor linked to Libya unrest

OECD Modernisation of the Arrangement on Export Credits

(Sullivan&Cromwell LLP, New York, 10 August 2023) On July 14, the OECD published the revised text of the Arrangement on Officially Supported Export Credits (the “Arrangement”). This forms part of the landmark modernisation of the Arrangement, as previewed in March of this year. The revised text of the Arrangement is intended to allow export credit agencies from participating countries to support a wider range of climate-friendly and sustainable projects on more flexible terms. The main changes are focused on (1) expanding the scope of “green projects” that benefit from more favourable terms; (2) extending repayment terms and introducing greater repayment flexibility; (3) simplifying the Arrangement; and (4) introducing a more robust transparency regime. [As noted in our June 2023 What's New, the agreement does nothing to restrict oil and gas financing. OECD ECAs supported fossil fuel exports by an average of $41 billion from 2018 to 2020, almost five times more than their clean energy support ($8.5 billion) over the same period. It remains to be seen if allowing for more climate friendly and sustainable finance actually makes it happen.]


Australian Government sued for failing to report the climate and biodiversity impacts of subsidising fossil fuel projects

(Jubilee Australia, NSW, 18 July 2023) Jubilee Australia, a human rights and environmental organisation, has filed legal proceedings this morning (18th July) in the Federal Court of Australia against federal government agencies that subsidise new fossil fuel projects but don’t disclose the full environmental impacts of those activities. The claim is against Export Finance Australia (EFA) which is Australia’s export credit agency, and the Northern Australia Infrastructure Facility (NAIF), a $7bn fund for infrastructure in northern Australia. Both provide taxpayer-subsidised finance for risky new fossil fuel and related projects that would otherwise not go ahead. “There are very real fears that without clearer climate commitments, EFA and NAIF could fund infrastructure in Darwin designed to support a massive expansion of fossil gas – such as Middle Arm, or to subsidise some of the world’s largest fossil fuel companies such as TotalEnergies and ExxonMobil’s Papua LNG project in Papua New Guinea, similar to what EFA has previously done,” Luke Fletcher Director of Jubilee Australia said.


Green Groups Call on EXIM to Reject PNG LNG Project

(Common Dreams, Portland, 29 August 2023) More than two dozen advocacy groups from Papua New Guinea, the Asia Pacific region, and the United States on Tuesday urged the U.S. export credit agency to reject a liquefied natural gas project that they warned “presents significant financial risks and opportunity costs, as well as harmful climate impacts.” The groups — including the Center for Environmental Law and Community Rights Inc. (CELCOR), Food & Water Watch, Friends of the Earth (FOE) United States, Global Witness, Oil Change International (OCI), and Sierra Club — wrote to U.S. Export-Import Bank (EXIM) Chair Reta Jo Lewis about the Papua LNG project led by TotalEnergies. The coalition argued that approving Papua LNG not only would contradict the Biden administration’s 2021 pledge to end new public support for fossil fuel energy projects abroad and “further position the United States as an international laggard on climate, but would further jeopardize international climate goals, risk $13 billion USD in stranded assets, and put Pacific frontline communities at further environmental, social, and economic risk.”


US fossil fuel hypocrisy is betraying the planet

(Al Jazeera, Washington, 30 July 2023) While the president's rhetoric aligns with global climate promises, his administration has approved massive fossil fuel projects. Ahead of its Climate Ambition Summit in September, the United Nations is calling on global leaders to phase out fossil fuels. US President Joe Biden is painfully falling behind on this agenda and must urgently get back on track to maintain any credibility in these climate discussions. As we suffer through extreme heat in the US and across the globe, President Biden has been protecting fossil fuel profits instead of people.  From the Willow Project in Alaska to Gulf LNG exports, Biden props up dangerous oil and gas projects and the corporations that value their bottom line over our future... skipping important permitting processes meant to protect people and the environment, The latest reports from the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC) show that maintaining a 50 percent chance of limiting global warming to 1.5 degrees Celsius (34.7 degrees Fahrenheit) requires an immediate end to investments in new coal, oil and gas production and hazardous liquified fossil gas (LNG) infrastructure. While Canada, the United Kingdom, and France have published policies keeping their promises to stop international funding for fossil fuels, the United States has refused to publish a policy.


The BRICS come of age [But what role for ECAs?]

(Project Syndicate, Cairo, 18 August 2023) by Hippolyte Fofack, Chief Economist and Director of Research at the African Export-Import Bank (Afreximbank). Given the BRICS’ economic success, more than 40 countries have shown an interest in joining the group and 22 have formally applied for membership. Expansion, trade and investment facilitation will be high on the agenda of the group's summit scheduled for August 22-24 in Johannesburg. They include many issues on which the bloc’s views diverge from those of the G7, such as sustainable development, global governance reform (especially reform of the IMF), and de-dollarization. An enlarged grouping could deepen trade and settlement in local currencies, accelerate de-dollarization, and lead the transition to a more multipolar world. The economic potential of Brazil, Russia, India, and China, the group – called the BRICS since the addition of South Africa – contributes more to global GDP (in purchasing-power-parity terms) than the G7. Since 2014, Russia’s trade with G7 countries has fallen by more than 36%, owing to unprecedented Western sanctions, while its trade with the other BRICS has increased by more than 121%. The International Monetary Fund forecasts that China and India alone will generate about half of global growth this year.  With geopolitical tensions running high, and the weaponization of the dollar for national-security purposes continuing to escalate, the BRICS have taken on new significance, offering trade diversion and other relief to weaken the effectiveness of sanctions and fast-tracking the transition to a multipolar world. Read the Summit Declaration here.


EU’s €45bn plan to tackle Latam productivity woes

(Financial Times, London, 31 July 2023) The European Commission’s recently released EU–LAC Global Gateway Investment Agenda identifies 130 types of projects scattered across the region in which it plans to inject €45bn by 2027. The roadmap targets the green transition, digitalisation, education and health, with projects in Chile, Colombia and Panama. “This is an enormous opportunity for Latin America to increase [European] partnerships, and receive not just investment but also technology transfer and finance to transform these areas,” says José Manuel Salazar-Xirinachs, executive secretary of the UN’s Economic Commission for Latin America and the Caribbean (ECLAC). The €45bn programme consists of funds and guarantees provided by the EU, its member states, development finance institutions and export credit agencies.


Feet to the Fire: Big Oil and the Climate Crisis

(Energy Portal EU, London, 12 August 2023) The transition to clean energy is sparking intense debates as the climate crisis worsens. While cities, universities, and pension funds across the U.S. have divested from fossil fuels, the divestment movement has faced obstacles. In California, a bill that would have required public pension funds to stop investing in the largest oil, gas, and coal companies was killed for the second consecutive year. The bill’s rejection was due to concerns over its impact on workers’ retirement funds. Banks also play a significant role in the climate crisis by financing governments in dealing with its effects and lending to fossil fuel companies. The frequency and intensity of climate-induced emergencies have overwhelmed scientists and journalists, calling for a new approach to disaster reporting. Instead of treating each disaster as unrelated, climate change should be recognized as the connecting factor among them. Germany recently released a draft policy for the provision of guarantees in the energy sector, contradicting its pledge to end international financing for coal, oil, and gas projects made at COP26. Germany’s export credit agency’s policy raises questions about its commitment to ending fossil fuel funding.


India's Reliance Jio ties up $2.2 bn funding from Sweden's EKN for 5G equipment

(Business India Today, Noida, 6 August 2023) "Reliance and its subsidiary Jio Infocomm JIL tied up its first ever Swedish Export Credit Agency (EKN) supported facilities of $2.2 billion equivalent making it the largest cover ever provided by EKN for a deal to a private corporate globally," Reliance Industries said, adding that the proceeds of the facilities shall be utilised to finance the equipment and services in relation to JIL's pan-India 5G roll out. Jio has committed to an investment of Rs 2 lakh crore to fulfill its ambitious pan-India 5G rollout plan, the company said. Jio started 5G network rollouts in October 2022. "Jio has launched its True 5G services across 2,300-plus cities/towns as of March 2023 and targets to achieve pan-India coverage by December 2023," the annual report said.


New Chinese growth drivers sought to boost exports amid weak global demand

(China Daily, Beijing, 9 August 2023) China's foreign trade grew steadily in the first seven months of the year but exports in July declined at a steeper-than-expected pace amid subdued global consumer demand, which highlights the need to roll out stronger policy steps to further boost the country's foreign trade, experts said on Tuesday. Li Dawei, researcher at the Chinese Academy of Macroeconomic Research's Institute for International Economy, said the authorities should offer services such as exchange rate hedging, process export tax rebates faster, expand the scale of export credit insurance services and enhance customs clearance to foster new drivers of export growth amid falling global demand for the country's traditional export products such as electronic items, clothing and footwear.


Sinosure’s Country Blacklist?

(Lexology, London, 22 August 2023) China’s Sinosure, a major (virtually the only) provider of export credit insurance to China’s factories, plays an instrumental role in facilitating trade between Chinese suppliers and international buyers. However, there’s an under-discussed aspect of their operations that is detrimental for certain countries: the so-called “country blacklist”. Sinosure has a well-documented history of denying (via its infamous blacklist) export credit insurance to companies with outstanding payments to Chinese suppliers. One list outrightly refuses insurance for buyers hailing from certain countries. Though it’s tricky to pinpoint the exact countries on this list, via discussions with industry stakeholders, past Sinosure employees, and clients I have compiled the below list of probable countries allegedly sidelined by Sinosure. The accuracy of this list is dubious. It is not based on any official Sinosure documentation or communications. However, the persistent rumors surrounding this list should not be ignored.


Russian ECA plans special loans for African companies

(Punch Nigeria, Lagos, 29 July 2023) President Vladimir Putin of Russia says his country will offer preferential loans to enable African companies to buy industrial goods from the European country and enjoy after-sales services. He said his government was devising a leasing mechanism tailored for Africa, and that the Russian Agency for Export Credit and Investment Insurance would provide insurance for the planned preferential loans. The Russian leader made the disclosure during the ongoing Russia-Africa Summit and Russia-Africa Economic and Humanitarian Forum holding in St. Petersburg, Russia. According to him, the Russia government is also about to establish a dedicated investment fund for co-financing infrastructure projects in the African continent.


Four Emirati women lead UAE’s powerful financial institutions

(Gulf Business, Dubai, 28 August 2023) With a career spanning nearly two decades, Raja Al Mazrouei joined Etihad Credit Insurance (ECI) as a board member in January 2022 and became the export credit agency’s managing director and CEO in November 2022 and January 2023, respectively. Other women recognized on Emirati Women’s Day include: Hana Al Rostamani, Group CEO, First Abu Dhabi Bank; Rola Abu Manneh, CEO, Standard Chartered UAE and Maryam Buti Al Suwaidi, CEO, Securities and Commodities Authority


UKEF to provide £192m loan guarantee to boost Ukraine nuclear capabilities

(Sky News, London, 23 Augut 2023) Energy secretary Grant Shapps has visited Ukraine to announce fresh financial support for its nuclear fuel supply in a bid to end its reliance on Russia. The UK will provide a £192m loan guarantee to Ukraine's national nuclear company, Energoatom via the UK's export credit agency, UK Export Finance. Through the deal, UK-headquartered Urenco will supply Energoatom with uranium enrichment services that are vital for nuclear fuel, with nuclear power generating over half of the country's electricity. The government hopes this will strengthen Ukraine's energy security and help end the country's dependence on nuclear services and nuclear fuel from Russia, as well as further isolate Vladmir Putin.


Arafura Rare Earths offered EDC and Euler Hermes support

(AUManufacturing, No Address Provided, 31 July 2023) Arafura Rare Earths pushed ahead with engineering work and construction of its giant Nolans rare earths project in the Northern Territory in the latest quarter despite a softening market for the critical metals. Arafura has received a letter of interest from Canadian export agency Export Development Canada for the provision of up to US$300 million in debt financing. Nolans has support from the Northern Australia Infrastructure Facility of $150 million and in principle support for a loan guarantee of up to US$600 million from German export credit agency Euler Hermes.


Euler Hermes to back €1.29bn financing for Angolan solar infrastructure development

(Bizcommunity, Cape Town, 31 July 2023) Standard Chartered plans to provide the Angolan Ministry of Finance €1.29bn in financing to construct solar photovoltaic electricity distribution infrastructure. The financing is backed by German export credit agency Euler Hermes. Of the €1.29bn total, €1.2bn is supported through Euler Hermes and the remaining €0.09bn is a commercial loan. The loan will fund 48 hybrid photovoltaic generation systems with energy storage that act as ‘mini grids’ and operate autonomously and aim to provide access to 100% renewable electricity for communities not connected to the national electricity grid.


EDC trying to reclaim $347 million insurance payout to Suncor linked to Libya unrest

(Bowen Island Undercurrent, BC, 2 August 2023) The federal government is trying to reclaim nearly $350 million in insurance paid to Suncor Energy Inc. by Export Development Canada in the wake of political unrest in Libya. The oil giant claimed $300 million in risk mitigation payments for losses linked to Libyan energy assets after fighting between rival political factions spread to the country's oil crescent region in 2015, a Federal Court judge said in a ruling this week. The total — $347 million with interest — was determined by an arbitrator in 2019. But Export Development Canada, which insures against losses caused by political violence, argues that Suncor's oil production facilities still deliver returns for the Calgary-based company. The insurance claim was paid under a policy underwritten by Export Development Canada for Petro-Canada in 2006, which Suncor then came into following their merger in 2009.