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."