What's New for February 2025
ECA Watch has been working to bring you a newly design "What's New!" newsletter and an ECA Watch website by the end of this month!
Enjoy for a last time our "What's New!" newsletter in this format and if you have any suggestions for the future newsletter, just let us know by email to info@eca-watch.org. We really appreciate hearing from you!
ECA Watch would like to thank Bob Thomson, the curator behind "What's New!" newsletter for 19 years, for all the dedication and passion over the years and wish him a fantastic and well-deserved retirement. Best of luck in this new adventure!!!
And now, let's dive into the ECAs-related news on last month!
"What's New!" is a periodic update to keep you informed of the latest on the ECA Watch website, featuring 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.
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- ECA's green export finance bypasses developing nations
- President Trump Strengthens Export-Import Bank of the United States, Supports U.S. Jobs by Establishing Board Quorum Through Acting Appointments
- Queensland goes global to attract investment
- Scottish businesses sell to the world with £42 million lift
- Amaero Signs $22.8MM Credit Agreement with Export-Import Bank of the United States
- EU urged to launch dedicated unit for export and development finance
- Saudi Import-Export bank signs 3 agreements with global insurers to boost trade finance
- Feralpi Secures €170 Million for Sustainable Steel Production
- EXIM Hosts Export Finance Australia, Highlighting Strong Partnership
- Kazakhstan and Nigeria Discuss Investments and Technology
- Italy’s SACE to provide $350mln to two UAE companies for Africa infrastructure projects
- Meteoric maintains Caldeira momentum in bid to build low cost rare earths monster
- How the Trump Administration’s Cuts to Development Assistance May Reshape Global Influence
- Fiji - Debt for nature swaps
- NiWest: the Australian mine looking to defy the nickel downturn
- Ukraine to Build Its First High-Tech Float Glass Manufacturing Plant
- Denmark’s export credit agency ‘learnt lessons’ from failed nickel project
- EXIM Senior Team Meets Bulgarian Minster of Energy to Discuss Nuclear Energy Financing
- TotalEnergies expects US Exim Bank to approve Mozambique LNG loan within ‘weeks’
ECA's green export finance bypasses developing nations
(Argus Media, Berlin, 29 January 2025) Export credit agencies’ green financing largely favors wealthy countries, leaving developing nations behind in the global energy transition. Critics call for more inclusive support to help emerging economies adopt sustainable infrastructure.
https://www.argusmedia.com/en/news-and-insights/latest-market-news/2652207-eca-s...President Trump Strengthens Export-Import Bank of the United States, Supports U.S. Jobs by Establishing Board Quorum Through Acting Appointments
(EXIM, Washington, 28 February 28, 2025) President Trump has appointed senior officials James Cruse and James Burrows to lead the Export-Import Bank of the United States (EXIM) in acting roles, ensuring the bank is operational. These appointments support EXIM’s role in U.S. competitiveness and energy dominance, aligning with the "America First" agenda. The new leadership comes as the bank drives U.S. manufacturing and export goals forward.
https://www.exim.gov/news/president-trump-strengthens-export-import-bank-united-...Queensland goes global to attract investment
(Australia Mining, Victoria, 27 February 2025) Queensland Government Boosts Resources Investment with $10 Million Funding Initiative. The program aims to enhance exploration and development in the mining sector, supporting job creation and economic growth. This funding is part of a broader strategy to attract investment and foster innovation in Queensland's resource industry.
https://www.australianmining.com.au/queensland-ups-resources-investment/Scottish businesses sell to the world with £42 million lift
(UKEF, London, 27 February 2025) Scottish businesses have secured £42 million from UKEF since July, boosting economic growth and job creation. Companies like Ferguson Whisky and Emergency One are expanding into global markets. Aberdeen-based First Tech also received £12 million to grow its offshore wind market presence. The funding aligns with the UK government’s Plan for Change, aiming to strengthen Scotland’s export capabilities.
http://www.gov.uk/government/news/scottish-businesses-sell-to-the-world-with-42-...Amaero Signs $22.8MM Credit Agreement with Export-Import Bank of the United States
(Abjournal, Narberth PA. 27 February 2025) Amaero International, a U.S. domestic producer of C103, refractory alloy and titanium powders, executed a credit agreement for a $22.8 million direct loan from the Export-Import Bank of the United States (EXIM) to boost its advanced manufacturing capabilities. The funding supports capital equipment purchases and aligns with U.S. initiatives to strengthen domestic supply chains and reduce reliance on foreign materials.
https://www.abfjournal.com/amaero-signs-22-8mm-credit-agreement-with-export-impo...EU urged to launch dedicated unit for export and development finance
(Global Trade Review, 26 February 2025) Experts call on the EU to establish a dedicated unit to better coordinate export credit agencies and development finance institutions, boosting the Global Gateway Initiative’s €300bn global infrastructure ambitions. A report highlights the need for a unified strategy to compete with China’s Belt and Road Initiative and support European businesses in global markets. Advocates believe that such a unit could bolster the EU's global competitiveness and facilitate sustainable development projects.
https://www.gtreview.com/news/europe/eu-urged-to-launch-dedicated-unit-for-expor...Saudi Import-Export bank signs 3 agreements with global insurers to boost trade finance
(Intellinews, Berlin, 26 February 2025) The Saudi Import-Export Bank has signed three key agreements with global insurers to enhance trade finance solutions. These partnerships aim to facilitate Saudi exports, reduce risk, and foster global trade connections, supporting the Kingdom’s Vision 2030 initiatives to diversify its economy.
https://intellinews.com/saudi-import-export-bank-signs-3-agreements-with-global-...Feralpi Secures €170 Million for Sustainable Steel Production
(SteelOrbis, Istanbul, 25 February 2025) Italian steelmaker Feralpi has secured €170 million to enhance its sustainable production capabilities. The funding will support the modernization of its facilities and improve its environmental footprint. The investment aligns with the company’s strategy to reduce CO2 emissions and increase its production of low-carbon steel.
https://www.steelorbis.com/steel-news/latest-news/feralpi-secures-170-million-to...EXIM Hosts Export Finance Australia, Highlighting Strong Partnership
(EXIM, Washington, 25 February 2025) The Export-Import Bank of the U.S. hosted Export Finance Australia to discuss enhancing their collaboration on critical minerals and supply chain shifts away from China. Both agencies plan to leverage the Single Point of Entry (SPE) initiative for streamlined financing and mutual strategic priorities.
https://www.exim.gov/news/export-import-bank-united-states-hosts-export-finance-...Kazakhstan and Nigeria Discuss Investments and Technology
(InBusiness, Astana, 25 February 2025) Kazakhstan and Nigeria held talks to boost bilateral cooperation, focusing on oil, gas, mining, and trade. Key discussions included joint ventures in petroleum, gas infrastructure, and mineral resource processing, alongside exploring trade routes and expanding market access. Both countries aim to enhance direct business engagement and financial cooperation, highlighted by a potential Memorandum of Understanding with NEXIM Nigeria.
https://inbusiness.kz/ru/news/kazakhstan-and-nigeria-discuss-investments-and-tec...Italy’s SACE to provide $350mln to two UAE companies for Africa infrastructure projects
(Zawaya, Dubai, 25 February 2025) Italy’s export credit agency, SACE, has committed $350 million in financial and insurance support to UAE companies AMEA Power and Metito Utilities. The funds will support renewable energy, water infrastructure, and sustainability projects in Africa. This initiative aligns with Italy's Mattei Plan for Africa and aims to boost Italian exports in the region.
https://www.zawya.com/en/projects/utilities/italys-sace-to-provide-350mln-to-two...Meteoric maintains Caldeira momentum in bid to build low cost rare earths monster
Stockhead, Perth, |24 February) Meteoric Resources continues advancing its Caldeira project in Brazil, projecting industry-leading low operating costs and high potential returns. Despite a dip in share price, the company plans to finalize its pre-feasibility study soon and aims for production by 2027. Strategic partnerships, including agreements with U.S. and Canadian ECAs, are key to securing future funding.
https://stockhead.com.au/resources/kristie-batten-meteoric-maintains-caldeira-mo...How the Trump Administration’s Cuts to Development Assistance May Reshape Global Influence
Charged Affairs, Washington, 23 February 2025) The Trump administration’s cuts to USAID and foreign aid programs could reshape U.S. global influence, with a focus on strategic investments over humanitarian assistance. The shift may open opportunities for China to expand its influence, particularly in developing countries like the Cook Islands, where USAID’s withdrawal has led to Chinese funding. However, this move could also impact U.S. competitiveness in global infrastructure projects.
https://chargedaffairs.blog/2025/02/23/how-the-trump-administrations-cuts-to-dev...Fiji - Debt for nature swaps
(Fiji Times, Suva, 21 February 2025) Interest payments on Fiji’s national debt absorb about $500 million or 16 % of all revenue, subsequently restricting the government’s ability to roll out significant capital infrastructure build, let alone implement nature conservation activities to protect its blue economy. About 30 % of Fiji’s total debt is external debt comprising borrowings from multilaterals such as ADB, World Bank, Asian Infrastructure Investment Bank, overseas export credit agencies such as EXIM Bank of China, the Japan International Cooperation Agency, European Investment Bank and the Australian Infrastructure Financing Facility for the Pacific.
https://www.fijitimes.com.fj/debt-for-nature-swaps/NiWest: the Australian mine looking to defy the nickel downturn
(Mining Technology, London, 19 February 2025) Alliance Nickel is advancing its NiWest Nickel-Cobalt Project in Western Australia, which could produce 20,000 tonnes of nickel annually over the first 12 years. Despite a challenging nickel market, the project’s definitive feasibility study shows it has the potential to deliver low-cost, high-quality outputs. The project is set to become a key player in Australia’s nickel industry, with environmental and economic sustainability at its core. Alliance Nickel is engaging with Export Finance Australia, the Canadian export credit agency (ECA), Samsung and South Korean ECAs.
https://www.mining-technology.com/features/niwest-the-australian-mine-looking-to...Ukraine to Build Its First High-Tech Float Glass Manufacturing Plant
(Glass on Web, Nova Gorica, Slovenia, 19 February 2025) Ukraine’s first float glass manufacturing plant will be built in the Kyiv region by 2028, backed by €240 million from EFI Group’s NovaSklo. The project aims to boost the nation’s industrial sector, create 300+ jobs, and reduce reliance on glass imports. Germany’s Export Credit Agency is supporting equipment financing.
https://www.glassonweb.com/news/ukraine-build-its-first-high-tech-float-glass-ma...Denmark’s export credit agency ‘learnt lessons’ from failed nickel project
(Global Trade Review, London, 12 February 2025) The Export and Investment Fund of Denmark (EIFO) reflected on lessons from the collapse of a nickel mining project in Brazil, which faced soaring costs and plunging prices. Despite some financial exposure, EIFO says the experience will shape its approach to future commodity deals, particularly in critical minerals.
https://www.gtreview.com/news/global/denmarks-export-credit-agency-learnt-lesson...EXIM Senior Team Meets Bulgarian Minster of Energy to Discuss Nuclear Energy Financing
EXIM, Washington, 12 February 12 2025) The Export-Import Bank of the U.S. met with Bulgaria’s Minister of Energy to discuss financing for two new nuclear reactors at Kozloduy NPP, following EXIM’s $8.6 billion Letter of Interest. The project supports U.S. businesses and aims to strengthen American energy dominance and global competitiveness.
https://www.exim.gov/news/export-import-bank-senior-team-meets-bulgarian-minster...TotalEnergies expects US Exim Bank to approve Mozambique LNG loan within ‘weeks’
Upstream, London, 7 February 2025) TotalEnergies anticipates the US Export-Import Bank will approve a $4.7 billion loan for its Mozambique LNG project within weeks. The approval would significantly support the project’s financing, as TotalEnergies moves forward with plans to develop the massive gas reserves in Mozambique. The deal comes as the UK’s export credit agency waivers are set to finalize.
https://www.upstreamonline.com/lng/totalenergies-expects-us-exim-bank-to-approve...