(Globe and Mail, Toronto, 14 May 2019) Canada’s overseas development finance arm is joining forces with a U.S. government agency that is being set up to act as a counterweight to China’s Belt and Road Initiative, a state-sponsored foreign-investment scheme by Beijing. The U.S. government’s...
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2019/05/30
Country: Canada, Mexico
ECAs: Export Development Canada
Issue: Corruption
(Yorkton This Week, Yorkton SK, 15 May 2019) Export Development Canada (EDC), Canada's export credit agency, was created in 1944 to promote Canadian business overseas. It has 12 offices across Canada and 19 regional offices around the world. According to CBC reports SNC Lavelin have borrowed...
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2019/05/29
Country: USA
ECAs: Export-Import Bank of the United States
Issue: End Coal Financing
(Bank Watch, Prishtina 13 May 2019) Kosovar and international non-governmental organisations have today submitted an official complaint to the Energy Community dispute settlement mechanism challenging the legality of the power purchase agreement for the planned Kosova e Re coal power project,...
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2019/05/29
Country: USA
ECAs: Export-Import Bank of the United States
Issue: Climate Change, Oil, Gas and Mining
Member: Friends of the Earth USA
(Friends of the Earth, Washington, 8 May 2019) The U.S. Senate today voted to confirm 3 nominees to the Board of Directors of the U.S. Export-Import Bank. The confirmation allows Ex-Im to establish a board quorum, clearing the way for the bank to revive its financing of billions of dollars in...
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2019/05/29
Country: USA
ECAs: Export-Import Bank of the United States
(ctpost, Norwalk, 8 May 019) No federal agency has lived such a bizarre state of suspended animation as has the Export-Import Bank, a long-obscure bureau that provides loan guarantees to U.S. companies doing business abroad. Rather than heralding it as a force for job creation, free-market...
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2019/04/30
Country: India, USA
ECAs: Export-Import Bank of the United States
Issue: Aircraft
(Money Control, Mumbai, 8 April 2019) India's' cash-strapped Jet Airways has delayed repayments to global lenders, including Citibank, that funded the purchase of its Boeing 777 planes the Economic Times reported. The repayments, worth over $18 billion, were due at the end of March. The banks...
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2019/04/29
Country: South Africa, USA
ECAs: Export-Import Bank of the United States
Issue: Debt
(The Citizen, Johannesburg, 3 April 2019) Moody’s credit opinion issued yesterday on the heels of its recent decision to keep South Africa’s credit rating one level above junk, said elevated government debt and contingent liabilities risks from state-owned enterprises (SOEs), limited government...
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2019/04/29
Country: Canada, Switzerland
ECAs: Export Development Canada
Issue: Corruption
(CBC, Toronto, 3 April 2019) Export Development Canada has hired outside legal counsel to review some of its dealings with SNC-Lavalin. The review comes after a company insider told CBC News the engineering giant secured billions in loans from the Crown agency over the years, some of which he...
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2019/03/30
Country: USA
ECAs: Export-Import Bank of the United States
(National Association of Manufacturers, Washington, 8 March 2019) Securing a level playing field internationally [i.e. matching corporate subsidies] is vital to manufacturers in the United States, which already export about half their production, supporting millions of workers across...
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2019/03/30
Country: USA
ECAs: Export-Import Bank of the United States
Business Wire, Washington, 28 March 2019) Leaders of government, business, and academia will address the 2019 Annual Conference of the Export-Import Bank of the United States (EXIM) that held on Thursday and Friday, March 28-29, 2019, at the Omni Shoreham Hotel in Washington, D.C. The...
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2019/03/30
Country: Canada, South Africa
ECAs: Export Development Canada
Issue: Aircraft, Corruption
(Globe & Mail, Toronto, 26 March 2019) Senior federal officials sought to warn Canada’s export agency that it had suffered “significant” risk to its reputation because of its US$41-million loan to the controversial Gupta brothers who were at the heart of a South African corruption scandal,...
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2019/03/30
Country: USA
ECAs: Export-Import Bank of the United States
Issue: Aircraft
Reuters, Geneva/Paris, 28 March 2019) The World Trade Organization said on Thursday the United States had ignored its request to halt a subsidized tax break for Boeing Co in its main...
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2019/02/28
Country: Canada
ECAs: Export Development Canada
Issue: Climate Change, End Coal Financing, Oil, Gas and Mining
Member: Above Ground
(Above Ground, Ottawa, 12 February 2019) In January Export Development Canada (EDC) released a new climate change policy. The policy commits EDC to further limit its coal-related investments and increase its support for clean technologies. It does not, however, put in place a clear path to...
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2019/02/27
Country: Canada, USA
ECAs: Export-Import Bank of the United States
Issue: Human Rights
(20 Essex Street, London, 2 February 2019) A recent UN report with recommendations to advance efforts to eradicate modern slavery has mentioned, amongst other examples, the direct or indirect involvement of a state in the commission of offences via ECA funding of slavery-tainted enterprises....
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2019/02/27
Country: Canada
ECAs: Export Development Canada
Issue: Oil, Gas and Mining
(Globe & Mail, Toronto, 7 February 2019) The federal government paid Calgary-based Suncor Energy as much as $600-million to compensate for Middle East oil and gas assets and income lost since the Arab Spring in 2011. On Wednesday Suncor disclosed in its quarterly financial results that it...
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