Global Trade Review, London, 15 May 2023) UK Export Finance (UKEF) and defence giant BAE Systems have struck a last-minute out of court deal to settle a £13.9mn claim by the government agency over guarantees for missile systems sold to Iran in the 1970s. In around 1980, export credit agency...
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2023/04/30
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
(Institute of Export & International Trade, London, 4 April 2023) UK Export Finance (UKEF) has been granted an extra £10bn of capacity to support UK businesses selling overseas. According to a press statement, this brings the total cap on its financial exposure to £60bn and adds extra...
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2023/04/30
Country: Iran, United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Arms Trade
Global Trade Review, London, 17 April 2023) UKEF is suing BAE Systems, one of its biggest clients, over contracts for the supply of missiles to Iran in the 1970s. The UK’s export credit agency is trying to recover £13.9mn it paid to the defence and aerospace giant in the 1980s, under three...
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2023/04/30
Country: Italy
ECAs: SACE S.p.A.
(Euromaidan Press, Kiev, 26 April 2023) In addition to the previously announced €500 million ($522 million), the Italian Export Credit Agency SACE will allocate an additional €1 billion ($1.1 billion) to support trade and...
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2023/04/30
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Aircraft, Climate Change
(DeSmog, London, 6 April 2023) UKEF has been accused of “locking us all into more carbon emissions for decades to come” by giving so much assistance to the sector. UKEF, a UK government agency, has provided billions of pounds worth of financial support to the high-carbon aviation sector since...
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2023/04/29
Country: China, Russia
Issue: BRIC countries
(Weekly Blitz, Dhaka, 29 April 2023) Russia’s weak economic presence in Africa has become a significant question of concern for some experts as they wonder why the nation is not aggressive with this like its ally, China. Smaller countries, such as Turkey, are visibly broadening their economic...
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2023/03/30
Country: Argentina, Canada, Netherlands
(Microcapital Monitor, Boston, 10 March 2023) Asociación de Cooperativas Argentinas (ACA), a network of 143 agricultural cooperatives in Argentina, recently borrowed USD 80 million from three institutions, led by the Dutch development bank Financierings-Maatschappij voor Ontwikkelingslanden (...
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2023/03/30
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Common Approaches, OECD, Oil, Gas and Mining
(Earth Org, Hong Kong, 28 March 2023) ) The new policy will allow Italy’s export credit agency SACE to support various fossil fuel projects, including exploration, production, storage, and distribution. Climate experts have strongly criticised the move, saying it would breach international...
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2023/03/30
Country: Italy, Russia, Ukraine
ECAs: SACE S.p.A.
Issue: Debt
(European Commisson, Brussels, 6 March 2023) The European Commission has approved, under EU State aid rules, an amendment to an existing Italian guarantee scheme, including an up to €3 billion budget increase, for the reinsurance of natural gas and electricity trade credit risk in the context...
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2023/03/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining, Transparency
Member: Re:Common
(ReCommon, Rome, 29 March 2023) The decision by the government of Italy and SACE to break their climate promise made during COP26 in Glasgow has aroused strong indignation. SACE, Italy’s export credit agency, will continue to finance fossil fuel projects abroad until at least 2028, thus...
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2023/03/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Common Approaches, Oil, Gas and Mining
Member: Re:Common
(Global Trade review, London, 22 March 2023) Italy has walked away from a pledge to end support for international fossil fuel projects by the end of last year, indicating it will continue to provide export credit cover for parts of the oil industry in the short term and delaying a decision to...
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2023/02/28
Country: France, Russia
ECAs: Bpifrance, COFACE
Issue: Aircraft, Arms Trade
(SLD Info, Paris, 16 February 2023) France took a financial hit of €409 million ($440 million) as a result of its 2015 cancellation of the sale of two helicopter carriers to Russia, the national audit office said in its report on French arms exports. “In total, taking into account the result...
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2023/02/28
Country: Italy
ECAs: SACE S.p.A.
(WFW, London, 9 February 2023) Watson Farley & Williams (“WFW”) advised HSBC Bank Middle East Limited, acting as Export Credit Agency (ECA) Co-ordinator and Sole Structuring Bank, and HSBC Bank plc (jointly “HSBC”) as Agent and Sustainability Co-ordinator, on a US$300m Push Facility...
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2023/02/27
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Climate Change, Oil, Gas and Mining
(Mediarun Search, London?, 13 February 2023) In January, an appeals court rejected the request, but Friends of the Earth wants the arguments to be heard again by the Supreme Court (Portugal’s equivalent of the Constitutional Court). “The funding decision was made without taking into account the...
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