(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...
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2023/07/30
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Climate Change, Human Rights, Renewables
(G3 Football, Hillside NJ, 14 July 2023) Wolverhampton Wanderers have recently made headlines for securing a £99 million loan from the UK government. While some may view this as a sign of financial trouble, experts argue that it is a shrewd move by the club. In this article, we will explore the...
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2023/07/30
Country: Brazil, China, Germany, Italy, Japan, Korea, United Kingdom, USA
(BN Americas, Santiago, 7 July 2023) Although the energy transition and ESG issues are gaining traction, many banks and credit export entities keep financing oil and gas undertakings, such as floating production storage and offloading units (FPSOs) ordered by Brazil’s federal oil firm Petrobras...
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2023/07/30
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
(PES Media, Rochester, 5 July 2023) UK Export Finance (UKEF) has published its annual results for 2022-23, which show the government’s export credit agency provided £3.5bn in new, direct support for UK manufacturing exporters in the last 12 months. The financing has directly supported up to 34,...
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2023/07/29
Country: Austria, Italy, Switzerland, Turkey, United Kingdom
ECAs: UK Export Finance (UKEF)
(Full Fact, London, 26 July 2023) Earlier this week Greater Manchester mayor Andy Burnham tweeted a screenshot of a UK government press release with the headline “UK announces £680m for new high-speed electric railway in Turkey”. Alongside the screenshot, Mr Burnham tweeted “So we can’t afford...
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2023/07/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, European Union, G20, Oil, Gas and Mining
Member: Oil Change International
(Price of Oil, Washington, 11 July 2023) Italy’s export credit agency SACE has approved a $500 million guarantee in loans for the Talara oil refinery in Peru, once again breaking their commitment to end their international public finance for fossil fuels by the end of 2022. SACE is the biggest...
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2023/07/29
Country: United Kingdom
Issue: European Union, OECD
(Institue of Export & Int'l Trade, london, 20 July 2023) The Organisation for Economic Co-operation and Development (OECD) has modernised the terms of its Arrangement on Officially Supported Export Credits to allow export credit agencies (ECAs) covered by the arrangement, which includes...
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2023/07/29
Country: Germany
ECAs: Euler Hermes Deutschland AG
Issue: Climate Change, Transparency
Member: Oil Change International
(Reuters, Berlin, 25 July 2023) Environmental groups on Tuesday criticized Germany's draft policy on export credit guarantees as too vague and soft on financing for natural gas projects, as Berlin attempts a balancing act between climate protection and energy security. Germany supports exports...
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2023/06/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
(Global Trade Review, London, 28 June 2023) Mercuria has secured over US$5bn in new and renewed financing facilities, including its first funding backed by an export credit agency (ECA). The global commodities trader, which focuses on energy products, metals and minerals, says it has closed...
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2023/06/29
Country: Germany, Ukraine
ECAs: Euler Hermes Deutschland AG
(Yahoo Finance, Berlin, 22 June 2023) The German government has loosened its requirements for export credit guarantees for companies doing business with Ukraine in an effort to shore up economic recovery in the country, the economy ministry said Thursday. Effective immediately, the application...
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2023/06/29
Country: Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
(Hydrocarbon Engineering, Surrey, 13 June 2023) Italy’s State Export Credit Agency (SACE) has signed a financial memorandum with Uzbekistan’s largest oil company, Saneg, concerning an innovative methanol-to-olefin gas chemical complex (GCC MTO), that is currently under construction in the...
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2023/06/29
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Climate Change, Oil, Gas and Mining
(Upstream Online, London, 23 June 2023) The UK’s top court has thrown out an application by Friends of the Earth (FoE) to appeal a case it lost earlier this year against the government’s funding of TotalEnergies’ $20 billion Mozambique LNG project. FoE had argued in the Court of Appeal in...
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2023/06/29
Country: Indonesia, Italy, Korea, USA
ECAs: Export Import Bank of Korea, Export-Import Bank of the United States, SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
Member: Oil Change International
(Reuters, Jakarta, 24 June 2023) Indonesia's state energy company Pertamina (PERTM.UL) reached a $3.1 billion financing deal with a number of export credit agencies and commercial banks to fund the upgrade of its Balikpapan refinery, the company said on Saturday. The lenders include export...
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2023/05/30
Country: Iran, United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Arms Trade
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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