(ICLG, London, 23 June 2020) A syndicate of company bank lenders and ECAs have enlisted Latham & Watkins to act as legal counsel in refinancing approximately USD 8.3 billion for one of the world’s largest oil and gas projects, in Australia. The development, named the Ichthys liquefied...
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2020/06/29
Country: Canada
ECAs: Export Development Canada
Issue: Climate Change, Oil, Gas and Mining
(Reuters, Winnipeg/Toronto, 4 June 2020) Canadian oil producers sideswiped by economic damage from the coronavirus pandemic have received no federal loans from EDC, seven weeks after the first lending program was announced, government and industry officials said on Thursday. The large-employer...
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2020/06/29
Issue: Debt, European Union
(European Council, Brussels, 24 June 2020) The EU is temporarily relaxing banking rules in order to maximise the capacity of banks to lend money and support households and businesses to recover from the COVID-19 crisis. The banking package adopted today provides targeted and exceptional...
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Briefings & reports from ECA watch members
2020/06/29
Issue: Climate Change, Common Approaches, European Union, Human Rights, OECD, Transparency
Click below to download the full text of the 18 page ECA Watch gap analysis.
2020/06/29
Issue: Climate Change, Common Approaches, European Union, Human Rights, OECD, Transparency
(ECA-Watch, Amsterdam, 29 June 2020) As part of continued advocacy with the European institutions on Export Credit Agencies (ECAs), European groups are working to enhance the reporting requirements of the EU ECAs under EU...
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2020/05/31
Country: France
Issue: End Coal Financing
Member: Bank Track
(Bank Track, Paris, 6 May 2020) Reclaim Finance has published the most accurate analysis tool ever released regarding policies adopted by French financial players in the coal sector. The aim is twofold: to facilitate the comparison between policies on the same public criteria and to allow...
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2020/05/30
Issue: Climate Change, End Coal Financing, Oil, Gas and Mining, Renewables, Transparency
(Oil Change International, Washington, 22 April 2020) This briefing outlines why continuing to rely on fossil fuels, in particular oil and gas, is not compatible with long-term recovery. Governments now face a choice: fund a just transition away from fossil fuels that protects workers,...
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2020/05/30
Country: Korea
ECAs: Export Import Bank of Korea
Issue: End Coal Financing
The South Korean government is backing a $2 billion bailout of the country’s biggest coal plant manufacturer, despite promises to end coal financing. State-owned Korea Development Bank (KDB) and the Export-Import Bank of Korea, the country’s export credit agency, have agreed the package of...
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2020/05/30
Country: Belgium
Issue: European Union
(Europa, Brussels, 18 May 2020) The European Commission has approved, under EU State aid rules, a €903 million Belgian reinsurance scheme to support the trade credit insurance market in the context of the coronavirus outbreak. Trade credit insurance protects companies supplying goods and...
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2020/05/30
Country: Sweden
(Automotive World, London, 20 May 2020) Volvo has signed a new 2-year US$1.1 B revolving credit facility with a 1-year extension option with a group of Nordic banks (DNB, Nordea, SEB and Swedbank (coordinator)) as well as a new 2-year US$424 M credit facility with a 1-year extension option with...
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2020/05/30
Country: Canada
ECAs: Export Development Canada
Issue: Climate Change, Oil, Gas and Mining
Member: Above Ground
EDC is bailing out the fossil fuel industry. Will Canadians be given a full accounting of the costs?
(Above Ground, Ottawa, 4 May 2020) 2020 is a pivotal year for wealthy nations to ramp up their climate action plans, spelling out how they’ll make the deep emissions cuts needed between now and 2030. Instead, states are bolstering the very industries that must be phased out to avert disastrous...
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2020/05/30
Issue: Climate Change, End Coal Financing, Oil, Gas and Mining
(Client Earth, London, 12 November 2019) As the European Investment Bank (EIB) Board of Directors prepares to vote on excluding natural gas from its lending policy, lawyers have issued a clear warning: continuing to finance fossil fuels would breach the Bank’s legal duties. [While facing a...
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2020/05/30
Country: United Kingdom
ECAs: Export-Import Bank of the United States, UK Export Finance (UKEF)
Issue: Aircraft, Common Approaches, European Union, OECD
Member: Global Witness
(Lexology, London, 30 April 2020) While businesses lobby governments for support, there have been suggestions that ECAs may need to step up to fill a reduced commercial debt capacity for aircraft. During the 2008-2009 global financial crisis, European ECAs financed up to a third of annual...
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2020/05/30
Country: Canada
ECAs: Export Development Canada
Issue: Oil, Gas and Mining
Member: Above Ground
(Toronto Star, Ottawa, 4 May 2020) EDC will lend between $250 and $500 million to build the Coastal GasLink, a natural gas pipeline that sparked a national protest movement and reckoning over the Liberal administration’s commitment to Indigenous reconciliation. The company building the 670-km...
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2020/05/30
Country: Japan
ECAs: Japan Bank for International Cooperation
Issue: End Coal Financing
(Reuters, Tokyo, 1 May 2020) Japan’s government, along with JBIC, has long been criticized for backing exports of coal-power technology and equipment by environmental groups as the world moves to cut emissions to combat climate change. However, JBIC Governor Tadashi Maeda was quoted as saying...
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