Europe, Central Asia & Russia

Financing Nuclear Times

This newspaper style publication outlines the history of Export Credit Agencies' support for the nuclear industry and concludes by detailing the destructive projects still in the pipeline.

Russia inks $800 million export credit deal with Serbia

(MENAFN / Qatar News Agency, 13 January 2013) Russia signed an 800 million export credit deal with Serbia on Friday and is in talks over a possible 1 billion loan to Belgrade in 2013 to stabilize its budget, Russian Finance Minister Anton Siluanov said on Friday.

New EU Commission rules on short-term export credit insurance cover

(Creditman, London, 18 January 2013) A revised Short Term Communication from the EU Commission came into effect on 1 January 2013 and will be valid until 31 December 2018. As a result UK Export Finance, in common with its counterparts in other EU countries, remains prohibited from providing trade credit insurance cover for exports to buyers in the EU and in certain other OECD countries where the risk horizon is under two years.

Oxfam Australia submission to EFIC on Mongolian Copper-Gold Mine project

(Oxfam Australia, Brisbane, 1 November 2012) As EFIC would be aware, the Oyu Tolgoi Copper-Gold mine located in southern Mongolia is a massive project. Oyu Tolgoi is reportedly the largest copper-gold deposit in Mongolia and is one of the world’s largest undeveloped copper-gold deposits. The scale of Oyu Tolgoi means that it’s many impacts – both positive and negative – will be acutely felt by both local communities and across Mongolia more generally. The project has been classified as a Category A project by the International Finance Corporation (IFC) and otherfinanciers.

Australia's EFIC considers financing Mongolia's Oyu Tolgoi Copper-Gold Mine

  (EFIC, Sydney, 11 September 2012) Australia's EFIC has announced it is considering support for the Oyu Tolgoi Copper-Gold mine in Mongolia and requests comments in the period 10 September - 12 October 2012.

Government of Spain selling off 50% of CESCE

(Ministry of Finance, Madrid, 14 September 2012)  The Government of Spain has authorized the sale of 50.25% of CESCE, the Spanish official export credit agency, with a potential value of €200 million.

Crédit Agricole launches ECA backed bonds

  (4-Traders, Annecy, 20 September 2012) Crédit Agricole has launched an inaugural issue of bonds by a new subsidiary dedicated to public-sector refinancing. The issue of bonds is backed by a portfolio of export credits guaranteed by COFACE, Euler Hermes or ECGD export credit agencies on behalf of their respective governments. 

€450m plan to develop new Irish export products criticized by exporters

  (The Independent, Dublin, 18 September 2012) The long-awaited Irish Credit Guarantee Scheme -- which seeks to provide €450m worth of credit to 1,800 Irish exporters -- is bound to fail, the Irish Exporters Association (IEA) claimed yesterday. 

Diversion of Tigris river completed, construction of controversial Ilisu dam to begin

  (Nature Iraq, Sulaymaniyah,30 September 2012) A new construction phase was "celebrated" at the Ilisu dam site with a big ceremony last week: The Tigris river has been diverted at the construction site now flowing through three big tunnels. This diversion will be maintained for several years and construction of the actual dam in the dry river bed begins.
Dodgy Deal: