Emal opts for ECA debt

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12 July 2010

Three export credit agencies have signed agreements to provide loans and guarantees for the Emirates Aluminium project in the United Arab Emirates – augmenting the original financing.

Three export credit agencies (ECAs) have signed financing agreements to support the financing of the Emirates Aluminium (Emal) project in the UAE. The agreements total $737 million for a term of up to 15 years and augment the original financing agreement signed in 2007. Emal had planned to raise up to $2 billion in the bond market after financial close on a $4.8 billion...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%