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May
INTL FCStone expands trade and export finance group with three additions to INTL Provident Group USA.
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RBS and development finance institutions FMO and DEG, have combined to arrange a loan facility for an Indonesian vehicle finance institution.
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FMO, the Netherlands development finance company, has arranged a syndicated loan for Khan Bank in Mongolia, the first of its kind in the country’s history.
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KfW IPEX-Bank has put forward funding for the supply of parts for the construction of the Istanbul metro.
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Laurent Mignon appointed chairman of the board of directors of Coface.
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Development finance institutions, Proparco, DEG and FMO have committed financing for the extension of a combined cycle power plant in Indonesia.
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The US Senate has followed the House of Representatives in voting to renew the charter of the Export-Import Bank of the United States.
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JBIC has signed agreements for equity participation in fund Japan Infrastructure Investment Partners.
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The value of US exports hit record levels in March 2012, reaching $186.8 billion.
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US Ex-Im has announced it will be offering greater access to credit risks and financing to business aircraft and helicopter manufacturers.
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Sweden’s export credit agency, EKN, reports a continuation of the sustained high demand for guarantees and services through the first quarter of 2012.
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Turkish Airlines has secured financing for an Airbus 321 aircraft from CIC, ING and NordLB in deal backed by German ECA Euler Hermes.
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The Export-Import Bank of the United States has approved guarantees on a $350 million loan to assist Textron Inc with exports by two of its companies.
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The World Bank’s MIGA is providing guarantees to investment supporting HBZ Bank South Africa, a bank focusing on trade finance.
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Scott Shepherd named Foreign Trade Counselor of Luxembourg.
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French development finance institution Proparco is providing a loan for the upgrade of Houphouët-Boigny Airport in Abidjan, Côte d’Ivoire.
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The US House of Representatives has voted to reauthorise the Export-Import Bank of the United States, raising its lending cap to $140 billion by 2014.
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IFC launches Pan-African bond programme to support local capital markets and private sector development.
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KfW IPEX-Bank has arranged a major export credit financing for India’s Reliance Indiustries.
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The EBRD is providing a loan to Turk Ekonomi Bankasi for onlending to agri-businesses in Turkey.
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US Ex-Im has approved its second largest single project financing ever to support the export of US goods and services to the Australia Pacific LNG project.
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The US House of Representatives will vote this week on the reauthorisation of the Export-Import Bank of the United States.
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A new study by the IADB and ADB outlines the potential for greater trade, investment and cooperation between the two dynamic regions.
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IFC debuts green bond in US market, raising funds for climate-friendly investments in emerging markets.
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Bladex has announced both the resignation of its CEO Jaime Rivera and his replacement.
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Thai Airways has mandated BNP Paribas to arrange the first yen-denominated ECA-backed A380 financing.
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Development finance institutions (DFIs) have arranged debt financing for a wind power project in Nicaragua.
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The French carrier accesses export credit agency cover for a second A380 under an exemption to the home market rule.
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The financial agent of the Spanish state and two more commercial banks are scheduled to join a Cesce-backed club loan for the Caracas Metro extension.
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Japanese export credit agency JBIC has entered into a strategic partnership with Kazakhstan’s state-owned energy company.
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The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a memorandum of understanding (MoU) with the Indonesia Infrastructure Guarantee Fund (IIGF) to promote infrastructure investments into Indonesia.
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The development banks and export credit agencies of key emerging economies have recently signed a framework agreement on local currency swaps, raising the question of whether state intervention will precipitate more local-currency deals funded by private institutions. John Geddie reports.
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India Exim opens first line of credit to Burundi for its Kabu hydroelectric project.
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The US export credit agency has signed a memorandum of understanding with the Development Bank of Mongolia, to develop trade in a market in which it has little exposure.
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Nordea’s former deputy CEO has been elected as chair of the board of directors at Finnish export credit agency Finnvera.
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By supporting the new GSIA infrastructure fund, JBIC hopes to expand investment opportunities for Japanese companies and institutional investors.
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The successful strategic partner for Lithuania’s nuclear power ambitions is discussing the options for Japanese export credit agency support.
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The Indonesian carrier issues the first bond backed by the Export-Import Bank of the United States to dip under a 2% interest rate.
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April
Citi and RBS close financing for VEB-leasing’s purchase of two Airbus A321-200s, with a third scheduled for delivery in August.
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In an amendment to European legislation on short-term export credits, Greek borrowers will now be able to receive guarantees from other EU states based on export contracts.
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Banks have submitted offers on the debt component of the Enerjisa 2.5 power plant in Turkey, which benefits from the guarantee of Korean export credit agency K-sure.
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Deutsche Bank and KfW IPEX-Bank are funding five ATR72s for the Danish lessor Nordic Aviation Capital, under export credit agency cover.
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A Coface-backed loan to the Panamanian government for the capital’s metro project has been approved after a diplomatic dispute stalled proceedings late last year.
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The Export-Import Bank of China has a agreed a loan with the government of Suriname on a housing project being implemented by China’s Dalian Group.
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The Export-Import Bank of the United States has renewed its $100 million Africa insurance initiative with cover policy expansions on the war for three African countries.
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The Export-Import Bank of India is planning to launch a new fund to provide micro, small and medium-sized enterprises with long-term foreign currency export loans.
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RBS and Nordea tap Swedish state funding for Indian telecoms loan.
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The Berne Union has named a new secretary general at the conclusion of its spring meeting.
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ABN AMRO has today opened its new representative office in Shanghai, with its initial focus on the bank’s energy, commodities and transportation (ECT) business in the region.
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Norway’s new state-funded export credit company has been named Eksportkreditt Norge AS (Export Credit Norway), and will employ 29 Eksportfinans staff.
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Citi has arranged JBIC-backed buyer credits for the export of container ships to to SITC International Holdings Company Limited in Hong Kong.
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The Dutch export credit agency issues its largest working capital guarantee for shipbuilder IHC Merwede, as well as supplier risk insurance on two vessels purchased by Malaysia’s SupuraCrest.
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The Dubai Electricity and Water Authority has shelved its Hassyan independent power project just as it was scheduled to announce a winning bidder.
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Transactions insured by Sace reached Eu72 billion in 2011, up 4.3% on the previous year, although overall earnings have slipped.
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The Asian Development Bank has approved further funding for Reliance’s Dahanu solar project in India as it moves into solar-thermal.
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DNB Livsforsikring, the Norwegian life and pensions insurance company, has invested in the long-term financing of Aker DOF Deepwater supply vessel under an export credit structure.
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EDC provides natural gas company with $500 million in financing to spur Canadian exports of goods and services.
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The International Islamic Trade Finance Corporation has inked its first structured trade finance facility with the Moroccan public sector.
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The head of oil & gas, infrastructure and metals at Italian export credit agency Sace moves to the corporate finance division of motorway operator Autostrade.
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The Australian iron ore miner is finalising an export credit agency-backed loan facility involving Euler Hermes, Coface and ONDD.
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The Asian Development Bank and the OPEC Fund for International Development have signed a co-financing agreement targeted at public sector projects in the Asia-Pacific region.
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Asia Broadcast Satellite (ABS) is seeking US Ex-Im support for its purchase of American-made satellites.
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Japanese banks BTMU and SMBC have issued a loan to Denmark’s Moller-Maersk for the purchase of three Korean-built containerships under a guarantee from K-sure.
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Trade Finance Magazine releases all the export finance deals for the first quarter of 2012 - ranking the top MLAs, funding institutions and ECAs.
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US Ex-Im approves supply chain financing programme benefiting small business suppliers of Navistar International Corporation.
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IFC and UK government invest in global facility to finance small businesses in the world’s poorest countries.
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The Hungarian subsidiary of South Korea’s Hankook Tire has won financial support from European banks under K-sure cover.
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ING has closed a third loan for Russian petrochemicals firm Gazprom Neftekhim Salavat, each with cover from different European export credit agencies.
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Serbian conglomerate EPS draws down on China Exim soft loan for its Drmno power complex.
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Chicago Mayor Rahm Emanuel outlined his city's export strategy at the US Ex-Im annual conference.
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HSBC arranges loan to Carnival to purchase Fincantieri ships with funding under Italy’s Export Banca scheme.
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The Japan Bank for International Cooperation (JBIC) has signed a loan with Thailand’s Kasikornbank to onlend to flood-hit Thai-based subsidiaries of Japanese firms.
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UniCredit in Germany has teamed with Northstar Europe to provide express solutions for export finance deals below Eu5 million.
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The Bank of Fukuoka and the Japan Bank for International Cooperation (JBIC) have co-financed the first overseas operation of Matsumoto Industry.
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OPIC has selected NICE, a development and investment consultancy firm focussed on the Asia Pacific region, as an originator to support SMEs expanding into emerging markets.
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The Export-Import Bank of China is planning to open its first US office in the state of Maryland.
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Hodaka Shoji, formerly head of global trade finance at Mizuho’s New York office, has relocated to Japan to begin a secondment at Nexi.
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US Ex–Im has cleared the first loan guarantee for Avolon, the Irish aircraft lessor.
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German development bank, DEG, is financing Kevian, a fruit juice producer in Kenya, to enable the company to import production equipment from Germany.
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Dealogic export credit agency activity league tables 1Q 2012, arranged by individual agency.
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Dealogic export credit agency financing league tables 1Q 2012, arranged by region.
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The Danish export credit agency, EKF, has today announced record results for last year.
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De Surinaamsche Bank signs up to IFC’s Global Trade Finance Programme.
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US Ex-Im joins ADB and FMO in backing Reliance Power solar project.
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Shortly before the annual Ex-Im Bank conference, Fred P Hochberg, Chairman and President of the Export-Import Bank of the United States, sat down with Oliver O’Connell, Editor of Trade Finance Magazine, to talk about the efforts to renew the bank’s charter.
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The inaugural Trade Finance daily newsletter at the US Ex-Im annual conference is now available to download by attendees and Trade Finance magazine subscribers.
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Timing is everything in politics, and the succession process in China heralds an opportunity for the US to make some progress on what has historically been a prickly relationship, especially when it comes to trade.
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The French development finance institution, Proparco, is financing an energy efficiency project in the Indian cement sector with French involvement.
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John Geddie reports on President Bill Clinton’s keynote presentation at the 2012 US Ex-Im Conference.
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The International Finance Corporation (IFC) is poised to sign its latest Global Warehouse Finance Programme (GWFP) in Guinea Bissau, the first time the multilateral has done a deal in the West African country for 17 years.
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Scott Shepherd, President & CEO, Northstar Trade Finance
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Shortly before the annual Ex-Im Bank conference, Fred P Hochberg, Chairman and President of the Export-Import Bank of the United States, sat down with Oliver O’Connell, Editor of Trade Finance Magazine, to talk about the efforts to renew the bank’s charter.
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Korea Exim is set to provide funds to Korean marine transport companies engaged in global trade, in a move designed to replace a shortfall in financing from commercial banks.
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By Norm Buchbinder, senior vice president and head of Wells Fargo International Risk Mitigation and Export Credit Agency Finance Group
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Adapted from a panel discussion at the 14th Annual Structured Trade & Export Finance in the Americas Conference – Miami, March 1-2, 2012.
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Washington state organisation awarded US Ex-Im City-State Partner of the Year award.
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Wind turbine manufacturer named as Ex-Im Bank Renewable Energy Exporter of the Year.
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Ex-Im financing is sustaining nearly 300 jobs at Kansas-based global engineering, consulting and construction company.
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John Kvasnosky, Boeing Capital Corporation
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IADB, World Bank and CAF have called for the consolidation of sustained growth with social inclusion.
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Winning bank’s US Ex-Im activity totals $1.1 billion on combined basis in 2011.
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Japan’s JBIC has signed an agreement with the UK Trade and Investment (UKTI) designed to promote investment in the UK.
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Japan’s Nexi is backing loans to Summit Oto Finance for the export of motorcycles to Indonesia. Nexi also signs new reinsurance deal with Indonesia’s export credit agency, ASEI.
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Minnesota company helps small business exporters.
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Growing export sales helps California company add more than 70 Jobs
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The Inter-American Development Bank (IADB) has approved an A/B loan to finance the construction of an integrated polyethylene plant.
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Legislation spinning JBIC off from Japan Finance Corporation has come into effect.
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Access to finance is an increasingly important issue for corporates, especially for those in countries which have experienced sovereign downgrades. For exporters in Mediterranean Europe, such as Spain for example, economic reform is making slow progress, but perhaps foreign export credit agencies could provide some respite. John Geddie reports.
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The Multilateral Investment Guarantee Agency (MIGA) has agreed to provide loan guarantees for a wastewater treatment project in China.
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The Japan Bank of International Cooperation has cofinanced Marubeni’s 40% stake in Canada’s Grand Cache Coal Mine.
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The Chinese carrier, China Southern Airlines, closes debt for an Airbus A330-200 guaranteed by UK Export Finance.
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South African export credit agency ECIC is guaranteeing a loan for the supply and installation of electricity lines in Ghana.
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US Ex-Im has approved a loan guarantee for an engine maintenance contract with Brazil’s Gol supporting highly-skilled Delta jobs in Atlanta.
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OPIC and Garanti Bank have agreed financing terms to support SME borrowers in Turkey.
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Kazakhstan’s BTA Bank has formally agreed to the creation of a creditor’s steering committee and the appointment of financial advisers.
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The Export-Import Bank of India is providing lines of credit for mining and hydro-power projects in Central African Republic.
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IFC and Credit Agricole CIB have teamed to help finance agri-inputs from Germany’s Bayer for farmers in Ukraine.
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Sweden’s export credit agency, EKN, has signed a cooperation agreement with the Export-Import Bank of India (India Exim).
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At the end of 2011, medium to long-term support from Berne Union export credit agencies reached record levels, while short-term insurance capacity reflected pre-crisis volumes.
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Former Toyota president Hiroshi Okuda takes charge of new JBIC.
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The Canadian government may allow Export Development Canada to operate permanently in the domestic space, after it extended its emergency domestic powers for a third consecutive year.
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Wells Fargo and OPIC have entered into a framework agreement in to support financial institutions in emerging markets.
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JBIC and BTMU are extending an export credit line to Afreximbank to expand overseas markets for Japanese businesses.
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BNP Paribas has teamed up with IFC to boost agri-financing in sub-Saharan Africa and Eastern Europe.
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Indonesia’s Wampu hydropower project has sourced financing from SMBC and Korean export credit agency Kexim.
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Germany’s export and project finance bank, KfW IPEX-Bank reports increased new loan commitments in its original lending business.
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Canadian export credit agency Export Development Canada and Sberbank of Russia announce $275 million agreement and trade finance partnership.
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Export Development Canada has hired a senior regional manager in Russia, and now has four permanent employees in the country.
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March
With financing in Jamaican dollars bearing interest of 17% from some commercial banks, Jamaica’s export credit agency has stepped up its levels of cheap financing for another year.
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Siemens contracted on NTPC’s Barh supercritical power project. Project wins financing support from KfW and German export credit agency Euler Hermes.
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IFC partners with Credit Europe Bank to expand access to trade finance in Russia.
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Banks have signed the largest export credit agency-backed corporate financing ever in Saudi Arabia for Saudi Electric’s Rabigh VI power project.
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Republican senators are renewing their efforts for action on the reauthorisation of the Export-Import Bank of the United States.
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The OPIC board has approved additional funds to expand renewable energy and infrastructure lending to India.
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JBIC and BNDES have signed a memorandum of understanding to cooperate in third countries.
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Russia’s Vnesheconombank (VEB) has signed a credit agreement with Lenenergo to fund the company’s electric grid investment programme.
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The EBRD has provided a much-needed boost to the Kazakh agri-sector with a major investment in the grain export company KazExportAstyk.
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The Canadian government will announce later today that it has extended Export Development Canada’s emergency domestic lending powers for another year.
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Key emerging economies forge agreement on local currency swaps, as talks of a BRICS development bank progress.
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KfW has issued a fixed rate term loan for NTPC’s Barh power project under a guarantee from the German export credit agency.
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Japan’s export credit agency JBIC and private lenders finance MODEC’s chartering business for Brazil offshore oil contract.
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The export credit agencies of Korea have signed a memorandum of understanding for the financing of the Atyrau gas-chemical complex in Kazakhstan.
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The EBRD is extending a loan for the development of Mongolia’s first wind energy project – the Salkhit wind farm.
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Mizuho has signed an export financing loan, backed by Japanese export credit agencies, for a steel production line for India's JSW Steel Limited.
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Japan’s export credit agency JBIC and BTMU have signed a new loan for the mega Gorgon LNG project in Western Australia.
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Japan’s Nippon Export and Investment Insurance (Nexi) is providing 100% PRI for the UK’s Gunfleet Sands Wind Farm financing, in a ‘first’ for the agency in a UK renewables project.
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KfW IPEX-Bank funds ECA-backed delivery of one Airbus A320-200 to aircraft lessor Ansett Worldwide Aviations Services.
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Belgian export credit agency ONDD has downgraded nine countries by one point for short-term political risk.
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The European Bank for Reconstruction and Development reveals record year for its trade facilitation programme.
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Export-Import Bank of Korea joins IADB´s Trade Finance Facilitation Programme.
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Korea and IADB establish public capacity building fund for economic development.
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IADB and JICA to invest up to $600 million in green energy in Central America and the Caribbean.
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ADB President Haruhiko Kuroda attends IADB’s Annual Meeting to discuss ways to increase ties between the regions.
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ABN AMRO encourages US banks to expand into international shipping finance as European providers reduce lending commitments.
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Photos from the 14th Annual Structured Trade and Export Finance in the Americas Conference held in Miami.
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A bipartisan bid to reauthorise the Export-Import Bank of the United States has failed in the Senate.
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New report says region would only suffer a relatively mild recession if European debt crisis worsens and Chinese economy decelerates.
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IADB and China Exim have moved forward with plans to create an equity investment platform for Latin America and the Caribbean.
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ING Capital closes pre-delivery payment facility for Israeli airline El Al – with ultimate repayment through a US Ex-Im financing.
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The Japan Bank for International Cooperation (JBIC) has agreed to provide a guarantee for yen-denominated foreign bonds issued by the Turkish government in the Japanese market.
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UniCredit appoints former Sace representative as its new head of structured trade and export financing for Russia.
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Greece’s PPC is in talks with German export credit agency Euler Hermes over its Ptolemais V lignite plant and it is also likely to tap funds from the EIB.
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Royal Air Maroc, the Moroccan airline, has used an Export-Import Bank of the United States (US Ex-Im) guaranteed loan to finance the two Boeing narrow body aircraft.
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The Overseas Private Investment Corporation (OPIC) has selected Ghana-based Inter-Afrique Capital Limited to serve as an originator to support SMEs expanding in overseas markets.
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French export credit agency Coface confident of covering first bond in 2012 after French state rule relaxation, while Spain and Italy work on similar capital market solutions.
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Korea Development Bank and Standard Charted Bank lead an asset backed securities deal on behalf of South Korea’s Asiana Airlines.
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The lessor has mandated Deutsche Pfandbriefbank to fund a loan for Airbus aircraft, underwritten by export credit agencies Euler Hermes and ECGD.
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President Bill Clinton and Chicago Mayor Rahm Emanuel are to address the US Ex-Im Bank's 2012 annual conference.
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ICO, the financial agent of the Spanish state, is going to step up its export credit activities over the next six months to counter funding shortfalls in the Spanish banking system.
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Canadian exports cool in January after surge at the end of 2011, as the trade surplus narrows to $2.1 billion.
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The risk-sharing agreement between the Asian Development Bank and Australian export credit agency EFIC has been extended to include Vietnam.
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Kazatomprom, the state-owned nuclear holding company in Kazakhstan, has tapped French export credit agency guarantees for its Astana Solar project.
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Bibby Financial Services (BFS) has appointed a new global trade finance director.
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Dubai Investments is in talks with export credit agency Sace and regional lenders over the debt for its Emirates Float Glass factory expansion in Abu Dhabi.
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An amendment to bipartisan jobs legislation may yet see the Export-Import Bank of the United States (US Ex-Im) reauthorised, but there are hurdles to overcome.
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The International Islamic Trade Finance Corporation (ITFC) is financing the import of petroleum and other strategic commodities by the Egyptian authorities.
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Mizuho and Shinhan Bank are funding a Nexi-backed loan to PT Oto Multiartha, a Sumitomo subsidiary involved in automotive sales and finance in Indonesia.
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The Chinese subsidiary of Korean polyester film producer SKC has received a loan from SMBC under cover from Korean export credit agency K-sure.
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Speaking at Trade Finance Magazine and Euromoney Seminars’ 14th Annual Structured Trade & Export Finance in the Americas Conference in Miami, Gustavo Tardin Barbosa, global head of corporate finance at Petrobras, outlined the company’s investment plans. Oliver O’Connell reports.
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The government of Mongolia and the Japan Bank for International Cooperation have signed a memorandum of understanding to provide credit lines supporting Japanese business in the country.
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With the unprecedented retrenchment of several key structured trade and export finance institutions, finding new sources of liquidity for trade transactions is a priority. Oliver O’Connell assesses what some of the alternatives are and if they are a good fit.
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BBVA, Bank of Tokyo Mitsubishi UFJ, and the Japan Bank for International Cooperation (JBIC) have signed a cofinancing with Colombia’s ISAGEN.
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Turkish Airlines has mandated three banks to arrange a Euler Hermes-guaranteed euro-denominated loan to finance three A330s.
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The latest WTO findings on a seven-year dispute between Airbus and Boeing over illegal state aid published today.
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Japanese export credit agencies, JBIC and Nexi, fund Chile’s Sierra Gorda project, while Japanese shareholder Sumitomo also plans to tap JOGMEC support.
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Satellite manufacturer Globalstar has successfully delayed the initial principal repayment on a credit facility backed by French export credit agency Coface.
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UK Export Finance will be presenting at the British Exporters Association’s (BExA) seminar on 29 March 2012 at Rolls-Royce’s offices in Derby, UK.
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The Japan Bank for International Cooperation is cofinancing the development of a new mining block at the Kestrel mine in Queensland, Australia.
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US exports hit more than $180 billion in January as the Brookings Institute confirms exports as leading the way to recovery.
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At EADS annual results briefing in Paris yesterday, outgoing CEO Louis Gallois and CFO Hans Peter Ring dismissed German government threats to remove development loans and export credit guarantees.
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Brazil, Russia, India, China and South Africa are moving towards local currency financing for trade between the group of nations.
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Denmark’s export credit agency EKF expands scheme to improve Danish companies’ access to financing.
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Under cover from state insurer Nexi, SMBC has funded Buon Don Hydropower’s latest run-of-the-river project in Dak Lak province, Vietnam.
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Japan’s export credit agency Nexi covers commercial portion of loan for Singaporean shipping company TeraSea to purchase offshore support vessels.
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Last year Japanese firms recorded the highest level of mergers and acquisitions for 16 years, but a temporary scheme set up to promote this activity has had little usage.
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The Export-Import Bank of the United States (US Ex-Im) will establish a full-time presence in Atlanta, Detroit, Minneapolis, and Seattle.
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Canada’s International Datacasting Corporation has come up with a way to monetise a collections insurance product from export credit agency EDC.
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China Development Bank is in the process of approving a Sinosure-backed buyer credit agreement for Kazakhstan’s passenger rail operator Lokomotiv, cofinanced with HSBC.
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As APLNG’s financing facility enters the documentation stage, 13 banks have committed to the upsized multi-billion commercial debt facility.
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Sinosure’s short term export risk index (ERI) launched this week shows that France, UK and Germany have second-tier risk ratings, and are expected to fall.
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Brazil's Central Bank imposes trade finance restrictions from foreign lenders as well as a host of new tax measures which will impact offshore short-term export and trade loans to Brazilian firms.
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Air China took delivery of an Airbus A321-200 yesterday, 29 February 2012, financed with an export credit agency loan and a French optimised lease structure.
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BBVA and Deutsche Bank are arranging a Cesce-backed loan for the Caracas Metro extension, scheduled to close in the coming months.
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February
Investec is recruiting for new senior positions in its export and agency team to cover South Africa, the Americas and the Nordic region.
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Following its Hermes-backed loan for Russian petrochemicals firm GNS earlier this month, ING is poised to sign a further Atradius facility for the company’s refinery upgrade, while a smaller EGAP loan is also in documentation.
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Japan’s export credit agency cofinances offshore support vessels for the Singaporean shipping company.
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According to Finnvera’s preliminary statistics for financial year 2011, demand for export credit is down but offers issued continue to rise.
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For the first time the government of Dubai has tapped export credit to fund the landmark Al-Sufouh tram project.
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Belgian export credit agency ONDD has acquired a majority stake in Trade Credit Re Insurance Company (TCRe) with the repurchase of ABN Amro’s shareholding.
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Canada’s export recovery gathers strength as companies increase use of Export Development Canada programmes by 22%.
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US Ex-Im is guaranteeing a Comerica Bank-arranged export loan for the sale of US-manufactured locomotives to Canada, supporting 500 American jobs across six states.
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UniCredit has made a strategic hire for its structured trade and export finance team in Hong Kong.
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OPIC selects Fronteira Global as originator in Enterprise Development Network to help US SMEs expand overseas.
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EBRD finances heating project in Ukraine which is first to benefit from the E5P energy efficiency fund.
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OECD bodies are in discussion about potentially launching new rules which will modernise how export credit agencies (ECAs) offer ship financing.
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Proparco of France has signed a credit facility for Ghana’s HFC Bank.
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A club of Japanese banks and export credit agency JBIC have committed nearly $3 billion in funding for Sony and Toshiba’s overseas acquisitions.
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Australia’s Productivity Commission (PC) has called for an end to EFIC’s support of onshore natural resource projects, and the financing of large corporates.
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Oil field service provider Archer has secured a loan backed by German export credit agency Euler Hermes for its Emerald drilling rig.
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Citi arranges financing for UAE carrier Etihad Airways to purchase a Boeing 777-300, with US Ex-Im capital markets option.
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Swedish export credit agency EKN has covered payments from Indian and Chinese companies to purchase the exclusive rights to sell Bactiguard healthcare products in those countries.
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The SMBC Trade Finance Almanac 2012 in association with Sumitomo Mitsui Banking Corporation (SMBC), Zurich, and Trade Finance Magazine.
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The state-owned investment firm is partnering with international banks to form a specialised project finance company due to launch in the second half of 2012.
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The Turkish government has confirmed its export credit agency will offer long-term financing for Libyan and Tunisian firms looking to procure Turkish equipment.
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The African Development Bank has made three senior appointments to its management team.
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Boeing and Citi to offer small businesses quicker access to cash, lower financing costs, and inject liquidity to help suppliers sustain jobs through US Ex-Im programme.
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US Ex-Im has established Global Credit Express – a $100 million revolving credit facility for small business exporters.
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President Obama has announced that US Ex-Im will be able to match the financing terms of foreign export credit agencies in order to keep US exporters competitive.
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Swedish export credit agency EKN guaranteed export transactions of SEK63 billion ($9.4 billion) in 2011, a record year for the state insurer.
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The Spanish export agency is covering six loans for small government-run, agri-industrial projects in Angola.
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Russian petrochemicals firm GNS has signed a Hermes-backed loan for its refinery upgrade, while additional loans covered by export credit agencies Atradius and EGAP are pending.
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SMBC appoints ex-RBS banker to manage the bank’s export and agency finance business in the EMEA region.
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Brazil’s Banco Itaú BBA is teaming with IADB to finance green projects in Latin America.
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With the participants on Uz-Kor Gas’ Surgil gas project scheduled to meet in London next week, Trade Finance unveils the financing structure for Uzbekistan’s first project finance.
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President Obama has announced that US Ex-Im will match financing terms made by other countries to help US exporters compete, and launch new lending programmes for SMEs and Boeing suppliers.
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The Danish export credit agency has not followed up with additional financing for the Hog Jaeren wind farm, after the Norwegian sponsor won a land dispute to maintain its planned capacity.
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As it creeps closer to its exposure limit, US exporters are rallying support for the Export-Import Bank of the United States to push for reauthorisation by Congress.
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Export Development Canada (EDC) signs agreement with China’s ICBC Leasing at Singapore Air Show.
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DEG results underline the importance of development finance institutions in catalyzing job creation and growth.
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Canada’s trade surplus doubled in December as exports surged to a three-year high.
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Export Development Canada and China Development Bank partner to bolster commercial trade.
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Sadara Chemical Company is hosting a series of meetings with ECAs for the financing of its integrated chemicals plant in Jubail, Saudi Arabia.
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A performance bond guaranteed by New Zealand export credit agency NZECO has helped software company Data Torque get a foothold in Africa.
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Interpreting yesterday’s White House announcement, John Geddie considers whether China is really ready to give up the competitive advantage state subsidies allow, and if any proposed international working party on export credit will involve the OECD?
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President Obama has sent two nominations for the board of OPIC to the Senate for approval.
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Four new lenders including development banks, debt funds and commercial lenders have committed to Axmin’s Passendro gold project in the Central African Republic, with two more expected to join in a couple of weeks.
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The US export credit agency is expected to fund the single largest order in commercial aviation history placed by Indonesian carrier Lion Air.
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Reports suggesting Air Tanzania and Export Development Canada are in talks over a $500 million aircraft financing package are false.
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Greetings and welcome to Trade Finance Magazine's ECA newsletter, which offers a list of all the ECA loans over the last two months of 2011, categorised into eight global regions.
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EDC and IFC deepen partnership to expand trade, infrastructure and cleantech sectors in emerging markets.
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The advisor on Augusta Resource’s Rosemont Copper project, Endeavour Financial, has reopened discussions with potential lenders after a date for final permit approval is set for June.
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Australian export credit agency EFIC and the Export-Import Bank of China (China Exim) have signed a reciprocal risk participation agreement.
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IFC partners with Georgia’s Bank Constanta to increase lending to small businesses.
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Haiti signs contract with Alstom-Comelex to refurbish its principal hydro plant in a three-year project funded by IADB, Germany’s KfW and OFID.
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JP Morgan has arranged an export credit loan to finance the Korean Air’s first Boeing 747-8 freighter.
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US exports hit more than $178.8 billion in December 2011.
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Member countries of the Inter-American Development Bank (IADB) have approved a resolution authorising a $70 billion increase in the Bank´s ordinary capital.
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After Jordan’s National Electric Power Company selected Kepco to build and operate its IPP3 power plant, Kexim has been tipped fund a sizable portion of the debt requirement.
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A performance bond guaranteed by New Zealand export credit agency NZECO has helped software company Data Torque get a foothold in Africa.
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Five lenders have been identified on the $400 million, Sace-backed loan to Indian conglomerate Reliance Industries.
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With the aviation industry expecting export credit agency (ECA) finance to reach record levels in 2012, Trade Finance takes a snapshot of some of this week’s export credit deals.
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The export credit agencies of Japan, JBIC and Nexi, are supporting a $100 million credit line to Indonesia Eximbank.
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Carnival Corporation has secured funding from Japanese export credit agencies for its landmark ship order with Mitsubishi Heavy Industries.
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Italian export credit agency Sace has been awarded an advisory contract to assist the operational set up of new Russian export credit agency, Exiar,
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The chairman of US Ex-Im is in Vietnam promoting exports of US goods and services for $1.5 billion of infrastructure projects, citing the financing edge US companies have over their Eurozone counterparts.
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The capital fuel required to keep major Australian energy and related infrastructure projects on track is running out. As the global economy stutters into 2012, John Geddie asks whether export credit will be able to keep this growth engine ticking over.
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The latest round of funding for Hyundai Steel’s Danjin plant brought in six export credit agencies and seven international banks. John Geddie delves into the deal and considers whether it represents a shift towards increased cross-border export finance activity in 2012.
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Citi leads two ship financings for Seadrill and ENI originally intended for Eksportfinans funding, but which ultimately benefitted from an unusual 100% Giek guarantee.
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The Asian Development Bank (ADB) has approved a loan for Uzbekistan’s Surgil Natural gas Petrochemical Plant.
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Japanese export credit agency Nexi has signed a reinsurance agreement with Hong Kong Export Credit Insurance Corporation.
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The Export-Import Bank of China has joined a lending syndicate for India’s Bharat Forge.
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Japan’s export credit agencies and private financial institutions are funding an ICICI bank loan to support green projects in India.
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Skyworks Capital have structured a six loan package for lessor Atlas Air, funded by Apple Bank and underwritten by US Ex-Im.
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The IFC is in talks with third party SCF platform provider PrimeRevenue to arrange a second supply chain financing (SCF) deal under its newly established SCF programme.
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IADB supports efforts to strengthen Asia-Latin America trade and investment ties through the Trans-Pacific Partnership.
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In a matter of hours, Italian export credit agency Sace will underwrite a fourth loan to India’s Reliance Industries.
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Germany’s KfW end-year figures reveals strong growth for export finance activity conducted by KfW IPEX-Bank
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OPIC and Afghan Growth Finance (AGF) enter new agreement to expand small business lending in Afghanistan.
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Hung Hai Construction Company has secured a loan for its Nam Na 3 hydropower project in Vietnam under cover from Japanese export credit agency Nexi.
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GE Capital has provided an asset based loan to Glasgow-based safety equipment and work-wear supplier Willis Safety.
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Bangladesh Railway obtains Indian export credit agency financing for the purchase of 10 locomotives.
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Austria’s Raiffeisen Bank International has structured a financing package partly backed by OeKB to finance the construction of a tissue paper plant in China.
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IFC’s board has approved the establishment of the Critical Commodities Finance Programme (CCFP) as part of the MFI’s response to the financial crisis.
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January
South African carrier Comair, and its advisor Investec, appoint Rand Merchant Bank to fund US Ex-Im covered debt for Boeing 737-800s.
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Failure to drawdown a loan from Japan’s state lender has led to allegations of corruption at the University of Indonesia.
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Wells Fargo loan officer Gerard Uribe is jailed for his part in the largest case of fraud on export credit agency US Ex-Im.
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IFC’s trade programmes reached new heights in 2011 in the multilateral’s drive to help banks in the emerging markets gain access to financing for their SME clients.
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BNDES releases results for 2011 showing a 47% increase in funding operations.
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The World Bank has pledged to assist countries of emerging Europe and Central Asia with $27 billion in funding, including trade finance.
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Deutsche Bank has signed a bilateral Euler Hermes-backed deal to help fund the construction of three pig farms in Russia.
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BNP Paribas and KfW IPEX-Bank have partnered to offer cement producer Holcim Indonesia a buyer credit facility for its Tuban green-field plant.
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Finnish export credit agency Finnvera returns to cover further loans for the expansion of Telemar’s mobile network in Brazil.
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Norwegian Air Shuttle has ordered 222 narrow-body aircraft from both Boeing and Airbus.
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BayernLB signs buyer credit loan to support the delivery of wind turbines to Turkey’s Bilgin Enerji to develop its Zeytineli wind farm.
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Turk Eximbank promises loans to both Tunisia and Libya to aid reconstruction efforts.
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Norway’s new government-funded export body is expected to hire former Eksportfinans staff, but others will face redundancy.
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A group of banks have signed a revolving credit facility on behalf of Export Credit Bank of Turkey (Turk Eximbank).
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Ivanhoe Mines has approved a jumbo bridge facility to help fund the first phase of its ECA-backed Oyu Tolgoi mining complex in southern Mongolia.
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Nordic Investment Bank has named its new president and chief executive officer.
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Ukraine’s ZhL secures export credit agency financing for the import of Dutch-made confectionary packaging equipment.
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Development banks led by FMO of the Netherlands are financing a hydro-power project in Uganda.
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An interim board has been appointed to oversee the transition to a permanent Norwegian government-funded export finance scheme in July 2012.
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US Ex-Im has appoved $6 billion in small business export financing during the first year of the bank's nationwide Global Access outreach initiative.
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The latest round of Chinese state support for India’s Reliance Group adds to China’s dominance of this intra-Asian trade link.
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French export credit agency Coface guarantees luxury cruise ship financing on behalf of Hapag-Lloyd Cruises, part of the TUI Group.
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HSBC arranges buyer credit for Pakistan state utility firm, Central Power Generation Company to purchase a gas turbine combined power plant at Guddu.
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JP Morgan has hired a new managing director for its Treasury Services business covering export and supply chain finance across the Americas.
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The Mexican carrier has closed debt financing for two A320-200s with Crédit Agricole CIB and European export credit agencies.
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The Asian Development Bank has arranged an A/B loan for renewables firm China Everbright to fund its waste-to-energy projects in China.
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German development agency DEG is lending $50 million to the mobile communications and finance sectors in South Asia.
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The Inter-American Development Bank has approved new funds for renewable energy and clean technology companies.
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An industry body for international trade has submitted a report stating Australia’s export credit agency EFIC is not adequately supporting small and medium sized businesses.
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The government of Bangladesh has announced that it will borrow $2 billion from the International Islamic Trade Finance Corporation (ITFC).
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US District Judge rejects preliminary injunction to stop a US Ex-Im-supported loan to Air India.
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Reporting from Airbus New Year Press Conference, held in Hamburg, John Geddie looks at the manufacturer’s financing plans for the year ahead.
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IFC signs trade finance agreement with Lebanon’s Credit Libanais to offer gurantees on import and export financing.
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Chinese export credit agency Sinosure is guaranteeing a buyer credit loan to ArcellorMittal for work on the now-suspended Monlevade steel plant expansion in Brazil.
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India’s export credit agency has approved funding for Bhilwara’s first overseas hydro electric project in Nepal.
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ING and NordLB have signed an export credit agency-backed buyer credit on behalf of Ryanair for 18 Boeing narrowbodies.
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Banks team to finance the delivery of a semi submersible drilling rig to offshore deepwater drilling company, SeaDrill Ltd.
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Three banks have signed the senior level of a jumbo credit line, guaranteed by Philippine export credit agency PhilExim, on behalf of Philippine Phosphate and Fertiliser Corporation.
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UniCredit has signed a loan agreement with Russian hydroelectricity provider RusHydro under cover from Austrian export credit agency OeKB.
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Australian airline Qantas receives two Airbus A380s deliveries arranged by HSBC and guaranteed by European ECAs.
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President Obama is asking Congress for the authority to combine the US government’s six trade and business-related agencies and departments into a one-stop-shop for exporters.
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The Egyptian carrier secured ECA financing for three aircraft in the fourth quarter of 2011.
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Giek supports drill ship delivery to oil and gas firm Chloe Marine Corporation.
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Citi signs EDC-backed leasing deal on behalf of Peru’s Minera Barrick Misquichilca.
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Reliance Power has closed $2.2 billion in loans towards its 3960 MW Sasan ultra mega power project with the backing of US and Chinese export credit agencies.
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As of 1 January 2012, Søren Møller has taken over as deputy CEO at EKF.
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US Ex-Im has approved direct export financing for the world’s largest IPP to buy Siemens power generation equipment that supports North Carolina jobs.
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German export credit agency Euler Hermes has issued cover on a BBVA-led loan to Venezuelan National Steel Company EPSSN.
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The UK’s export credit agency has returned to support New Zealand’s Swift Transport in its purchase of additional British buses.
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Digital Paradise Inc. of the Philippines secures ECA-backed loan from HSBC to expand its chain of internet cafes.
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China’s export credit insurer Sinosure celebrated its tenth anniversary in December as its underwriteen short-term insurance business hit record highs.
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Export credit agencies are providing solid support to the bids to develop Dubai’s first independent power project as financing structures shift following the Eurozone crisis.
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A distributor of Japanese construction machinery in Turkey has obtained a credit line supported by Japan’s export credit agencies.
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Standard Bank has signed an ECIC-covered bilateral loan on behalf of Zambian lime producer Ndola Lime Company.
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Export Development Canada has rejected a claim from Tepper farm after it failed to provide enough evidence for a rotten Russian potato deal.
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A financing package for Indian telecoms company Idea Cellular is one of the last deals to sign under the Finnish export credit agency’s temporary transfer scheme.
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Project sponsor Plenary has secured Canadian export credit agency funding and guarantees for its new state-of the-art cancer unit in Melbourne, Australia.
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Full year Dealogic league tables for export credit agency-backed financing for 2011.
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Siemens Financial Services has hired an export finance banker to boost its capabilities in the German export credit sphere.
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US Ex-Im is nearing its exposure limit as its full reauthorisation is switched to a short-term continuation, and the Airlines for America law suit reaches court.
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European export credit agencies back China Southern’s purchase of an Airbus A380.
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China Exim and Chinese lenders fund An Khanh Electricity’s thermal power project in Vietnam.
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International banks credit Pacific International Lines under a guarantee from export credit agency Sinosure.
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Deutsche Bank has signed a bilateral Euler Hermes-backed deal to help fund the construction of three pig farms in Russia.
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Société Générale Corporate and Investment Bank (SG CIB) reveals fresh job cuts in France in addition to planned job losses in Asia and the US.
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A loan from Canada’s export credit agency and commercial banks will allow Kinross to acquire the remaining 25% in the Kupol gold and silver mine in Chukotka, Russia.
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Danish shipping company Norden gains export credit agency cover to cap off Asian fleet order.
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China’s export credit agency China Exim pledges to fund Elektroprivreda’s billion dollar power complex in Serbia.
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Two-step loan with Japanese export credit agencies and ICICI Bank helps India’s Nabha Power obtain credit for Punjab power plant.
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BTMU, Citi, SMBC and Sumitomo Trust and Banking Company are supporting Vietnam’s crucial Hai Phong to Hanoi expressway project under cover from Japan’s export credit agency Nexi.
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Development finance institutions announce financial close of pioneering Addax Bioenergy project in Sierra Leone.
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Air France has closed the first-ever export credit agency-backed loan for a home market airline.
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Citi has arranged a trade finance loan for Ukrainian sugar manufacturer Astarta-Kiev.
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The Finnish government has accepted a proposal for a Eu3 billion permanent transfer scheme to be funded by a Finnvera capital markets issuance.
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SMBC and the Japan Bank for International Cooperation (JBIC) have signed a cofinancing for a power supply project in Indonesia.
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The Export-Import Bank of India has agreed to support Guyana’s latest public spend on a new hospital facility specialising in heart and brain surgery.
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Russian wood supplier Amurskaya wins support from export credit agency JBIC for the purchase of Japanese processing equipment.
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IFC Capitalization Fund will invest in Omans’ BankMuscat to help increase access to finance for small and medium enterprises (SME).
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Photos from the EBRD’s 2011 trade facilitation programme conference, held in Istanbul, are now online.
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Jordan and Tunisia have become members of the European Bank for Reconstruction and Development (EBRD) as part of the process of becoming recipients of EBRD investments.
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Mizuho and JBIC have cofinanced a loan to BCIE to support the development of renewable energy projects in Central America.
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The export credit agency-backed deal for Ecopetrol’s Reficar project has signed, including the second largest ever approved financing by US Ex-Im.
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Export credit agencies EFIC, Sace and EDC commit to Santos’ Gladstone liquefied natural gas project in Queensland, Australia.