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UK Treasury fines UKEF for off-payroll subcontracting
UK Treasury fines UKEF for off-payroll subcontracting
Dalia Gebrial
26 March 2015

UK export credit agency UK Export Finance (UKEF) has been fined £500,000 by the Chief Secretary to the Treasury, Danny Alexander.

Mizuho poaches Rand banker to head up Johannesburg office
Mizuho poaches Rand banker to head up Johannesburg office
Dalia Gebrial
25 March 2015

Mizuho Bank has hired Moses Singo as the senior director of global trade finance in its Johannesburg office.

SACE appoints first head of debt capital markets
SACE appoints first head of debt capital markets
Dalia Gebrial
25 March 2015

Italian export credit agency (ECA) SACE has appointed Bernardo Attolico to head up its new debt capital markets division, aimed at developing services dedicated to companies active in the capital markets.

EDC and ICBK sign MoU to promote Canada as RMB hub
EDC and ICBK sign MoU to promote Canada as RMB hub
Dalia Gebrial
24 March 2015

The Canadian export credit agency (ECA), Export Development Canada (EDC), has signed a memorandum of understanding (MoU) with the Canadian arm of the Industrial and Commercial Bank of China (ICBK), agreeing to work together to promote the use of renminbi (RMB) as a currency of settlement in trade-related transactions.

Bipartisan bill lays out terms for US Ex-Im reauthorisation
Bipartisan bill lays out terms for US Ex-Im reauthorisation
Dalia Gebrial
24 March 2015

Democrat senator Joe Manchin and Republican counterpart Mark Kirk have published the ‘Export-Import Bank Reform and Reauthorisation Act of 2015’ – a bipartisan bill outlining conditions under which the US export credit agency’s (ECA) charter would be reauthorised until 30 September 2019.

Petro Rabigh seals $5 billion financing from Japanese-led consortium
Petro Rabigh seals $5 billion financing from Japanese-led consortium
Dalia Gebrial
20 March 2015

The Rabigh Refining and Petrochemical Company (Petro Rabigh) has secured $5.168 billion worth of project financing for its integrated oil refinery and petrochemical plant (Rabigh Phase II Project) in the Rabigh district of Saudi Arabia.

Honduras hydroelectric plant gets IADB and JICA backing
Honduras hydroelectric plant gets IADB and JICA backing
Dalia Gebrial
20 March 2015

The Inter-American Development Bank (IADB) and the Japan International Cooperation Agency (JICA) are providing a $158.4 million financing package to Honduras for the improvement of the Cañaveral–Rio Lindo hydroelectric power plants.

PrimeRevenue teams up with Supplier Success
PrimeRevenue teams up with Supplier Success
Dalia Gebrial
20 March 2015

PrimeRevenue – the global leader in financial supply chains has announced a new strategic partnership with Supplier Success, the Detroit-based company focused on improving supplier cash flow.

JBIC and SMBC co-finance local currency loan for Thailand’s CMTC
JBIC and SMBC co-finance local currency loan for Thailand’s CMTC
Dalia Gebrial
20 March 2015

The Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC) are co-financing a loan for Chiba Manufacturing Thailand Corporation (CMTC), a Thailand subsidiary of Chiba Manufacturing.

Otkritie, EXIAR team up for Russian SME exports
Otkritie, EXIAR team up for Russian SME exports
Dalia Gebrial
19 March 2015

Otkritie FC Bank (Otkritie) – one of Russia’s largest privately-listed banks – has signed a cooperation agreement with the country’s export credit agency (ECA), the Export Insurance Agency of Russia (EXIAR), to help stimulate loans to export-oriented small and medium-sized enterprises (SMEs).

DFIs team up to finance Georgia’s Shuakhevi hydropower plant
DFIs team up to finance Georgia’s Shuakhevi hydropower plant
Dalia Gebrial
19 March 2015

The International Finance Corporation (IFC), the Asian Development Bank (ADB) and the European Bank for Reconstruction and Development (EBRD) are coming together to provide $250 million of financing for Georgia’s Shuakhevi hydropower plant.

Glencore has senior exec reshuffle
Glencore has senior exec reshuffle
Dalia Gebrial
18 March 2015

Luis Alvarez, the veteran global head of crude oil trading at commodities titan Glencore, has retired, leaving a hole in the trader’s senior operations management structure.

KfW IPEX and BayernLB arrange Uruguay wind farm financing
KfW IPEX and BayernLB arrange Uruguay wind farm financing
Dalia Gebrial
18 March 2015

The German state-owned bank, KfW IPEX-Bank, has teamed up with BayernLB to arrange a $224 million financing for the Pampa wind farm in Uruguay. Total investment cost of the project is approximately $320 million.

Vitol veteran joins Cornerstone Global
Vitol veteran joins Cornerstone Global
Dalia Gebrial
18 March 2015

Cornerstone Global Commodities (Cornerstone) – the global brokerage firm specialising in energy derivatives – has recruited Duncan Preston from Swiss-based commodity trader Vitol.

Oceanic Breeze LNG project secures financing from JBIC, Mizuho and BTMU
Oceanic Breeze LNG project secures financing from JBIC, Mizuho and BTMU
Dalia Gebrial
17 March 2015

The Oceanic Breeze LNG Transport (OBLT) project has secured $125 million worth of financing from a club of Japanese banks and the Japanese export credit agency (ECA), the Japan Bank for International Cooperation (JBIC).

EBRD signs co-financing agreement with ATFP
EBRD signs co-financing agreement with ATFP
Dalia Gebrial
17 March 2015

The European Bank for Reconstruction and Development (EBRD) has signed an agreement with the Arab Trade Financing Programme (ATFP) to help encourage the expansion of intra-regional in the Arab countries.

IsDB provides Egypt with $4 billion financing package
IsDB provides Egypt with $4 billion financing package
Dalia Gebrial
16 March 2015

The Islamic Development Bank (IsDB) is providing Egypt with a $4 billion financing package in support of a selection of energy and infrastructure projects. The deals were announced at the Egypt Economic Development Conference, held in Sharm el-Sheikh over the weekend.

EDC provides credit facility for GNR Mexico
EDC provides credit facility for GNR Mexico
Dalia Gebrial
12 March 2015

Canada’s export credit agency (ECA), Export Development Canada (EDC), is providing a $750,000 credit facility to the Mexican affiliate of Montreal-based GNR Technologies (GNR).

Afrexim and StanChart arrange Kenya power sector loan
Afrexim and StanChart arrange Kenya power sector loan
Dalia Gebrial
12 March 2015

The African Export-Import Bank (Afreximbank) has teamed with Standard Chartered (StanChart) to provide Kenya Power and Lighting Company (KPLC), a Nairobi Stock Exchange-listed electric utility firm, with a $190 million loan.

Thales to provide security for new Qatari port
Thales to provide security for new Qatari port
Dalia Gebrial
9 March 2015

The French electrical systems provider, Thales Group, has been awarded a contract by the State of Qatar to secure its new commercial port, New Port Project – soon to be one of the world’s largest and most technologically advanced.

Jeb Bush comes out in support of phasing out US Ex-Im
Jeb Bush comes out in support of phasing out US Ex-Im
Dalia Gebrial
6 March 2015

Republican presidential hopeful, Jeb Bush, has announced his support for a “phasing out” of the US export credit agency, the Export-Import Bank of the United States (US Ex-Im).

SEC signs MoU for potential financing from Kexim
SEC signs MoU for potential financing from Kexim
Dalia Gebrial
6 March 2015

Saudi Arabian state-owned Saudi Electricity Company (SEC) has signed a memorandum of understanding (MoU) with the Export-Import Bank of Korea (Kexim), under which the parties are to consider a three-year agreement allowing SEC to access $3 billion worth of financing.

Deutsche Pfandbriefbank appoints new head of ECA finance
Deutsche Pfandbriefbank appoints new head of ECA finance
Dalia Gebrial
6 March 2015

Deutsche Pfandbriefbank (Pbb), Germany’s specialist bank for commercial real estate and public investment finance has appointed a new head of ECA finance.

Sanctions: SWIFT launches peer comparison testing service
Sanctions: SWIFT launches peer comparison testing service
Dalia Gebrial
5 March 2015

SWIFT, the global provider of secure financial messaging, has announced the addition of peer assessment to its sanctions testing service.

Bolero ramps up activity in Asia with new Singapore office
Bolero ramps up activity in Asia with new Singapore office
Dalia Gebrial
5 March 2015

The e-trade finance solutions provider, Bolero, has announced it will open a new office in the Raffles Place financial district in Singapore.

Bancomext looks to join UKEF direct lending panel
Bancomext looks to join UKEF direct lending panel
Dalia Gebrial
5 March 2015

British export credit agency (ECA), UK Export Finance (UKEF) has signed an addendum to an existing memorandum of understanding (MoU) with Bancomext (Mexican Trade Development Bank) to promote further co-operation between the two organisations.

OPIC, Wells Fargo and Yes Bank team up to support Indian SMEs
OPIC, Wells Fargo and Yes Bank team up to support Indian SMEs
Dalia Gebrial
4 March 2015

Wells Fargo and the Overseas Private Investment Corporation (OPIC) - the US government development finance institution, has signed a memorandum of understanding (MoU) with India’s Yes Bank to help support micro, small and medium enterprises (MSMEs) in India.

China: Credit and payments report suggests challenges ahead
China: Credit and payments report suggests challenges ahead
Dalia Gebrial
4 March 2015

Coface has released a report (see below) on China’s economic development and payment experience for 2014.

EBRD extends credit line and trade finance line to Bank al Etihad
EBRD extends credit line and trade finance line to Bank al Etihad
Dalia Gebrial
3 March 2015

The European Bank for Reconstruction and Development (EBRD) has announced that it is providing a credit line and trade finance line to Jordan’s Bank al Etihad.

TXF announces winners of 2014 Perfect10: Deals of the Year
TXF announces winners of 2014 Perfect10: Deals of the Year
Dalia Gebrial
3 March 2015

TXF are proud to announce the winners of our Perfect10: Deals of the Year 2014 awards for both export and project finance, and natural resources and commodities finance.

Transnet makes key steps towards US Ex-Im and EDC-backed locomotives purchase
Transnet makes key steps towards US Ex-Im and EDC-backed locomotives purchase
Dalia Gebrial
2 March 2015

South Africa’s sole national rail network operator, Transnet, hosted a signing ceremony today for two tranches of its R50 billion ($4.26 billion) contract for the purchase of 1064 diesel and electric locomotives.

Register now for TXF’s free SCF webinar
Register now for TXF’s free SCF webinar
Dalia Gebrial
27 February 2015

Join TXF for our live webinar on how companies are using supply chain finance (SCF) on Monday 16 March.

RBS set to wind-down non-UK and western European cash management
RBS set to wind-down non-UK and western European cash management
Dalia Gebrial
27 February 2015

The Royal Bank of Scotland (RBS) has declared its intentions to wind down its non-UK cash management business, which includes trade finance.

French government considers transferring state guarantees to Bpifrance
French government considers transferring state guarantees to Bpifrance
Dalia Gebrial
23 February 2015

The French Ministry of Finance has announced that it is considering transferring the state export credit guarantees business from credit insurer Coface to Bpifrance, the French public investment bank.

Intellect appoints new head of its iGTB division
Intellect appoints new head of its iGTB division
Dalia Gebrial
18 February 2015

Intellect Design Arena (Intellect) has announced that it has appointed Andrew England as director of its UK subsidiary and head of strategy of its transaction banking division, iGTB.

Growth for Central Asia and Mongolia will exceed global average, forecasts Commerzbank
Growth for Central Asia and Mongolia will exceed global average, forecasts Commerzbank
Dalia Gebrial
17 February 2015

In its most recent ‘Insights’ report, Commerzbank has tipped Central Asia and Mongolia for above-average growth in 2015, despite the boom of the past years being over for the time being.

ABN AMRO and Sinosure sign MoU to develop shipping business
ABN AMRO and Sinosure sign MoU to develop shipping business
Dalia Gebrial
6 February 2015

ABN AMRO has announced the signing of a memorandum of understanding (MoU) with the Liaoning branch of China Export and Credit Insurance Corporation (Sinosure), China’s export credit agency (ECA).

KfW IPEX and AFD co-finance loan for Ethiopian Airlines
KfW IPEX and AFD co-finance loan for Ethiopian Airlines
Dalia Gebrial
6 February 2015

KfW IPEX-Bank (KfW) and the Agence Française de Développement (AFD) have teamed together to provide a loan for Ethiopian Airlines, the largest airline in Africa.

SACE backs bond issued by Italian agri-food firm
SACE backs bond issued by Italian agri-food firm
Dalia Gebrial
5 February 2015

Italian export credit agency (ECA), SACE, has announced that it will underwrite a bond to be issued by De Cecco, an Italian firm specialised in the production of pasta, extra-virgin olive oil, prepared sauces and tomato derivatives bakery.

Commerzbank opens office in Ivory Coast
Commerzbank opens office in Ivory Coast
Dalia Gebrial
4 February 2015

Commerzbank has announced it will open a representative office in Abidjan, the economic capital of Ivory Coast.

Coface forecasts a difficult and risky global recovery for 2015
Coface forecasts a difficult and risky global recovery for 2015
Dalia Gebrial
29 January 2015

An estimated 1,300 members of the international trade community attended Coface’s yearly Country Risk Conference at the stunning Carrousel du Louvre in central Paris this week.

China’s slowdown: The new normal?
China’s slowdown: The new normal?
Dalia Gebrial
28 January 2015

At Coface’s annual ‘Country Risk Conference’, which saw the gathering of roughly 1,300 members of the international trade community in Paris’ Carrousel du Louvre, the question of how to respond to a declining China was on everyone’s lips.

KfW IPEX provides loan for Texan production plant
KfW IPEX provides loan for Texan production plant
Dalia Gebrial
23 January 2015

KfW IPEX-Bank has announced that it will help finance a gas-operated direct reduction facility to be built in Corpus Christi, Texas.

HSBC appoints head of Asia-Pacific product management for cash
HSBC appoints head of Asia-Pacific product management for cash
Dalia Gebrial
22 January 2015

HSBC has appointed Raof Latiff as head of product management for payments and cash management (PCM) in the Asia-Pacific region.

SACE appoints new head of Africa
SACE appoints new head of Africa
Dalia Gebrial
20 January 2015

The Italian export credit agency (ECA), SACE, has appointed Mike Creighton to head up its Africa offices.

RBS appoints new head of global cash products
RBS appoints new head of global cash products
Dalia Gebrial
19 January 2015

The Royal Bank of Scotland (RBS) has appointed Jerry Pearce to its global transaction services (GTS) team as head of global cash products. He will be based in London.

IsDB financing package for Burkina Faso to boost infrastructure
IsDB financing package for Burkina Faso to boost infrastructure
Dalia Gebrial
16 January 2015

The Islamic Development Bank (IsDB) has provided Burkina Faso with a financing package specifically targeted for the development of the country’s infrastructure.

ITFC signs Murabaha financing with Burkina Faso’s SOFITEX
ITFC signs Murabaha financing with Burkina Faso’s SOFITEX
Dalia Gebrial
14 January 2015

The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) has signed a Murabaha agreement with the government of Burkina Faso and SOFITEX (Société Burkinabè des Fibres Textiles), the cotton exporter and importer of agricultural inputs.

EDC launches online credit insurance product
EDC launches online credit insurance product
Dalia Gebrial
14 January 2015

Canada’s export credit agency (ECA), Export Development Canada (EDC) has launched an online version of its credit insurance product, allowing Canadian companies to insure their sales to US or foreign buyers within minutes.

Equinox makes two new appointments to UK team
Equinox makes two new appointments to UK team
Dalia Gebrial
13 January 2015

Equinox Global (Equinox), the Lloyd’s cover holder specialising in trade credit insurance, has appointed Kully Ubhi and Jack Woodruff to its UK team.