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Export credit insurance in the Middle East
Export credit insurance in the Middle East
Karim Nasrallah
1 May 2014

Within the Middle East North Africa (MENA) region, it was only on the back of the international financial crisis in 2008 that a strong awareness was created for trade credit insurance as a protection against companies' failure to pay.

UKEF launches export refinancing facility
UKEF launches export refinancing facility
Jonathan Bell
30 April 2014

UK Export Finance (UKEF), the export credit agency (ECA) of the United Kingdom has today officially launched its £5 billion ($6.86 billion) export refinancing facility (ERF).

JBIC signs rupiah financing with BTMU and CIMB Niaga
JBIC signs rupiah financing with BTMU and CIMB Niaga
Jonathan Bell
30 April 2014

The Japan Bank for International Cooperation (JBIC) has signed an agreement with commercial banks to move towards Indonesian rupiah financing for Japanese-affiliated companies operating in Indonesia under the scheme of JBIC guaranteed currency swap transactions.

HSBC arranges major credit line for Kazakh development bank
HSBC arranges major credit line for Kazakh development bank
Jonathan Bell
30 April 2014

HSBC Bank has arranged a €500 million ($685.2 million) with the Development Bank of Kazakhstan (DBK) under a framework agreement to facilitate long-term export credit agency (ECA) financing from HSBC Bank.

Gabon’s GTH secures Afreximbank loan for hotel complex
Gabon’s GTH secures Afreximbank loan for hotel complex
Jonathan Bell
29 April 2014

The African Export-Import Bank (Afreximbank) has signed an agreement with the Gabonese Gabonaise de Tourisme et de l’Hotellerie (GTH) group to provide a €24 million ($33.3 million) loan facility for the development of the Decapolis Rapontchombo hotel complex which would be managed under the Decameron brand.

Pacific Basin signs loan for Japanese bulk carriers
Pacific Basin signs loan for Japanese bulk carriers
Jonathan Bell
28 April 2014

Hong Kong-headquartered Pacific Basin Shipping (Pacific Basin), through PB Vessels Holding (PBVH), a wholly-owned British Virgin Islands company, has signed an export credit agency (ECA) backed financing facility with a group of banks in respect of 18 previously contracted Japanese newbuild bulk carrier vessels.

Ecuador and Panama get IADB loans for electricity grid
Ecuador and Panama get IADB loans for electricity grid
Jonathan Bell
24 April 2014

Ecuador and Panama have secured loans from the Inter-American Development Bank (IADB) to help expand their respective electricity transmission systems. In the case of Ecuador, the country will receive a $150 million loan. The loan is for a 25-year term, with a 13-year grace period and has an interest rate based on Libor – the IADB declines to provide further detail. Local contribution will be $19.5 million.

US DoE loan guarantee programme expands
US DoE loan guarantee programme expands
Valerie Colville
21 April 2014

After a hiatus of almost three years, the United States Department of Energy (DOE) announced new funding allocation for its renewable energy loan guarantee program (LPO). Over $4 billion in financing will be made available to transactions that bring catalytic changes to the US electricity grid system.

Development banks extend loan for Romanian solar project
Development banks extend loan for Romanian solar project
Jonathan Bell
21 April 2014

The European Bank for Reconstruction and Development (EBRD), together with the Black Sea Trade and Development Bank (BSTDB), has extended loans for the first time for a solar power project in Romania. The loans will be made to the renewables energy company EDP Renováveis (EDPR) for the development of a solar park.

Nexi provides insurance for Vietnamese electricity transmission project
Nexi provides insurance for Vietnamese electricity transmission project
Jonathan Bell
17 April 2014

Japan’s Nippon Export and Investment Insurance (Nexi) has agreed to provide Loan Insurance for loans extended to Vietnam’s National Power Transmission Corporation (NPT).

JBIC teams with banks for UK rail project financing
JBIC teams with banks for UK rail project financing
Jonathan Bell
16 April 2014

The Japan Bank for International Cooperation (JBIC) has signed a £860 million ($1.44 billion) loan agreement with Agility Trains East Limited (ATEL) in the UK, where Japan’s Hitachi, holds an equity stake, to fund the development of the East Coast Main Line rail segment of the Intercity Express Programme.

Zambia signs loan agreement for Itezhi Tezhi power project
Zambia signs loan agreement for Itezhi Tezhi power project
Jonathan Bell
16 April 2014

Development banks led by the African Development Bank (AfDB) have signed a $142 million loan agreement to develop the 120MW Itezhi Tezhi power project in Zambia.

Höegh LNG signs upsized senior secured credit facility
Höegh LNG signs upsized senior secured credit facility
Jonathan Bell
15 April 2014

Further to Norwegian-owned shipping company Höegh LNG Holdings’ recent export credit financing for its second floating storage and regasification unit (FSRU) as we reported last week, the company has now entered into a firm agreement on its $400 million senior secured credit facility initially agreed in commitment letters with a group with banks in January 2014.

Banks arrange financing for Star Cruises latest vessel
Banks arrange financing for Star Cruises latest vessel
Jonathan Bell
14 April 2014

KfW IPEX-Bank, Crédit Agricole CIB and the Singapore branch of DNB Bank have arranged the financing for Hong Kong-Headquartered Star Cruises latest newbuild cruise ship. KfW IPEX-Bank has acted as the coordinating bank.

Banks arrange ECA-backed finance for Höegh LNG
Banks arrange ECA-backed finance for Höegh LNG
Jonathan Bell
11 April 2014

Norwegian-owned, Bermuda-based shipping company Höegh LNG has secured export credit agency (ECA) backed funding amounting to $309 million to finance its latest floating storage and regasification unit (FSRU).

Senate confirms Felton second term as Ex-Im VP
Senate confirms Felton second term as Ex-Im VP
Hesham Zakai
10 April 2014

The United States senate has voted to reappoint Wanda Felton as first vice president and vice chair of the Export-Import Bank of the United States (US Ex-Im).

EBRD steps up investment in Ukraine
EBRD steps up investment in Ukraine
Hesham Zakai
9 April 2014

The European Bank for Reconstruction and Development (EBRD), the largest financial investor in Ukraine, has approved financing for two projects in the crisis-hit country amounting to €350 million ($483 million).

Scotiabank boosts global infra finance team in London
Scotiabank boosts global infra finance team in London
Jonathan Bell
7 April 2014

Canada’s Scotiabank has boosted its global infrastructure finance team in London with the appointment of Rocio Lozano as an associate director to the team.

ECA Fundamentals course offered by CC Solutions and TXF
ECA Fundamentals course offered by CC Solutions and TXF
Valerie Colville
7 April 2014

Guest post, CC solutions: CC Solutions, in conjunction with TXF, is pleased to announce it is conducting a one day training session on theFundamentals of ECA Finance. Scheduled just prior to the US EXIM Bank conference in Washington, DC

Canada’s EDC provides financing for Reliance Industries
Canada’s EDC provides financing for Reliance Industries
Jonathan Bell
3 April 2014

Export Development Canada (EDC) has signed to provide a direct export credit financing line of $500 million for the Indian multi-sector conglomerate Reliance Industries Limited (RIL).

JBIC & ADB lead Sarulla power project financing
JBIC & ADB lead Sarulla power project financing
Hesham Zakai
2 April 2014

The Japan Bank for International Cooperation (JBIC) and Asian Development Bank (ADB) have led the $1.17 billion project financing for the Sarulla geothermal power project in Indonesia, signed on 28 March 2014.

Kenya Airways lands first Boeing Dreamliner
Kenya Airways lands first Boeing Dreamliner
Hesham Zakai
1 April 2014

Kenya Airways has received its first Boeing 787-800 Dreamliner plane, marking the start of the second phase of its $1.9 billion aircraft purchase contract arranged by the African Export-Import Bank (Afreximbank).

US Ex-Im aviation stalwarts change position
US Ex-Im aviation stalwarts change position
Hesham Zakai
31 March 2014

The Export-Import Bank of the United States (US Ex-Im) has strengthened its leadership team with the appointment of Robert Morin as senior vice president for business and development, while Robert Roy has been promoted to vice president for the transportation division.

EU keeps pressure on China to develop new common export finance guidelines
EU keeps pressure on China to develop new common export finance guidelines
Francisco Anzola
31 March 2014

Guest post, CC solutions: In the context of trade negotiations between China and the European Union, the EU's trade chief reiterated the importance of China committing to working on the development of international guidelines on export financing.

SMBC and JBIC team for export credit to Turkey’s Yilport
SMBC and JBIC team for export credit to Turkey’s Yilport
Jonathan Bell
28 March 2014

Sumitomo Mitsui Banking Corporation (SMBC) and the Japan Bank for International Cooperation (JBIC) have teamed to provide an export credit financing amounting to ¥6 billion ($59 million) to Yilport Holding (Yilport) in Turkey.

Canada’s EDC provides financing for Turkey’s AKLease
Canada’s EDC provides financing for Turkey’s AKLease
Jonathan Bell
26 March 2014

Export Development Canada (EDC) has provided Turkey’s Ak Finansal Kiralama (AkLease) with a $10 million credit line to create opportunities for Canadian equipment makers

Pine sustainability drive supported by IADB and Commerzbank
Pine sustainability drive supported by IADB and Commerzbank
Hesham Zakai
25 March 2014

Brazil’s Banco Pine will benefit from a $115 million loan from Commerzbank and the Inter-American Development Bank (IADB), which it will use for onlending to support environmentally sustainable projects in the South American country.

Financing signs for Kenya’s Lake Turkana Wind project
Financing signs for Kenya’s Lake Turkana Wind project
Jonathan Bell
24 March 2014

Project development company Lake Turkana Wind Power (LTWP) has signed the financing documents amounting to €623 million ($859 million) with a group of financial institutions for the 300 MW wind Lake Turkana Wind project in Kenya to proceed.

Enel signs loan with Santander for Mexican wind
Enel signs loan with Santander for Mexican wind
Jonathan Bell
24 March 2014

Enel Green Power (EGP) has signed a €153 million ($211 million) loan agreement with Santander. The loan is associated with EGP’s investments in wind power in Mexico, owned by group subsidiaries.

Financing closes on Canada’s K2 Wind Power project
Financing closes on Canada’s K2 Wind Power project
Jonathan Bell
24 March 2014

The C$850 million ($771.4 million) K2 Wind Power project in Ontario, Canada has reached financial close.

Roy Hill secures record mine project financing
Roy Hill secures record mine project financing
Hesham Zakai
24 March 2014

The Roy Hill iron ore mining project has secured funding for $7.2 billion from a consortium of five export credit agencies (ECAs) and 19 international banks – the largest ever project financing for a mining project.

US Ex-Im signs major MoU with Philippines for energy projects
US Ex-Im signs major MoU with Philippines for energy projects
Hesham Zakai
21 March 2014

The Export-Import Bank of the United States (US Ex-Im) has signed a $1 billion Memorandum of Understanding (MoU) with the Philippine Department of Energy (DOE) that will facilitate the sale of US goods and services to energy projects in the Philippines.

UK budget outlines key role for UK Export Finance
UK budget outlines key role for UK Export Finance
Hesham Zakai
20 March 2014

UK businesses exporting products and services abroad have received a boost in the Chancellor’s budget, after the Direct Lending Scheme was doubled to £3 billion ($5 billion).

Cosmos inks deal with GTAT to build polysilicon plant
Cosmos inks deal with GTAT to build polysilicon plant
Hesham Zakai
19 March 2014

Kuala Lumpur-headquartered ~Cosmos Chemicals Berhad^ has signed a $336 million technology and equipment deal with US-based GT Advanced Technologies (GTAT) for a polysilicon facility being built in Samalaju Industrial Park in Sarawak, Malaysia.

Escondida copper mine receives EFIC support
Escondida copper mine receives EFIC support
Hesham Zakai
18 March 2014

Minera Escondida Limitada (MEL), the owner of the Escondida copper mine in Chile, has received a $100 million loan from Export Finance and Insurance Corporation (EFIC), Australia’s export credit agency.

Investec closes Air India financing
Investec closes Air India financing
Hesham Zakai
17 March 2014

South African headquartered bank Investec has closed a major financing, including senior debt guaranteed by the Export-Import Bank of the United States (US Ex-Im), to Air India for the lease of four Boeing 787 Dreamliner jets, TXF has learnt from industry sources.

Norway's PGS to acquire Japanese vessels with ECA finance
Norway's PGS to acquire Japanese vessels with ECA finance
Hesham Zakai
14 March 2014

One of Norway’s leading marine services providers, Petroleum Geo-Services (PGS), has secured export finance from Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC) for two Ramform Titan-class vessels scheduled for delivery in 2015.

ING and CACIB arrange export credits for RusHydro
ING and CACIB arrange export credits for RusHydro
Jonathan Bell
6 March 2014

ING-DiBa AG (ING Bank) and Crédit Agricole Corporate & Investment Bank Deutschland (CACIB) have arranged two export credit financings for Russian power generating company RusHydro. The credits total €190 million ($263 million), and will be used for the modernisation of the Saratovskaya HPP (hydro-electric power plant).

Zambia’s Zesco secures Swedish export credit financing
Zambia’s Zesco secures Swedish export credit financing
Jonathan Bell
6 March 2014

Zambia Electricity Supply Corporation (Zesco) has signed a $163 million export financing agreement with Nordea and Standard Bank to finance the company’s north-western electricity supply grid extension project.

Azeri Shah Deniz project receives loan from EBRD
Azeri Shah Deniz project receives loan from EBRD
Jonathan Bell
4 March 2014

The European Bank for Reconstruction and Development (EBRD) has agreed to extend a senior loan of $200 million to Lukoil Overseas Shah Deniz (LSD), a wholly-owned subsidiary of Lukoil Overseas, the operator of Lukoil's overseas upstream projects.

IFC arranges financing for Stora Enso China project
IFC arranges financing for Stora Enso China project
Jonathan Bell
4 March 2014

The IFC is arranging financing to support the continued development of sustainable forestry in Guangxi, China for Stora Enso’s integrated state-of-the-art plantation, pulp and packaging board mill project. The Finland-headquartered company will receive new equity and debt financing.

Seaborn Networks mandates Natixis for Seabras-1 financing
Seaborn Networks mandates Natixis for Seabras-1 financing
Jonathan Bell
3 March 2014

Seaborn Networks (Seaborn) has mandated French bank Natixis to arrange the financing for Seaborn’s new submarine cable project, known as Seabras-1, linking commercial and financial centres of Brazil and the United States.

CACIB coordinates ECA-backed finance for Petredec
CACIB coordinates ECA-backed finance for Petredec
Jonathan Bell
3 March 2014

Singapore-headquartered LPG (liquefied petroleum gas) shipping and logistics company, Petredec, has finalised a $200 million export finance credit facility for the purchase of four 84,000 CBM LPG carriers under construction at Hyundai Heavy Industries (HHI) in South Korea.

ING Frankfurt expands export finance team
ING Frankfurt expands export finance team
Jonathan Bell
3 March 2014

ING Bank has expanded its export finance team with the hiring of Marina Grigoryeva to work in their Frankfurt office.

Turkey’s agri-sector gets boost with EBRD loan
Turkey’s agri-sector gets boost with EBRD loan
Jonathan Bell
3 March 2014

Turkey’s agricultural sector has received a boost with a €25 million ($34.7 million) loan from the European Bank for Reconstruction and Development (EBRD). The funds will support the construction of cold chain storage storage facilities.

Mobily inks new ECA deals for NSN and Ericsson equipment
Mobily inks new ECA deals for NSN and Ericsson equipment
Hesham Zakai
27 February 2014

Saudi Arabian telecommunications company Mobily (Etihad Etisalat) has agreed two new financings amounting to SAR2.1 billion ($560 million) backed by the export credit agencies (ECAs) of Finland and Sweden, Finnvera and EKN respectively, for the purchase of equipment from Nokia Siemens Networks (NSN) and Ericsson.

Nigerian paper mill gets AfDB financing
Nigerian paper mill gets AfDB financing
Jonathan Bell
27 February 2014

African Development Bank has agreed to provide a $30 million loan to finance the rehabilitation of Nigeria’s Oku Iboku Pulp and Paper Mill in Akwa Ibom and Cross River States in the south-east of the country.

EBRD and Nordea fund Oil & Gas Systems upgrades
EBRD and Nordea fund Oil & Gas Systems upgrades
Hesham Zakai
26 February 2014

The European Bank for Reconstruction and Development (EBRD) has joined forces with Nordea Bank to support a €123 million ($170 million) modernisation of two manufacturing plants owned by Oil & Gas Systems (OGS), one of Russia’s largest pipeline valve producers.

Mississippi Silicon to construct metal plant with KfW financing
Mississippi Silicon to construct metal plant with KfW financing
Hesham Zakai
24 February 2014

Germany’s KfW IPEX-Bank (KfW) is providing a $109 million loan to Mississippi Silicon for the construction of a silicon metal manufacturing plant in the United States. SMS Siemag, the specialised metallurgical plant and mechanical engineering company based in Düsseldorf, will produce the arc furnace, the key component required for the new plant’s production process.

US Ex-Im guarantees landmark Apple Bank aircraft loan to MSFL
US Ex-Im guarantees landmark Apple Bank aircraft loan to MSFL
Hesham Zakai
21 February 2014

The Export-Import Bank of the United States has guaranteed a $300 million loan by the Apple Bank for Savings to China’s Minsheng Financial Leasing (MSFL) for the purchase of eight Gulfstream Aerospace aircraft. The deal means US Ex-Im has now supported more than $1 billion in financing for US-made business aircraft and helicopters since the start of the 2012 financial year.