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Northland secures record offshore wind farm financing
Northland secures record offshore wind farm financing
Hesham Zakai
19 May 2014

Canadian power-producer Northland Power has reached financial close for its Project Gemini wind farm at €2.8 billion ($3.8 billion), making it the largest project financing for an offshore wind farm to date.

JB's weekly round-up - 19 May 2014
JB's weekly round-up - 19 May 2014
Jonathan Bell
19 May 2014

With a week and a half to go, our Paris conference on ECA/DFI Finance has almost sold out. We’re overwhelmed by the support we’ve received from the market and are now looking forward to two days of great content and even better networking, including Dan’s morning running club and erm…yoga with Dom?

AfDB approves major loan for Angolan energy sector
AfDB approves major loan for Angolan energy sector
Jonathan Bell
15 May 2014

The African Development Bank (AfDB) has approved a $1 billion loan for the Angola Power Sector Reform Support Programme.

Sweden’s SEK and China’s BoC sign ‘green’ export finance facility
Sweden’s SEK and China’s BoC sign ‘green’ export finance facility
Jonathan Bell
14 May 2014

Swedish Export Credit Corporation (SEK) and Bank of China (BoC) have entered into a €100 million master export credit facility agreement specifically related to the financing of environmental projects and Swedish clean technology.

Educating Decision Makers About Country Risk
Educating Decision Makers About Country Risk
Daniel Wagner
13 May 2014

At a board meeting of a top 20 multinational corporation, the question of whether to invest $50 million in a project in a Middle Eastern Country was discussed. The president of the company subsidiary seeking the board’s approval insisted that the country was a safe place to invest because of its recent history

China Exim to fund Kenyan port rail link
China Exim to fund Kenyan port rail link
Jonathan Bell
12 May 2014

The Chinese and Kenyan governments have signed an agreement whereby Chinese contractors will build a new rail link between the Indian Ocean port of Mombasa and the Kenyan capital Nairobi. The project is estimated to cost $2.6 billion, and the Export-Import Bank of China (China Exim) has been positioned as the principal financing entity.

MIGA and IFC approve Nigerian energy loans
MIGA and IFC approve Nigerian energy loans
Jonathan Bell
7 May 2014

MIGA and the IFC have approved a package of loans and guarantees supporting a series of energy projects that will help boost independent power generation and ease crippling energy shortages in Nigeria.

SG makes senior appointments within export finance
SG makes senior appointments within export finance
Jonathan Bell
6 May 2014

Société Générale Corporate & Investment Banking (SG CIB) has promoted Isabelle Roux-Sharpe as the new head of the export finance business units and project team. The appointment is effective since 1 May 2014.

Sohar Refinery financing closes
Sohar Refinery financing closes
Jonathan Bell
5 May 2014

Orpic (Oman Oil Refineries and Petroleum Industries Company) and a consortium of 21 international and national financial institutions have signed a $2.8 billion umbrella loan arrangement for Orpic’s projects including the Sohar Refinery Improvement Project (SRIP) which will be 65% debt financed.

Barbara O’Boyle takes key role at investment start up
Barbara O’Boyle takes key role at investment start up
Dan Sheriff
2 May 2014

Experienced US Ex-Im / Bechtel project financier joins Mariner-owned infra fund

Socar to sign financing deals
Socar to sign financing deals
Valerie Colville
1 May 2014

Azerbaijan's oil giant Socar announced that it will sign key financings on May 5th to finance their $5.5 billion refinery in Izmir. The company will sign loan agreements worth USD 3.5 billion with ECAs from the United States Japan, Korea, Italy, Canada, and Spain, as well as with Turkey's Denizbank.

Global risk overview
Global risk overview
Alyson Warhurst
1 May 2014

Having turned their attention further towards developing economies to compensate for a lack of demand from traditional western markets following the global financial crisis, export credit agencies (ECAs) now face a progressively complex global, societal and political risk landscape.

Medium- and long-term export credit capacity
Medium- and long-term export credit capacity
Karin Apelman
1 May 2014

When I was appointed chairman of the medium and long-term (MLT) committee at the annual general meeting last October, the total volumes for insurance of long-term export credits worldwide had once again reached the highest level ever for the first half year.

Political risk in the mining sector
Political risk in the mining sector
Jim Thomas
1 May 2014

Oruro, Bolivia sits on the High Andean Plain 180 km south-east of La Paz. As the sun rose over this bucolic community of miners on 9 February, 2007, soldiers of the Bolivian Army were amassing at a nearby tin smelter. The formation of approximately two-hundred

Sustainable export finance
Sustainable export finance
Edna Schone
1 May 2014

Think back some 30 years ago: what were the main concerns of an exporter participating in a large dam project requiring significant resettlement actions and with considerable effects on the ecosystem of the country? In most cases the project management was mainly focused on technical and financial risks of the transaction.

ECAs and the renewables industry
ECAs and the renewables industry
Anette Eberhard
1 May 2014

The world’s ECAs have been and remain a vital element when piecing together funding for renewable energy. Denmark's export credit agency, EKF, is an active partner with a portfolio that is currently completely dominated by wind turbines.

Providing support for SMEs
Providing support for SMEs
Dan Mancuso and Vinco David
1 May 2014

An increasing amount of attention has been focused on SMEs in recent years, as their role in supporting national economies has been emphasised. How have Berne Union members worked with this particular group? What are the challenges that SMEs are facing and how have ECAs specifically attempted to combat these issues?

The resurgence of shipping
The resurgence of shipping
Kim Young-hak
1 May 2014

With six of the world’s top 10 shipyards located in the country, Korea stands at the forefront of the global shipbuilding market. In 2013 alone, Korea won 16.58 million cgt (compensated gross tons) shipbuilding orders, which accounts for 33% of the global total at 50.12 million cgt.

Satellite finance and ECAs
Satellite finance and ECAs
Régine Schapiro
1 May 2014

Coface’s support in the space sector experienced dramatic growth in 2008 – linked to the financial crisis – and since then there has been a steady stream of business. Régine Schapiro, head of the energy, telecom and space unit at Coface examines these developments.

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.