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 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.
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.
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.
Experienced US Ex-Im / Bechtel project financier joins Mariner-owned infra fund
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.
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.
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.
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
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.
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.
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?
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.
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.
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.
1934: Berne Union founded by private credit insurers from France, Italy, Spain and the United Kingdom. UK Export Finance,ECGD at the time, is the only founding member that is still in existence under its original form.
While international trade seems to have increased towards the end of 2013, the growth for the whole year has remained sluggish. Against this backdrop, the volume of exports and investments covered by members of the Berne Union increased by approximately 4%
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).
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 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.
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.
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.
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 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.
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.
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.
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).
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.
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.
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.
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.
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).
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).
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).
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.
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
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).
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 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).
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.
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.
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.
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.
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
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.
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 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.
The C$850 million ($771.4 million) K2 Wind Power project in Ontario, Canada has reached financial close.
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.
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.
TXF PRI: Trade, Commodity & Export Finance is taking place this February. Delve into the local market and make high-level contacts that might just lead to your next deal...
This virtual event will address those challenges head-on. We want to create an atmosphere that is inspiring and ideas led, that demonstrates the art of the possible for the export finance community.
Uniting the key players and deal makers across the Americas. This is your chance to stay connected and ahead of the curve!
Join us while we are looking into the commodity finance sector for the Asia Pacific region. Connect with key players and hear about current and future deals.
The destination for African export & project finance. Come together with deal makers across the region for virtual networking opportunities second to none .
TXF is introducing the 'Financing the Energy Transition' event, focusing on the latest updates and future plan of the energy transition.
Proud to be bringing back TXF Global Commodity Finance, a must-attend event for the commodity finance community.
TXF invites you to join a dynamic group of export finance professionals to plot your ideas on where we're heading and how to get there
Fasten your seatbelt for the second leg of the ultimate export finance world tour, with stop-offs at Asia, Mena, Europe, Africa, and the Americas
This year's global trade virtual event will look into the impact of covid-19 to the market and explore new opportunities
Calling all changemakers in export finance! Join us to plot your ideas about diversity, sustainability and inclusion in the industry. If you are here to make a difference you are in the right place!
Your largest export, agency & project finance event returns to Madrid for 2021 after a 2020 virtual extravaganza! Industry renowned as the go-to for global export finance. Let the deal-making begin!
We are delighted to bring back this senior-level virtual event dedicated to the MENA region! Examine the regions' key trends and future opportunities whilst networking in a safe space.
A key event in the export, agency & project finance event calendar for senior and influential professionals working across the Asia-Pacific region. Networking and deal opportunities abound!