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ETC receives $300m Afreximbank facility for agricultural trade
23 February 2018

The African Export-Import Bank (Afreximbank) has signed a three-year $300 million revolving global credit facility agreement to provide financing to Export Trading Company in a bid to boost intra-African trade. The facility will, among other things, finance the sourcing, processing and transportation of soft commodities of African origin to markets and also to support procurement of key agricultural inputs, such as fertilizer, seeds and other chemicals.

Afreximbank; New roles for Obi Emekekwue and Chandi Mwenebungu
23 February 2018

The African Export-Import Bank (Afreximbank) has named Obi Emekekwue as Director and Global Head of the Communications and Events Management Department, while Chandi Mwenebungu becomes Director of the Treasury and Markets Department. Prior to the appointments, Mr Emekekwue and Mr Mwenebungu were respectively heads of the Communications and Treasury functions at the lender.

NEXI provides equity support for Gulf of Suez wind
23 February 2018

NEXI has provided insurance to support Japanese equity and a parent guarantee on subordinated loans for the Gulf of Suez (Ras Ghareb) onshore wind IPP project in Egypt. The cover is for investments made by Toyota Tsusho Corporation and Eurus Energy and the guarantee is offered by their parent company. NEXI also provided insurance to support commercial bank loans for the project in December 2017. Ras Ghareb Wind Energy - a joint venture between Toyota Tsusho, Eurus, Engie and Orascom - will build, own and operate the 262.5MW plant in Ras Ghareb municipality, on the Gulf of Suez. The project benefits from a 20-year power purchase agreement with the Egyptian Electricity Transmission Company.

Afreximbank targets $1.5bn in financing in Mauritania
23 February 2018

The African Export-Import Bank (Afreximbank) will attract $1.5 billion to Mauritania to finance the development of trade and related infrastructure after signing a memorandum of understanding with the country. $500 million would go to the development of the private sector in the form of credit lines through local banks. The other $1 billion would be raised by Afreximbank after evaluating eligible projects that support the construction of trade-facilitating infrastructure, industrial parks and special economic zones and fish processing.

Finnvera releases 2017 financial results
22 February 2018

Finnvera, Finland's export credit agency, reported granted loans and guarantees worth €782 million in 2017, a 7% drop of the 2016 figure of €845 million. The group's profit for the period hit €107 million, up from €70 million in 2016.

SACE backing helps Kiton fabrics warm international markets
22 February 2018

SACE has insured a €1 million loan issued by Crédit Agricole Italia Banking Group to support the international market growth of Lanificio Carlo Barbera, a Campania-based SME of the Kiton group specialised in the production of high-quality fabrics.

Formosa 1 in talks with ECA
21 February 2018

Sponsors of the Formosa 1 offshore wind project in Taiwan – Macquarie Capital, Orsted and Swancore Industries – are expecte...

Bipartisan group of House lawmakers urge action on US Ex-Im nominees
21 February 2018

A bipartisan group of 68 House lawmakers are urging Senate leaders to get the Export-Import Bank of the United States fully operational again. “We believe the Senate should move forward expediently in approving these nominees so that Ex-Im can continue to play the important role it has in past years, supporting US exports and creating and maintaining US jobs,” the letter said.  US Ex-Im has been without a quorum on its board since 2015, preventing the agency from making deals of more than $10 million. The five-member board needs at least three spots filled to make those transactions.

Energoatom’s Opic-wrapped bonds: A post-ECA gift to borrowers?
Energoatom’s Opic-wrapped bonds: A post-ECA gift to borrowers?
Tom Nelthorpe
21 February 2018

Ukraine’s state-owned nuclear generator has closed a bond issue for a nuclear waste storage project at a cheaper rate than its parent, thanks to a first-of-its-kind insurance policy from Opic. Could this wrap edge out conventional ECA debt, or are there still gaps in the structure?

Altech Chemicals has manufacturing licence approved for HPA plant in Malaysia
21 February 2018

Altech Chemicals has had its manufacturing licence for the proposed KfW IPEX-financed high purity alumina plant in Johor, Malaysia, approved. Issuing the formal manufacturing licence will allow the company to proceed to the next stage of state and local government approvals.

SACE: Dario Liguti is new Chief Underwriting and Business Innovation Officer
20 February 2018

Italy's SACE has appointed Dario Liguti as the new Chief Underwriting and Business Innovation Officer. He succeeds Alessandra Ricci, who was appointed CEO of SIMEST last October.

Turk Eximbank looks for more international cooperation
20 February 2018

Turk Eximbank has stepped up its roadshows to boost medium- and long-term financing support for Turkish exporters. CEO Adnan Yıldırım said that they were going to hold a number of roadshows in the US, Europe, and Asia. He said the bank has secured a number of agreements with counterparts in Britain, France, Belgium, and Thailand.

Turk Eximbank out to banks with refi
20 February 2018

Turk Eximbank is out to market with a $300 million refinancing. Proceeds will be for on-lending to Turkish exporters. The deal will have euro and d...

Turk Eximbank and JBIC ink deal
19 February 2018

Turk Eximbank and Japan Bank for International Cooperation (JBIC) have signed a memorandum of understanding to pave the way for investors and exporters of the two countries to collaborate in current and potential markets. Turkish and Japanese companies, which are cooperating in the sectors of industry and infrastructure in other countries, will be supported within the scope of the MoU.

Court of Appeal rules on facility agreement based on the LMA model form
16 February 2018

The Court of Appeal has upheld a decision that a facility agreement based on the LMA model form did not constitute the lenders' standard terms for the purposes of UCTA. Had UCTA applied, the terms of the facility agreement would have been subject to a reasonableness test. In the recent decision of (1) African Export-Import Bank (2) Diamond Bank Plc (3) Skye Bank Plc v (1) Shebah Exploration and Production Co Ltd (2) Allenne Limited (3) Dr Ambrosie Bryant Chukwueloka Orjiako the Court of Appeal has upheld a decision to allow summary judgment for sums due under a facility agreement, rejecting the defendant's arguments that the facility agreement, based on the LMA model form, constituted the lenders' standard terms for the purposes of UCTA. The three claimants were lenders under a pre-export finance facility agreement for $150 million.

KfW IPEX-Bank helps finance B787-9 for Norwegian Air Shuttle
16 February 2018

KfW IPEX-Bank and Credit Agricole CIB, acting as debt arrangers, successfully closed the JOLCO financing of a new B787-9 powered by Rolls Royce engines for Norwegian Air Shuttle. The financing was made of a UK Export Finance guaranteed loan denominated in euro, and Japanese equity.

Airbus ECA cover back on ‘case-by-case basis’
16 February 2018

In its latest financial statements released on Wednesday, Airbus announced it has come to a working agreement with French and UK export credit agencie...

Coface doubles net income to €83.2m
16 February 2018

Coface has released its full-year results for 2017, revealing that net income (Group share) hit €83.2 million, of which €28.2 million was in the final quarter. Net loss ratio improved again to 41.8% in Q4, thanks mainly to favourable loss trend in Asia and North America.

Afreximbank urges use of factoring to expand Africa's regional value chains
14 February 2018

African countries should make use of factoring in order to take advantage of the opportunities for expanding the continent's regional value chains, participants at a regional factoring conference held in Dakar have heard. Africa's small and medium-sized enterprises continued to face difficulties in accessing finance, the event heard.

Hungarian EXIM agrees €1bn for firms investing in the Philippines
14 February 2018

The Hungarian Export-Import Bank has agreed to extend €1 billion in financing for companies doing business in the Philippines. There are already four Hungarian garment firms and one water treatment facility project which can take advantage of the facility.

BAE proposes UKEF financing to Malaysia for Typhoon jet deal
14 February 2018

BAE Systems will provide Malaysia a UK Export Finance-backed financing deal if it decides to replace its fleet of combat jets with the Eurofighter Typhoon. Malaysia has for several years been weighing France's Rafale jet and the Eurofighter Typhoon, built by a European consortium including Britain's BAE, as it looks to buy up to 18 jets to replace its Russian MiG-29s - most of which are grounded. The contest is potentially worth over $2 billion.

MagneGas seeking project finance
13 February 2018

Florida-based MagneGas Corporation has signed a letter of intent to form an Ireland-based holding company for the express purpose of acquiring 100% of Infinite Fuels, a biofuels company based in northern Germany. MagneGas will initially own a 40% stake in the joint venture, with the possibility of increasing the Company's equity stake to 70%. The initial transaction is expected to be funded through a combination of cash and equity in the new joint venture. The joint venture will operate in two renewable energy segments. First, Infinite Fuels will launch its biodiesel operations at an existing facility based in northern Germany, currently operating through a public-private partnership. The second initiative will be to launch the first MagneGas2 production facility in Europe. This project is currently part of a combined project financing application with a European Union government backed agency. Terms of the financing application are currently confidential. Operations under the new joint venture are expected to launch late in the first quarter of 2018.

US Ex-Im to provide $3bn to help rebuild war-torn Iraq
13 February 2018

The Export-Import Bank of the United States will provide more than $3 billion to help rebuild Iraq following the war with Islamic State, according to a US official. The package will be structured so that the initial amount could rise to as much as $5 billion over several years, the official said. It would include loans, loan guarantees and insurance devices to encourage American investment in Iraq. Authorities estimate Iraq needs $88.2 billion to restore the country.

TUI Cruises plans ECA-financed Mein Schiff 7 at Meyer Turku
13 February 2018

Germany-based TUI Cruises has signed an agreement with Finnish shipbuilder Meyer Turku to build Mein Schiff 7 for 2023 delivery. The deal is subject to financing from banks and Finland's export credit agency Finnvera. The design is based on the 111,500gt, 2,894-berth New Mein Schiff 1 and 2. No price was reported but this year's Mein Schiff 1 is listed at the euro equivalent of $515 million.

UKEF helps Carpenter & Paterson secure India refinery deal
13 February 2018

Welsh engineering company Carpenter & Paterson has secured a multi-million pound deal to help construct a refinery in Jamnagar, India. It came after UK Export Finance (UKEF) provided Reliance India with £300 million credit on the condition it sourced goods and work on the project from the UK.

UKEF to finance Sri Lankan high altitude training centre
13 February 2018

UK Export Finance (UKEF) is to finance up to 70% of the project cost of the €75.5 million high altitude training center at the Nuwara Eliya Race Course in Sri Lanka. The project includes indoor and outdoor training facilities at an altitude of 1,868m.

Vietnam pulls request to US Ex-Im to help build coal-fired power plant
13 February 2018

PetroVietnam, a Vietnamese state-controlled company, has withdrawn its request to the Export-Import Bank of the United States for financial support for the Long Phu 1 coal plant. The deal would have allowed PetroVietnam to purchase millions of dollars' worth of turbines and other equipment from General Electric. The project, which is already under construction, faced intense criticism inside and outside the US from environmental groups.

Euler Hermes appoints new CFO
12 February 2018

Euler Hermes has appointed Chantal Schumacher as group CFO. Schumacher replaces Clarisse Kopff, who is leaving the company to take on a new role as CFO at Allianz France.

SACE plans to back $1.6 billion in debt to Saudi Arabia.
12 February 2018

Italy’s export credit agency SACE plans to back $1.6 billion in loans to Saudi Arabia over the next 12 to 18 months, potentially boosting the country’s search for outside investment at a time of weak oil prices.

UK to accept naira payments from Nigerian businesses
9 February 2018

Britain, through its export credit agency UK Export Finance (UKEF), is to accept naira payments from Nigerian business owners who make procurement in the UK. The development makes Nigeria one of the three West African countries on UKEF's pre-approved currencies list.

Janusz Władyczak is the new president of KUKE
9 February 2018

Janusz Władyczak has been named as the President of the Management Board of Polish export credit agency KUKE. He has been with KUKE as a Vice-President of the Management Board since mid-2016.

Ukraine establishes export credit agency
8 February 2018

The Ukraine Cabinet of Ministers has approved a resolution on the creation of an export credit agency. The agency's task will be to protect exporters from risks of financial losses, insure exporters and contractors, support exports with added value, and promote modernisation of enterprises in the country.

Slim pickings on RAPID bridge loan
7 February 2018

Saudi Aramco and Petronas are understood to be offering slim pricing for the bridge loan they are raising for the $16 billion Refinery and Petrochemic...

Pietro Vargiu named new sales manager of SACE BT
7 February 2018

SACE BT, a wholly-owned subsidiary of SACE specialized in short-term credit insurance, has appointed Pietro Vargiu as the new sales and credit branch manager. Vargiu has worked in risk underwriting at GE Capital Finance, led the trade credit and political risk team at Marsh Italia, served as regional director (Mediterranean, Middle East <6 Africa) at Euler Hermes World Agency and, in the past five years, managed sales at Coface Italy.

SACE backs expansion of Bric's into Europe, Asia, US
7 February 2018

BNL Group BNP Paribas and SACE have finalized a €700,000 loan to support the international growth of Como-based luxury luggage brand Bric's. The line of credit, issued by BNL and guaranteed by SACE, is earmarked to cover the costs of expansion of the group, especially Europe, Asia and the US.

UKEF announces three new appointments
6 February 2018

UK Export Finance (UKEF) has appointed Richard Simon-Lewis as its new Head of Origination, Client Coverage, Marketing and Communications, Adam Harris as its new Head of Civil, Infrastructure and Energy, and Andy Blacksell as its new Head of Underwriting Policy and Products.

Vinci awarded €197m transmission contract in Senegal
5 February 2018

Vinci Energies subsidiary Omexom has been awarded a €197 million contract by Societe d’Electricite du Senegal (SENELEC) for five new extra high voltage transformer stations, 200km of transmission lines and 100 substations. French and Senegalese lenders are financing the 36-month long project that is backed by a BPI Assurance Export guarantee and a Ministry of Economy, Finance and Planning guarantee.

TXF China 2018: Special rate expires February 8
5 February 2018

Capped at 120 guests, TXF China: Export & Project Finance is a must-attend for senior representatives working in exports into and out of China. Join us on 18 April in Beijing for an exclusive event with intimate networking, expert speakers and learning opportunities for doing business in the region. The super early bird rate expires 8 February - visit the website to book and view the agenda.

Energean signs $180m senior facility agreement to develop Prinos basin
2 February 2018

Energean Oil & Gas has signed a $180 million reserves-based senior facility agreement with the European Bank for Reconstruction and Development, the Black Sea Trade and Development Bank, the Export-Import Bank of Romania, and Banca Comerciala Intesa Sanpaolo Romania. HSBC acted as the agent bank. The agreement is an extension to the existing $75 million loan signed with the EBRD in 2016. The deal now includes two facilities: a senior secured reducing revolving credit facility of up to $105 million with the EBRD and BSTDB as lenders; and a senior secured revolving credit facility of up to $75 million arranged by EximBank Romania.  It will support development of the company's Prinos, Prinos North and Epsilon operating oil fields, located offshore Greece.

KfW IPEX cofinances expansion of Germany's fibre optic network
2 February 2018

A consortium consisting of ten banks, including KfW IPEX-Bank, has concluded a €650 million loan with the telecommunications company Deutsche Glasfaser. The loan will be used to expand Fibre to the Home connections and refinance an existing loan. KfW IPEX-Bank has contributed €50 million and is acting as mandated lead arranger.

Ukrainian ECA to be up and running by June
2 February 2018

Ukraine expects its export credit agency to be launched by June. The government plans to create the agency in the form of a public joint stock company.

UKEF's new box of tricks
UKEF's new box of tricks
Eavie Burnett
1 February 2018

UK Export Finance (UKEF) has ramped up its risk appetite with a spate of new product suites, initiatives, and strategies aimed at increasing support for SMEs. TXF spoke with Baroness Rona Fairhead, new UK Minister of State for Trade and Export Promotion at the Department for International Trade (DIT), to find out the reality behind the rhetoric.

India Exim raises $10bn in London Stock Exchange bond issue
31 January 2018

The Export-Import Bank of India (India Exim) has raised $10 billion with a bond issuance on the London Stock Exchange. The ten-year dollar bonds were almost two times oversubscribed. The proceeds raised will be used to support Indian project exports, overseas investment by way of long-term credit and its lines of credit portfolio.

Ituango Hydro: Stretching EPM’s funding base
Ituango Hydro: Stretching EPM’s funding base
Tom Nelthorpe
31 January 2018

Colombia’s EPM finally has a long-term debt package in place for the Ituango hydro project. The deal demonstrates a significant broadening of EPM's lender base beyond DFIs and domestic banks.

UKEF helps GE Global Services secure Iraq turbine contract
30 January 2018

Baroness Fairhead has announced $210.8 million in support from UK Export Finance for the second project agreed under UK-Iraq infrastructure Memorandum of Understanding. The contracts with the Ministry of Electricity in Iraq, valued at $220 million, will see GE Global Services UK upgrade and repair existing turbines across ten sites to deliver an improved, more secure power source. The project will sustain 6.5GW of generating capacity, powering millions of homes across Iraq.

Oltin Yo'l nears financial close
30 January 2018

Financial close for the $4 billion Oltin Yo’l gas-to-liquids (GTL) project in Uzbekistan is expected at the end of Q1/early Q2. Sponsored b...

Deadlocked on debt
Deadlocked on debt
Oliver Gordon
30 January 2018

Iran has yet to produce the project and trade flows bankers hoped for following signing of the JCPOA in 2016. The hurdles are largely born of the Trump administration – but not all. And while European lenders remain wary, Iran is looking eastward for debt.

Deadlocked on debt
Deadlocked on debt
Oliver Gordon
30 January 2018

Iran has yet to produce the project and trade flows bankers hoped for following signing of the JCPOA in 2016. The hurdles are largely born of the Trump administration – but not all. And while European lenders remain wary, Iran is looking eastward for debt.

PwC launches ECA Advisory Practice for Capital Projects
30 January 2018
PwC

PwC has established a group of experts focusing on the feasibility of capital projects covered by export credit agencies. The newly formed team supports and assists ECAs in their decision making process on providing export credit guarantees for capital-intensive projects. Heiko Lentge and Alexander Wuermeling, both ECA experts, are the leaders of the ECA Advisory Practice for Capital Projects.

SACE backs loan to steelmaker to boost exports
30 January 2018

Brescia-based steelmaker ASO Group has obtained a €16 million loan from UniCredit and BNL Group BNP Paribas, guaranteed by SACE, to purchase machinery that will produce steel bar for export to the US, Mexico, China, India, South Africa, and the European Union