GTR Trade Finance eNews - June 2009
CDC commits to Nigeria and West Africa fund
UK development finance institution CDC is committing US$50mn to African Capital Alliance’s (ACA) private equity fund III (Cape III).
India Exim to open Ethiopian office
India Exim is in negotiations with Ethiopian officials about the opening of an East African office in Addis Ababa.
Afreximbank loans to Nigeria’s BOI
Afreximbank has signed a US$15mn trade finance line of credit with Bank of Industry (BOI), Nigeria.
TNK-BP deal verging on close
TNK-BP’s syndicated pre-export finance facility is due to be closed imminently.
Zambia's Zanaco signs syndicated loan agreement
FMO and Proparco have signed a US$10mn syndicated loan agreement with Zambian bank, Zanaco.
Link between trade and climate change brought to light
The WTO and the United Nations Environment Programme (UNEP) have launched a report explaining the connections between trade and climate change.
EBRD boosts microfinancing in Tajikistan
The EBRD is supporting small businesses in Tajikistan with an investment to help set up a new microfinance institution in the country.
Russia's Lukoil mandates on PXF
Russian oil firm Lukoil has awarded mandates on a US$1.2bn pre-export deal.
ANZ retreats from invoice discounting
ANZ is pulling out of the invoice discounting market for SMEs in Australia.
Global export finance project launched
Major institutions, including the UniCredit Group and the IFC, have joined forces to set up a platform to boost global export finance.
Louat moves up in Zurich
Frederic Louat has become Zurich's chief underwriting officer for Asia.
Saudi Electricity secures US-Canadian loan
Saudi Electricity (SEC) has obtained a 12-year SR4.1bn (US$1.09bn) loan from the US Ex-Im and Canada’s export credit agency, EDC.
ICC and IFA to establish forfaiting rules
The ICC Banking Commission is working with the International Forfaiting Association (IFA) to create a set of global rules for the forfaiting market.
StanChart readies to launch trade liquidity scheme
Standard Chartered has put the finishing touches to its US$1.25bn global trade liquidity programme (GTLP) backed by the World Bank’s IFC.
EBRD lends to Belarus's Minsk Transit Bank
The European Bank for Reconstruction and Development (EBRD) is lending US$10mn to Minsk Transit Bank (MTB).
US Ex-Im teams up with India's FICCI
The US Ex-Im and the Federation of Indian Chambers of Commerce and Industry will work together to expand their trade relationship .
Brazil drillship financing closes
Brazilian drilling contractor Etesco has concluded a loan agreement for US$820mn for an ultra-deepwater drillship.
SMBC appoints global head of trade finance
SMBC has appointed a new head of global trade finance as Toshihide Orita moves to a new position at a machinery manufacturer.
Boost needed for global project finance infrastructure
The global economy awaits a project finance infrastructure boost worth one trillion dollars, though less than 10% of investments are actionable in the short term.
ATI's chief executive resigns
CEO of the African Trade Insurance Agency (ATI) Peter Jones has resigned - a decision based on personal grounds.
Banco ABC Brasil joins IFC programme
Banco ABC Brasil has joined the IFC’s trade finance programme.
Northstar Europe launched to support European exports
Northstar Europe has been launched to provide vendor finance for export sales.
Cotecna appointed for Indonesia iron or steel inspections
Cotecna has been appointed to handle the inspection of iron or steel shipments from Korea and Japan to Indonesia.
EDC supports Nokia's purchase of Nortel wireless assets
EDC is to provide US$300mn towards a US$400mn credit facility for Nokia Siemens Networks for the purchase of Nortel wireless assets.
Deacons Australia joins up with Norton Rose
Norton Rose has joined forces with Deacons Australia, creating a new international legal practice to be called Norton Rose Group.
HSBC trade and supply chain makes Asian appointments
HSBC has made two senior management appointments to lead its trade and supply chain businesses in Singapore and Malaysia.
Senior country risk analyst joins Aegis team
Caroline Maddocks has joined British security and risk management company Aegis as senior analyst, research and intelligence.
Iraq set to sign loan agreement with IMF
Iraq has expressed interest in a US$5.5bn International Monetary Fund (IMF) loan programme.
New online portal supports international trade
The Institute of Export and International Trade has teamed up with a number of partners to create a new website to help SMEs.
France's Orbeo to purchase OneCarbon
Orbeo has signed an agreement to buy clean energy project developers OneCarbon International.
Pakistan's Bank Al Habib joins IFC trade programme
Pakistan’s Bank Al Habib has the joined the IFC’s global trade finance programme as an issuing bank.
ITFC signs syndicated trade deal in Bangladesh
The International Islamic Trade Finance Corporation (ITFC) has completed a US$400mn trade finance transaction for the People’s Republic of Bangladesh.
Thailand Exim promotes imports in Indonesia
Thailand Exim has extended a US$20mn revolving trade financing facility to Bank Ekspor Indonesia.
More banks join EBRD's trade programme
The EBRD’s trade facilitation programme (TFP) has signed up two additional banks at its annual meeting in London in May.
Germans collaborate on solar power project
A consortium of German companies plan to raise €400bn for a North Africa-based solar power project.
US Ex-Im extends Nigerian bank facility
The Export-Import Bank of the United States (US Ex-Im) has extended its Nigerian bank facility to October 31, 2009.
Canada's Agnico-Eagle raises credit line
Canadian gold producer Agnico-Eagle Mines has finalised a new non-amortising US$600mn revolving credit facility, maturing June 2012.
Raiffeisenbank raises dual tranche club deal
Raiffeisenbank Austria in Zagreb, Croatia has raised a €125mn dual tranche term loan facility on a club deal basis.
Ghana and AfDB sign road contract deal
Ghana and the AfDB have signed a supplementary financing agreement totalling US$64.65mn for the completion of three ongoing road projects.
World's first micro-insurance fund raises millions
The LeapFrog Financial Inclusion Fund, the world’s first investment fund focused on micro-insurance, has closed on US$44mn.
IFC provides first ECA credit line
The IFC and BTMU have agreed to provide a US$60mn trade financing line to the Export-Import Bank of India (India Exim).
Venture Finance provides MBO funding for Turton Springs
Venture Finance has provided UK-based coil spring manufacturer Turton with a domestic and export factoring facility worth £1.1mn to facilitate a management-buy-out (MBO).
ADB approves additional funds to aid region
The Asian Development Bank (ADB) has approved an allocation of US$3.4bn in additional funds to help developing member countries.
AfDB opens regional office in Pretoria, SA
AfDB president, Donald Kaberuka, has signed a host country agreement (HCA) for the institution to open a regional office in Pretoria, South Africa.
UK trade credit insurance scheme is broadened
More firms can now purchase top-up cover as part of the UK government's trade credit insurance scheme.
US removes Laos and Cambodia from trade blacklist
The United States has removed the Southeast Asia nations of Laos and Cambodia from a trade blacklist.
Qatar's Nakilat raises debt financing
Qatar Gas Transport Company (Nakilat) has raised US$949mn to fund the construction of a fleet of 25 LNG vessels.
IFC partners with Bank of Bhutan to boost trade
The Bank of Bhutan is joining the IFC's global trade finance programme and receiving a facility of up to US$2mn.
Citi and IFC form trade funding alliance
Citi and the World Bank Group’s IFC have signed a memorandum of understanding to work on the development of a US$1.25bn funding facility.
Aon launches tool to combat bad debt
Aon Trade Credit has launched Aon Trade Manager – an online diagnostic tool that helps prevent bad debt.
Santander names new head of trade in Brazil
Banco Santander has appointed Clovis Ikeda as the new head of trade, export and commodity finance (TECF) in Brazil.
IFC launches short-term lending scheme
World Bank Group member IFC has launched a US$3bn short-term debt-issuance programme.
EDC opens office in Ville Saint-Laurent
Export Development Canada (EDC) has opened an office in Ville Saint-Laurent.
China Development Bank extends credit line to MegaFon
MegaFon has obtained a US$300mn credit line from state-owned China Development Bank (CDB).
Canada signs deal with World Bank to support trade
Canada and the World Bank have finalised an agreement for Canada to provide US$200mn to the IFC’s global trade liquidity programme.
RBS appoints London head of CBSF
Paul Fordham has been appointed as the new London head of cross border structured finance (CBSF) for RBS.
Ericsson signs bilateral loan to refinance debt
Ericsson has signed a US$625mn seven-year loan with SEK, backed partially by EKN.
Interpipe names new director for oil and gas sales
Interpipe has appointed Denis Solomin as director for oil and gas sales at the company.
Commitments for TNK-BP syndication trickle in
The last few outstanding commitments to the TNK-BP US$315mn structured pre-export finance facility are expected this week.
Thailand Exim and KBank launch loan guarantees for exporters
Thailand’s KBank and Thailand Exim have launched a facility to help exporters manage risks and enhance liquidity.
US Ex-Im expands support for SMEs
US Ex-Im has combined the financing limits of two of its programmes in order to further support US small and medium-sized businesses.
EBRD launches new strategy for Armenia
The EBRD will invest over €180mn across various sectors of the Armenian economy over the next two years,
Standard Chartered appoints MENA head
David Law is set to join Standard Chartered as the MD and regional head of the OCC team for the Middle East and North Africa (Mena).
RBS teams up with Sainsbury's in supplier financing programme
RBS will become the funding provider for Sainsbury’s Trading Finance Platform (TFP), effective June 19, 2009.
The TFP, which was launched in 2007, is a UK retail industry first.
This internet-based payment management system, developed by PrimeRevenue, is designed to...
China Construction Bank opens New York branch
China Construction Bank Corporation (CCB) has opened its first US branch in New York.
Clyde & Co announces association with Indian law firm
International law firm Clyde & Co has announced the formation of an association with Indian law firm ALMT Legal.
Misys extends suite of risk solutions
Misys, the global application software and services company, has launched Misys Credit Risk Vantage, its latest credit risk offering.
Pakistan power plant gets import backing
IFC, Habib Bank, and Citibank have jointly executed a trade finance transaction to help import equipment for a new power generation plant in Pakistan.
China Development Bank extends credit line to MegaFon
Russia's MegaFone obtains a US$300mn credit line from state-owned China Development Bank (CDB).
IFC launches short-term lending scheme
World Bank Group member IFC has launched a US$3bn short-term debt-issuance programme.
EDC opens office in Ville Saint-Laurent
Export Development Canada (EDC) has opened an office in Ville Saint-Laurent.
Aircastle closes ECA-backed Airbus deal
Aircraft leasing company Aircastle has closed the acquisition and lease of an Airbus A330-200 aircraft, funded by an ECA-supported loan.
IADB and ADB share networks to promote trade flows
The ADB and IADB have agreed to share access to their trade finance programmes to promote south-south trade flows.
African banks receive trade finance training
The Japanese government, together with the IFC, has organised trade finance training for banks in Africa.
London launches export promotion programme
The mayor of London, Boris Johnson, has unveiled his plans to help more London businesses to market their goods and services around the world.
NBD Bank joins IFC's trade finance programme
IFC is providing NBD Bank with a US$7mn trade finance guarantee to expand financing to small businesses in Russia’s Nizhni Novgorod region.
Hong Kong trade sector looks to Greater China for growth
Hong Kong SMEs and MMEs that engage in export and import have named Greater China as the most promising region for their business growth in the next three months.
IFC partners with Himalayan Bank
The IFC has announced a partnership with Himalayan Bank to enhance support for local enterprises in Nepal.
ICC names new secretary general
Jean Rozwadowski has been named secretary general of the International Chamber of Commerce (ICC).
Noble Group closes revolving LC and guarantee facility
Hong Kong commodities firm Noble Group has obtained a two-year US$800mn standby borrowing facility by extending an existing agreement for a smaller loan.
Lamy retains four deputies for a new term
The WTO’s director-general Pascal Lamy intends to retain the four deputy directors-general in their current positions.
Drum Resources to focus solely on Africa
Commodity supply chain specialists Drum Resources have split from their CIS/Russia involvement into a completely separate company.
Aon launches international team
Aon Trade Credit are launching an international team to support global companies in managing their receivables more proactively.
NBAD appoints trade finance head in Europe
National Bank of Abu Dhabi (NBAD), has appointed Jeff Fallon as head of trade finance for Europe in order to strengthen its trade finance services.
