GTR Trade Finance eNews - March 2009
EBRD steps up support for Romanian and Russian small businesses
The EBRD is boosting the small business sectors in Romania and Russia by making new credit lines available to local banks within both countries.
First Peruvian bank joins IFC’s trade finance programme
Banco Interamericano de Finanzas (BIF) has become the first bank in Peru to join IFC’s global trade finance programme as an issuing bank.
ICC urges G20 to address Basel II impact
The ICC Banking Commission has called on the G20 participants to coordinate measures to allow private banks to increase their provision of trade finance.
China and IADB form partnerships
The IADB is setting up two partnerships with China to co-finance public and private sector projects in Latin America and the Caribbean.
Coface backs mobile satellite services provider
Globalstar has received a US$574mn lifeline from France’s export credit agency, to be used to acquire and launch satellites to replenish its fleet.
Rusal and Onexim agree on debt restructuring
Onexim will increase its stake in debt-burdened Rusal in exchange for the bulk of the aluminium company’s US$2.8bn debt.
Trafigura signs oversubscribed credit facility
International commodities trading company Trafigura has signed a multicurrency syndicated revolving credit facility.
Chinalco secures financing for Rio Tinto deal
Chinese metals group Chinalco has arranged a US$21bn loan to finance its strategic partnership with global miner Rio Tinto.
Mechel wins bridge loan extension
Mechel has won a two-month extension on repayment of a US$1.5bn loan from international banks.
HSBC hosts Hong Kong Trade Academy
HSBC is hosting interactive training programmes in Hong Kong to equip business owners with the necessary skills to capitalise on trade opportunities.
BTMU hires Wong
Kevin Wong will join Bank of Tokyo-Mitsubishi UFJ as first vice-president of loan syndications in the bank's Asian investment banking division.
ECGC sees rise in export credit policies
The number of export credit policies issued by the Export Credit Guarantee Corporation of India (ECGC) has increased by 5%.
South Africa’s Transnet gets Japanese loan
South African state transport company, Transnet, and JBIC have signed a ¥35bn loan agreement.
China’s ZTE obtains credit line from CDB
China Development Bank has agreed to provide Chinese telecoms equipment producer ZTE a US$15bn line of credit.
New Moscow office for LG
Business law firm LG has announced the opening of its Moscow office.
Britain looks to strengthen ties with Brazil
Speaking in Sao Paulo, UK’s business secretary Lord Mandelson has highlighted the challenges for both businesses and governments in strengthening commercial ties between Britain and Brazil.
Thailand Exim launches new product for SMEs
Thailand Exim has launched the EXIM 4 SMEs facility as the latest export credit insurance product extended to SMEs with annual export values not exceeding Bt100mn.
Foreign bank consortium inks power project deal
A consortium of multinational banks has signed a US$150.151mn ECA-backed credit facility with Northern Power Generation Company (NPGCL).
BNDES and IADB sign loan agreement
BNDES and IADB have signed a US$1bn loan agreement for BNDES to finance long-term production credit for micro, small and medium-sized Brazilian companies.
Linklaters appoints new EEMENA head
Linklaters has appointed Stuart Salt as regional managing partner of the firm’s Emerging Europe, Middle East and North Africa (EEMENA) practice.
VEB extends third tranche to Prominvestbank
Ukrainian Prominvestbank has received the third tranche of US$285mn under a credit line from Russian state-run bank Vnesheconombank.
GCC business confidence fragile but stable
The HSBC Gulf business confidence index for the first quarter of 2009 has shown no recovery from the fall seen at the end of 2008.
World Bank launches Cambodian trade support programme
The Cambodian ministry of commerce has launched a US$12.6mn trade development support programme (TDSP).
Lamy urges Africa to keep trade open
WTO director general Pascal Lamy’s message to African union trade ministers this week was: “Keep trade open; keep opening trade.”
EBRD lends to Russia’s SKB-Bank to fund small businesses
The European Bank for Reconstruction and Development (EBRD) has agreed to lend SKB-Bank up to US$10mn.
IFC provides trade finance training
IFC is in the process of helping banks in countries across the Middle East improve their ability to understand and finance international trade deals.
Dominican Republic to receive IADB financing
The Inter-American Development Bank (IADB) has approved a US$300mn loan to support private sector activities in the Dominican Republic.
Mexico slashes interest rates
Mexico has cut its benchmark lending rate by three quarters of a point to 6.75%, the lowest since 2004.
VEB finances Olympic projects
VEB has entered into project finance agreements with two Sochi-based companies to prepare the city’s transport links for the 2014 Winter Olympics.
GuarantCo guarantees for development
GuarantCo has signed a facility of up to US$400mn with Barclays and KfW to expand infrastructure finance in low income countries.
EBRD expands presence in Russia
The European Bank for Reconstruction and Development (EBRD) has opened an office in Russia’s Rostov-on-the-Don.
Singapore office for Denton Wilde Sapte
International law firm Denton Wilde Sapte has opened an office in Singapore.
Aon calls for state-supported reinsurance scheme
Aon has called for the UK government to step in and support credit insurance, and provide help for companies suffering from the immediacy of credit limit withdrawals.
JBIC extends loan to ICICI Bank
The Japan Bank for International Cooperation (JBIC) has signed an agreement to extend credit of up to US$100mn to India’s second largest lender, ICICI Bank.
South Africa’s Transnet secures loan for expansion
South African transport and logistics group Transnet has secured R5.7bn in medium-term loans from eight local and international banks to fund its R80bn expansion.
ECAs back first Airbus deal
Three European export credit agencies have supported their first delivery of an Airbus A380 aircraft.
Shortfall in trade finance is set to worsen
The global shortfall in trade finance is now reportedly estimated to stand at US$100bn, an increase from the US$25bn suggested last November at a meeting held by the World Trade Organisation (WTO).
Stricter cover terms set for Sri Lankan transactions
ONDD has announced that cover terms for Sri Lankan medium and long-term export transactions have become stricter.
UAE banks launch one-week interbank rate
United Arab Emirates (UAE) banks have launched a one-week interbank offered rate.
Ajayi joins Stanbic IBTC in Nigeria
Olu Ajayi has been appointed head of structured trade finance at Stanbic IBTC in Nigeria.
AerCap signs ECA financing
Global aviation company AerCap has closed agreements on a pair of debt facilities for a total of US$932mn for deliveries of Airbus aircraft.
ABB wins power order in Kuwait
Swiss electrical engineering company ABB has won an order worth approximately US$400mn from Kuwait’s ministry of electricity and water for three new substations.
EBRD support package for Russian banking system
The EBRD is providing a five-year loan of up to US$35mn to Center-Invest Bank, the leading private bank in southern Russia.
New hire for Watson, Farley & Williams
International law firm Watson, Farley & Williams (WFW) has appointed Angel Chiang to the firm’s Singapore office.
Standard Bank names head of loan syndication for Asia
Les Collett has joined Standard Bank as head of loan syndication and sales for Asia.
Senior appointments to Deutsche's Asia cash and trade finance
Deutsche Bank has made a number of appointments to its global transaction banking’s trade finance and cash management corporates business unit in Asia.
New debt funding secured for Tullow Oil
Oil exploration firm Tullow Oil has arranged a new US$2bn debt facility.
Vimpelcom secures credit lines from Sberbank
The Russian telecoms firm Vimpelcom has signed two non-revolving credit line agreements with Sberbank for R8bn and US$250mn.
Russia’s Inter Rao repays syndication
The Russian power company Inter Rao has repaid a one-year US$130mn syndicated loan. The deal was originally closed in March 2008 via mandated lead arrangers BNP Paribas, Commerzbank, Natixis and VTB Bank Europe.
Korea pledges funds to EBRD projects
South Korea has pledged W6.6bn (US$4.5mn) to boost its technical cooperation fund granted to the European Bank for Reconstruction and Development (EBRD).
G20 to support flow of capital back to emerging markets
Members of G20 have pledged their commitment to support emerging economies cope with the declining inflows of capital.
Peru’s VMC wins Japanese support
Pakistan’s Allied Bank receives IFC trade guarantees
Pakistan’s Allied Bank has become the first bank to join IFC’s sustainable finance facility.
AfDB cushions Africa against financial crisis
The African Development Bank (AfDB) has devised a set of initiatives to mitigate the impact of the global financial crisis.
Nordic UPM secures syndication success
An oversubscribed loan for one of Europe’s biggest papermakers may signal an increased pace of growth for the syndications market.
ITFC and Turkish export agency team up on training scheme
The Islamic Trade Finance Corporation (ITFC) joined forces with the export promotion centre of Turkey (IGEME) to provide a training programme for key officials of selected trade organisations from Saudi Arabia, the United Arab Emirates (UAE), Egypt, Palestine, Iran, Albania and Nigeria.
Eastern Europe remains resilient says the EBRD
EBRD’s president Thomas Mirow has stressed the fundamental strength of Eastern Europe as a prime reason why the region should emerge from the current crisis with its long-term growth prospects in tact.
ATFA and IFA forge closer links
The Association of Trade and Forfaiting in the Americas (ATFA) has co-established a Brazilian regional committee with the International Forfaiting Association (IFA), in an effort to build up a network of trade financiers in Brazil.
Canada's EDC expands mandate to assist domestic private sector
Canada’s export agency (EDC) is looking to expand its mandate to help private sector banks and insurers to provide loans to domestic businesses having difficulty getting credit.
Changes to Standard Bank’s Russian management
The Standard Bank Group has announced plans to increase its investment in Russia and the CIS.
China Exim and SG sign Ghanaian telecoms deal
Mandated lead arrangers Société Générale CIB and China Exim have signed a US$30mn loan facility to finance a turnkey telecom infrastructure project in Ghana.
Pakistan’s State Bank links mark-up rates to exporters’ performance
The State Bank of Pakistan (SBP) has introduced performance-based lower mark-up rates for exporters.
Evraz names director of investor relations
Russian mining company and steel producer Evraz has appointed Alexander Boreyko as director of investor relations.
GE Energy supports power generation in the CIS
GE Energy has opened its new sales, services and technology centre in Moscow.
China reduces export-related taxes
China is to gradually reduce its export-related taxes to zero in a bid to increase financial support for exporters.
UK’s BCC warns of export risks
The BCC has urged businesses to take a measured approach to export opportunities created by sharp falls in the value of the sterling.
Wall returns to Pillsbury after public service
Christopher Wall has rejoined law firm Pillsbury as senior international trade partner in Washington DC.
ICISA admits two new members
The International Credit Insurance & Surety Association (ICISA) has announced two new members, raising the total number of members to 44.
Exporter benefits from new US Ex-Im programme
A Pennsylvania small business has become the first US exporter to benefit from a new initiative that delegates authority to lenders.
EBRD backs Uzbek cable producer
The EBRD is providing a US$5mn loan to Andijan Cable, one of the leading cable manufacturers in Uzbekistan and Central Asia.
WTO's Lamy warns against protectionism
The head of the World Trade Organisation (WTO) has spoken out against protectionism and the urgency of completing the Doha Round of trade talks.
RBS exits project finance business
Royal Bank of Scotland (RBS) is to exit lending in project, leveraged and real estate finance as part of a refocus of the bank’s involvement in investment banking.
EFIC adopts equator principles
Australia’s export credit agency, EFIC, has adopted and integrated the equator principles that relate to project finance.
BNYM names South Asian head of treasury services
The Bank of New York Mellon (BNYM) has appointed John Hills as head of treasury services for South Asia.
Cotecna inspection contract extended in Togo
Cotecna has had its contract with the Togolese government extended until the end of 2015.
Swift’s Release 2 makes debut
Release 2 of Swift’s Trade Services Utility (TSU) has been made available.
IFC backs Chilean wind farm
IFC, a member of the World Bank Group, will invest US$61.5mn for the construction of the Totoral Wind Farm.
EBRD launches Russian power initiative
The EBRD is providing the Russian wholesale electricity generating company OGK-5 with a 12-year loan of €120mn.
ADCB launches trade finance product
Abu Dhabi Commercial Bank has launched a back-to-back letter of credit (LC) facility, a core component of its structured trade finance capability.
IFC enhances Fimbank's trade facility
The IFC has increased Fimbank’s trade facility in its global trade finance programme by an additional US$10mn to US$20mn.
