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Reed Smith partner Paul Dillion explains the pitfalls regarding the termination of commodity contracts.
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The Export-Import Bank of the United States has named the winners for its deal of the year, small business exporter of the year and green transaction of the year awards.
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APA Insurance has agreed to reinsure the African Trade Insurance Agency (ATI) allowing it to cover motor and property in Kenya and Uganda against damage.
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Nigeria’s Skye Bank has signed a trade credit line with the Korean Export-Import Bank boost its trade and import operations.
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The IFC and Peru LNG have helped Agricola Viñasol to obtain a GBF loan to diversify its portfolio of agricultural products in local and export markets.
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Export-Import Bank of China has signed a loan agreement to construct Mattala Airport and the Colombo-Matara Railway in Sri Lanka.
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The European Bank for Reconstruction and Development has approved a convertible loan to finance the completion of Petrolinvest oil exploration works in Kazakhstan.
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Al Jaber is planning to raise funds through export credit agency facilities and the bond market.
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Remarks by President Obama at the Export-Import Bank's Annual Conference at the Omni Shoreham Hotel, Washington, DC. Source: www.whitehouse.gov
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Société Générale has closed a pre-export financing for Burkina Faso cotton producer Faso Coton.
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CGI Group has rebranded its trade finance platform known as Proponix360 to CGI Trade360.
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The German government has extended its export credit refinancing aid scheme for long-term export credit for a further six months.
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Erste Group Bank’s structured commodity and trade finance head has retired after 15 years at the bank.
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Standard Chartered Bank has teamed with Chinese officials for a trade delegation to promote renminbi trade settlement in Malaysia, Thailand and Singapore.
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A British Chambers of Commerce survey finds that UK exporting businesses are still experiencing severe difficulties securing essential export trade finance.
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The Japan Bank for International Cooperation has agreed to finance two separate power projects in Indonesia.
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The Export-Import Bank of the United States has named two new senior vice presidents for congressional affairs and small business.
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Comment from Iain MacDonald, head of trade product, Barclays and the British Chambers of Commerce following the release of today's ONS UK Trade Statistics.
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A debut borrowing base facility for zinc producer Nyrstar has closed “massively” oversubscribed.
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President Obama is confirmed to address US Ex-Im’s annual conference underlining the administration’s commitment to create jobs through exports.
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Bank of America Merrill Lynch has named a new regional treasury executive for Europe, the Middle East and Africa.
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Deutsche Bank's has appointed a new regional head of trade finance and cash management for Germany.
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ANZ has expanded its team and reach in export finance with key hires for both Singapore and London.
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Canadian ECA, Export Development Canada, is set to invest in XPV Water Fund, a Canadian venture capital fund focused on the water sector.
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The International Finance Corporation has hosted a series of workshops to improve credit reporting in Ethiopia, Mozambique and Tanzania.
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Belgium’s Izola Bank is planning a bond issue this month to increase its factoring business.
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The Andean Development Corporation (CAF) has approved a $40 million capital investment in the Peruvian Infrastructure Fund.
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Export Development Canada is providing a $48 million loan to Russia’s Gazprombank to finance the purchase of equipment to capture and process flared gas.
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The EBRD has signed a trade financing to Byblos Bank Armenia, which will include a local currency element, a first for an EBRD financing in Armenia.
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Standard Bank and the OPEC Fund for International Development have today signed an agreement to launch two African trade financing initiatives.
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Citibank has opened the Jebel Ali Financial Centre, Dubai, to provide business and financial solutions for small and mid-market enterprises.
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OFID and the Eastern and Southern African Trade and Development Bank have signed a one-year renewable line of credit to boost trade in sub-Saharan Africa.
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The EBRD has signed a trade loan to Ameriabank for on-lending to Armenian companies under its medium sized co-financing facility (MCFF).
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Amsterdam Trade Bank has signed a 10-year licence with software firm Misys for its core banking system Misys BankFusion Equation.
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Austria’s Oberbank has selected SmartStream Technologies’s TLM Trade Finance to create a single platform for its cross-border and domestic business.
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Sapphire Energy has hired former US Export-Import Bank and TARP executive James Lambright to drive its international expansion efforts.
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DBS has appointed a new group head of global transaction services.
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The Multilateral Investment Guarantee Agency and Korea Exim-bank have signed a MoU to promote FDI into developing countries and support Korean outward investment.
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APA Insurance has agreed to reinsure the African Trade Insurance Agency (ATI) allowing it to cover motor and property in Kenya and Uganda against damage.
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DLA Piper has signed a cooperation agreement with Brazil’s Campos Mello Advogados, promising “more to come” in Latin America.
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JP Morgan treasury services is set to expand its treasury offering in Malaysia as part of a $1 billion global investment announced in 2008.
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Citi names veteran transaction banking specialist to head up the industrials sector for corporate clients in EMEA.
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An IFC loan to China’s Xiwang Sugar holdings will boost both rural employment and further develop sustainable agribusiness.
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Australian export credit agency EFIC is underwriting a performance bond enabling Park Assist to fulfil a contract in Seattle.
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Former trade head for Africa to take over responsibility for Citi’s Bank Services Group in the Asia Pacific region.
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The EBRD, the European Investment Bank Group, and the World Bank under a joint IFI Action Plan have supplied over Eu19 billion to support banks in central and Eastern Europe during 2009.
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The Australian Institute of Export (AIEx) has appointed a new national president.
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The top 38 export credit agencies have been ranked by BExA according to the different products they offer their exporters.
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Russian oil producer Tatneft is set to mandate banks this week for a jumbo pre-export financing revolver.
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US Ex-Im and Hexim have agreed to co-guarantee the sale of a gas turbine generator from GE Energy to a power plant located in Povazska Bystrica, Slovakia.
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Global insurer Zurich’s North America Surety, Credit & Political Risk group has signed a MoU with Korea Export Insurance Corporation (KEIC), Korea’ export insurance agency.
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Commodities trader Trafigura has attracted a considerable oversubscription on its jumbo revolver but remains weeks away from closing a deal.
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Banks have signed a jumbo club deal for oil trader Vitol.
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Pakistan’s engineering industry has called for a government backed export credit insurance scheme to cover the sector.
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Australia’s export credit agency Export Finance and Insurance Corporation is financing manufacturer Footcare International to expand its overseas sales.
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Banks have signed the Euler Hermes-backed tranche of a jumbo project financing to build a 500 tonne polypropylene production complex in Russia.
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The EBRD has sold its minority stake in Centerra Gold, the Canadian-based gold mining and exploration company, operating primarily in the Kyrgyz Republic and Mongolia.
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US Ex-Im and Banobras have signed a memorandum to support up to $1 billion in US exports to back Mexico’s infrastructure development programme.
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The Japan Bank for International Cooperation (JBIC) has agreed a loan with Japan’s Engineering-Plastics Corporation to build a new polycarbonate production facility in China.
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Russian oil producer Tatneft is set to mandate banks this week for a jumbo pre-export financing revolver.
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The International Finance Corporation has recorded an 80% rise in the number of trade finance guarantees approved for Pakistan last year compared to 2008.
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The EBRD and Intesa Sanpaolo Group have created a financing package for small and medium enterprises in central and Eastern Europe.
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World trade has experienced the largest single drop since the Second World War, according to the World Trade Organisation.
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The European Commission has charged UniCredit with carrying out a large portion of the Commission's SEPA payments.
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Country Risk Solutions founder Daniel Wagner has joined PFC Global Risk.
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A Mexican national has been indicted and arrested in connection with an alleged scheme to defraud US Ex-Im.
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Asian Development Bank President Haruhiko Kuroda has announced that ADB will open a resident mission in Turkmenistan's capital, Ashgabat.
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Russian oil producer Gazpromneft has mandated SG, Natixis and BTMU for a debut pre-export financing, but the market asks: has pricing gone too low?
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Procurement specialist Ariba has appointed Peter Lugli as its senior director, working capital management and business development.
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Standard Chartered Bank has appointed a new global head of product management for its transaction banking business.
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Citi and Deutsche Bank have signed a buyer credit for telecoms firm, Telefónica, backed by Swedish export credit agency EKN.
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The Asian Development Bank (ADB) has signed the first five Philippine banks to its Trade Finance Facilitation Programme (TFFP).
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Africa’s Export-Import Bank (Afreximbank) has unveiled a financing package for Zimbabwe’s gold and platinum mines.
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Commodities trader Noble Group has announced high revenues and record group tonnage volumes for 2009.
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A debut borrowing base facility for zinc producer Nyrstar is proving popular in the syndications market and looks likely to hit its target amount say bankers close to the deal.
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The Reserve Bank of India has lowered the foreign currency export credit rate to aid Indian exports.
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The European Bank for Reconstruction and Development is to provide financing to Leighton Mongolia to offer services for at least two Mongolian projects.
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US Ex-Im has approved ten members to its sub-Saharan Africa Advisory Committee.
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The British Exporters Association (BExA) has launched a manifesto detailing a list of changes it wishes to see in the way that the UK government supports exports.
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The heads of the USTR, Department of Commerce and SBA are all scheduled to speak at the US Ex-Im annual conference.
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UPS is to play a crucial role in the NEI, encouraging US SME exporters to take their products to more international markets through a partnership with the US Commercial Service.
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Garanti Factoring has reported a 42% increase in earnings over 2009.
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Russia’s Vnesheconombank and Abkhazia’s Universal-bank have signed a general agreement of cooperation to promote trade.
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The new CEO for Swiss Islamic specialist Faisal Private Bank has revealed the bank is actively building a trade finance arm.
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Bolivia’s Banco Ganadero has joined the International Financial Corporation’s Global Trade Finance Programme to help expand trade financing for its clients.
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Turkey’s Bank Asya has mandated banks to arrange a syndicated Sharia-compliant dual currency loan to fund its trade finance activities.
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PDVSA subsidiary Citgo Petroleum has amended a 2005 dual tranche revolving credit B-loan arranged by bookrunners BNP Paribas and JPMorgan.
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Angel Gurría, secretary-general of the OECD, will deliver a keynote address at the Export-Import Bank of the United States (US Ex-Im) 2010 Annual Conference.
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Papa New Guinea’s ECA-backed record liquefied natural gas project is set to close, oversubscribed, next month.
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Ecopetrol’s senior management has set out the company’s intentions for 2010 with plans to raise $3.5 billion in financing.
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JPMorgan is the latest bank to open an Abu Dhabi office on the back of the emirate’s increasingly prominent role in finance post-Dubai debt crisis.
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Serbia’s state-owned Srbijagas has received an EBRD sovereign loan that will finance the upgrade of its gas transmission network as well as repay its short-term loans.
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NGC (New Generation Computing) has released its new streamlined vendor payment automation software.
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The Export Credit Guarantee Corporation of India is to maintain its credit risk rating for European countries in danger of sovereign defaults.
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To protect its debt restructuring plan, Kazakhstan’s Alliance Bank has filed for chapter 15 bankruptcy to prevent US lawsuits.
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The European Bank of Reconstruction and Development has signed a MoU to invest in infrastructure and industrial projects in Kazakhstan.
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German export credit agency Euler Hermes has created a new market management, marketing, commercial and distribution division.
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The Japan Bank for International Cooperation, with BTMU, have signed a buyer's credit agreement for Indonesia’s PT Pamapersada Nusantara.
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Zurich has named Daniel Riordan president of its North America Commercial Specialties unit.
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JPMorgan has acquired RBS Sempra Commodities' global assets leaving just the firm’s North American natural gas and power business.
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Belgian export credit agency ONDD has increased its insurance premiums for Estonia, Lithuania and Latvia.
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GE CEO Jeff Immelt and Caterpillar CEO Jim Owens are the opening speakers at the US Ex-Im Bank annual conference 2010 on March 11-12 In Washington, D.C.
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As the IFC’s Global Trade Liquidity Programme (GTLP) gets close to disbursing $1 billion, Dickon Harris spoke to German Vegarra, senior manager for global financial markets at the IFC, and Laura Mecagni, senior investment officer.
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Jonathan Bell talks with Jorge Tapia, global head of trade, export and commodity finance at Santander, based in Madrid, about the bank’s developments in the trade finance spectrum and its plans for the future.
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BNP Paribas has once again topped the Dealogic trade finance league tables completing an impressive $11.9 billion worth of business. Dickon Harris catches up with Olivier Paul, the bank’s global head of export finance.
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With US government attention focused on expanding exports, the role of the Export-Import Bank of the United States (US Ex-Im) has never been more important. Oliver O’Connell reviews how this is changing the export finance market.
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Highlights from the February 2010 print edition of Trade Finance magazine.
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James Prusky and Robert Klein, principals at Crecera Finance Company, discuss the role of trade finance in unlocking growth in the Latin American SME market.
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Korea Eximbank is to provide additional funding for a selection of South Korean small and medium enterprises.
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Export Development Canada employees have raised funds for disaster relief in Haiti with EDC and the Canadian Government matching donations.
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Jordan has signed an extension line of credit agreement to increase a previous loan by the Arab Monetary Fund.
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Valentino Gallo, Managing Director and Americas Head, Citi, Export and Agency Finance, takes a look at the effects of last year’s dramatic shifts in the financial landscape and the way forward in 2010.
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London-based commodities broker ED&F Man Holdings has seen its jumbo revolver oversubscribe in syndication.
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Russian oil producer Gazpromneft has asked for funding proposals from banks last week as it decides whether to mandate a jumbo pre-export financing.
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Market comment: Antonio Alves, senior regional head of trade finance, Latin America and Caribbean region, IFC.
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Alexander R.Malaket explores the state of trade and trade finance in Mexico at a time when the country’s two Nafta partners are each dealing in their own way with the consequences of the crisis.
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The African Development Bank Group has signed a line of credit with Zambia National Commercial Bank.
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The Brunei Government will launch a financing scheme to help fund local small and medium enterprises expand into export markets.
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The Export-Import Bank of India has signed two separate lines of credit with the government of Mali to finance Indian exporters contributing to energy and agricultural products in Mali.
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For the first time since the adoption of the revised ICC Uniform Rules for Demand Guarantees (URDG), members of the drafting group will give a full public presentation on the new rules at a special seminar to be held in Paris on 18 March.
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The Economic Community of West African States has signed a credit line to the Nigerian Export Import Bank.
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The World Bank’s International Finance Corporation has promised to invest $2 billion in Africa by June 2010.
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Indian export credit agency, India Exim, has extended a line of credit to Mauritania to finance potable water and agricultural development projects.
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Companies based in Hong Kong can now issue renminbi bonds under new guidelines announced by the Hong Kong Monetary Authority.
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Vancouver’s Augusta Resource Corporation has signed a gold and silver streaming deal with Silver Wheaton Corporation to help fund its Rosemont Copper Project.
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Australia’s Westpac is set to unveil a commodities-based Islamic finance product.
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Talviraara’s zinc off-take deal repays project debt, a Finnish junior miner, has used a zinc streaming deal- the largest to date for zinc - to repay its project finance debt.
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Kexim is to devise a financing package for a large-scale nuclear reactor project in the United Arab Emirates.
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IFC intends to dramatically increase its exposure to Pakistan and Afghanistan through the Global Trade Finance Programme and additional investment.
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A UK state business advisory committee has called for the UK export credit agency ECGD to adopt similar products to other European export credit agencies to help UK exporters weather the crisis.
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Citi Global Transaction Services has named Sridhar Kanthadai as managing director, regional head of treasury and trade solutions for Asia Pacific and Japan.
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Norton Rose LLP today announced that Nick Grandage is to join its banking practice in London as a structured trade and commodity finance partner.
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Calyon has arranged a US Ex-Im backed financing for the Czech Republic’s Travel Service Airline.
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Dubai Aerospace Enterprise is the latest organisation to price a US Ex-Im bond for the purchase of aircraft.
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Export Development Canada has announced the appointment of Dr. Olaf Weber as the first EDC Chair at the School of Environment, Enterprise and Development.
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The European Commission has authorised a new ‘take out’ option offered by Danish export credit agency EKF.
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The European Bank for Reconstruction and Development and the European Fund for Southeast Europe have provided a loan to support micro and small enterprises in Moldova.
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The International Finance Corporation has announced the target amount it intends to fund infra projects in Pakistan and Afghanistan.
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Israel’s Oil Refineries (ORL) has secured a financing framework to build a hydrocracker project- described as Israel’s “largest investment plan this year”.
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There are signs that exporters are adapting to the new economic realities, but dark clouds in Southern Europe could affect export growth.
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Iron ore and coal company Resourcehouse has secured Australia’s largest export contract - 20-year sales agreement with China Power International Development.
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The European Bank of Reconstruction and Development has announced a new strategy to support Kazakhstan, which does not involve either Alliance Bank or BTA Bank.
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A group of investors led by Bain Capital Ventures has completed a third round of investment for The Receivables Exchange, the online marketplace for the trading of accounts receivables.
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Davenham has agreed to a trade finance and invoice finance facility on behalf of Park Designs to provide additional working capital.
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Venture Structured Finance has provided a receivables finance package, combined with a cash flow term loan, to fund James Caan’s acquisition of medical recruitment specialist DRC Group through a BIMBO deal.
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Finacity Corporation, together with Norddeutsche Landesbank Girozentrale, has facilitated a European trade receivables securitisation for CHC Helicopter.
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Pricing for Ghana Cocobod’s annual pre-export financing looks likely to drop by at least 100 basis points according to a poll conducted by Trade Finance Magazine.
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Canadian export credit agency, EDC, has provided a loan to Chilean mining company Minera Los Pelambres.
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IFC, a member of the World Bank Group, and DEG, are hosting a G20 small and medium-sized enterprises finance meeting next week in Frankfurt, Germany.
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Bibby Financial Services, has provided a factoring facility to support a Canadian company that imports precision scales and weighing instruments from China.
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Intesa Sanpaolo and VTB Capital have signed a trade-realted loan to Belarusbank.
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Falcon Trade Corporation has appointed a new head of UK and European sales.
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Aon Risk Services has hired a new chief executive officer of Asia Aon Risk Services.
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A survey by Misys reveals banks are consolidating their transaction and payment services within trade finance.
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The International Finance Corporation has held its first trade finance training seminar for Iraqi bankers in Beirut, Lebanon.
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The IFC’s Global Trade Liquidity Programme is set to launch a $1 billion agri-trade fund.
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Secretary of Commerce Gary Locke has announced that US Ex-Im is to play a vital role in President Obama’s National Export Initiative - details.
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Full text of the Commerce Secretary Gary Locke's announcement of the details of the National Exports Initiative.
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Vneshekonombank will set up an export credit agency within four years according to the bank’s CEO Vladimir Dmitriev.
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Banks have launched a revolving credit facility for commodities trader Trafigura.
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Abu Dhabi plans to create an export development agency in the third quarter of 2010 to boost its non-oil exports.
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Comerica Bank selects CGI for global trade and supply chain services processing.
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World Bank President Robert Zoellick described a range of trade and development initiatives that the bank has planned for Africa in a speech given at the African Union Summit held 31 January 2010 in Addis Ababa.
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The Economic Development Investment Fund has joined the Export-Import Bank of the United States to increase support for Floridian exporters.
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The US 2011 budget request for the International Trade Administration is its largest ever and includes additional funds to support export promotion.
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Drum Risk Management has hired a business development manager to boost its services in the CIS.
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Nedbank Capital has hired a specialist advisor to grow its European and African commodities business.
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Germany’s Helaba Group has selected TLM Trade Finance to automate its letters of credit and guarantees business.
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Russian oil producers Bashneft and Gazpromneft are deciding between pre-export financings or bond issues as they approach bankers for new loans.
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BNP Paribas has closed an amended one-year revolver for energy trader Mercuria.
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The Singapore Economic Strategies Committee has recommended creating an export credit agency to help domestic firms expand abroad.
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The EBRD has issued a trade finance loan to ArmSwissBank to benefit small and medium enterprises in Armenia.
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Grupo Catalana Occidente and INOC.SA have entered into an agreement to acquire Swiss Re, Deutsche Bank and Sal Oppenheim’s stakes in private credit insurer Atradius.
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Partnership Finance signs up for Surecomp’s allFAC receivables management solution.
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Deutsche Bank expands its UAE presence with a branch in Abu Dhabi that will initially focus on trade finance and global transaction banking.
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GE Capital is now the exclusive provider of financing for Yamaha Motor Canada’s dealer inventory finance programme.
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Under the government of Japan’s Trade Finance Initiative, JBIC has signed its first loan to CAF to directly support trade finance.