ECA-backed lenders spark up Baltic wind farm funding
Global Trade Review Magazine
by Jacob Atkins
18h ago
German export credit agency (ECA) Euler Hermes has covered a €326mn loan for the construction of what will be the largest onshore wind farm in the Baltic states. A subsidiary of Lithuanian conglomerate Achemos Grupė is building the 264-megawatt project, which will include 40 turbines, in the province of Pagėgiai. Achemos plans to use the electricity to generate green hydrogen and ammonia. Germany’s KfW-Ipex Bank, Nord/LB and the Nordic Investment Bank (NIB) are participating in the loan, a statement from KfW-Ipex says. NIB’s portion of the loan is €100m and has a maturity of 21 years. €43.5bn ..read more
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Supply chain finance industry hopeful EU will soften late payment rules
Global Trade Review Magazine
by John Basquill
2d ago
A European Parliament committee is pushing for greater flexibility around incoming EU late payment rules, after fears the initial proposals could sink the continent’s burgeoning supply chain finance (SCF) sector.  The European Commission proposed in September to limit all payment terms to a maximum of 30 days, prompting outcry from industry groups fearful that the new rules would make it commercially unviable for lenders to fund SCF facilities.  Following several months of lobbying efforts, the parliament’s Internal Market and Consumer Protection Committee voted last week to soften t ..read more
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Green shoots signal brighter trade picture for 2024: UN
Global Trade Review Magazine
by Jacob Atkins
2d ago
Global goods trade is set to return to growth this year after a tepid 2023, UN research has predicted. Preliminary data suggests that the value of goods traded around the world grew again at the end of last year following a prolonged slump from the steep price rises seen in 2022, according to the UN Conference on Trade and Development (UNCTAD). Forecast global GDP growth of around 3% for this year and recent jumps in containerised shipping rates suggest that trade will rebound through the next nine months, the agency says. “Available data for the first quarter of 2024 suggests a continued impr ..read more
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Baltimore bridge collapse unlikely to disrupt global trade
Global Trade Review Magazine
by Jacob Atkins
2d ago
The closure of Baltimore’s port after a cargo ship collided with a motorway bridge may cause short-term disruption to US supply chains and the Maryland economy but is unlikely to have a major impact on global trade movements. While the port handles around 10% of imports to the northeast US, according to S&P Global, the bulk are containerised shipments which can be handled by other ports such as those in Wilmington, Philadelphia and New Jersey. The Singapore-flagged Dali, a 117,000-tonne container ship, smashed into a supporting pillar of the Francis Scott Key Bridge in the early hours of T ..read more
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Absa to open China office, eyes trade revenue boost
Global Trade Review Magazine
by Felix Thompson
2d ago
Pan-African lender Absa Bank is anticipating a significant rise in trade finance revenues on goods flows linking China with Sub-Saharan Africa, after opening its first office in the Asian economic powerhouse. The non-banking subsidiary, based in Beijing, has been established to provide a range of advisory services including for trade finance, FX and cross-border payments to corporate and financial institution clients in China. Absa’s official launch of the office will only take place in early May, yet a team of senior relationship managers and executives have already been deployed to China, th ..read more
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ETG closes first sustainability-linked credit facility
Global Trade Review Magazine
by Jenny Messenger
2d ago
Export Trading Group (ETG) has inked a US$115mn sustainability-linked revolving credit facility, a first for the supply chain manager as it aims to improve food security in Africa. Japanese lender SMBC was sole coordinator, bookrunner, initial mandated lead arranger (MLA) and joint sustainability coordinator. Rabobank was also an initial MLA and joint sustainability coordinator, a contribution partially guaranteed by AGRI3 Fund, an Amsterdam-based blended finance fund for sustainable agriculture projects. Mizuho Bank was also an MLA, while Bank of China, JP Morgan, Société Générale and the Nat ..read more
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Naidoo takes trade finance reins at RMB
Global Trade Review Magazine
by Jacob Atkins
3d ago
Rand Merchant Bank (RMB) has appointed Mergan Naidoo as its head of trade finance.  Naidoo replaces Louis du Plessis, who was promoted to head of trade and working capital at the South African lender last year, as part of an internal reorganisation.   Reporting to du Plessis, Naidoo has responsibility for RMB’s documentary trade products, the execution of the bank’s trade strategy in Africa, as well as line management of the business development and trade advisory teams.   Naidoo has been with RMB since 2013, joining first as head of trade sales and becoming trade advisory head ..read more
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TDB further bolsters African trade finance offering with US$100mn UK-backed facility
Global Trade Review Magazine
by John Basquill
4d ago
The Eastern and Southern African Trade and Development Bank (TDB) has secured a US$100mn facility from the UK’s development finance institution, the latest in several transactions aimed at boosting trade finance on the continent.  The facility is provided by British International Investment (BII) and will enable TDB to finance the import and export of key commodities, as well as other goods and services, in African markets grappling with a turbulent economic environment.  The two institutions say in a joint statement the facility aims to tackle food security, helping local companies ..read more
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First-of-its-kind EU export credit facility to target Ukraine rebuild
Global Trade Review Magazine
by Felix Thompson
4d ago
EU officials have revealed that the next phase of a pioneering bloc-wide export credit initiative will target the reconstruction of war-torn Ukraine, an undertaking expected to cost almost half a trillion dollars. Antonio Fernández-Martos, a head of unit within the European Commission’s Directorate-General for Trade, last week outlined plans to establish a “complex new policy tool” focused on significant infrastructure projects in the country. Details on how the scheme will operate are still being ironed out, but Fernández-Martos indicated it would operate as a risk-sharing mechanism to suppor ..read more
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Trafigura upsizes samurai loans
Global Trade Review Magazine
by Jacob Atkins
4d ago
Trafigura has renewed support from lenders for a ¥123.45bn (US$815.8mn) term loan, the commodity trader’s seventh yen-denominated Samurai loan. The deal refinances Trafigura’s 2020 and 2022 Samurai loans and has jumped in value compared to both deals by almost ¥30bn, the company says. The Development Bank of Japan, Mizuho’s UK and European entities, MUFG and SMBC are mandated lead arrangers and bookrunners on the loan. Trafigura says 24 additional banks are participating in the deal, including eight new lenders, but a spokesperson declined to name them. SMBC is the loan’s sustainability co-ord ..read more
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