The Indian government has pledged to pump US$2.7bn into a new development finance institution (DFI) as part of plans to galvanise infrastructure spending and help the country bounce back from the deleterious effects of Covid-19.
The announcement was made in the country’s annual budget earlier this month, with India’s finance minister Nirmala Sitharaman stating that she would introduce a bill for setting up the new DFI with a starting capital of roughly Rs200bn.
The ambition is to have a lending portfolio of at least Rs5tn (approximately US$69bn) in three years’ time, with the DFI also expected to play a role in funding the government’s National Infrastructure Pipeline (NIP).
The decline in global goods trade volumes caused by the Covid-19 pandemic appears to have been less drastic than predicted by the World Trade Organization (WTO) in late 2020, with export growth in Asia during the second half of the year matched by increased demand from other markets.
In its most recent goods trade barometer, the WTO says growth in trade volumes remained strong in the fourth quarter of 2020, after a stronger-than-anticipated rebound during Q3.
The UN Conference on Trade and Development (UNCTAD) previously reported there were
signs of a “frail recovery” in Q3, led by surging exports from China, after a major slump in Q2 caused by virus containment measures put in place across the world.
HSBC has hired Celine Herweijer as group chief sustainability officer, reporting directly to Noel Quinn, HSBC’s group CEO. She joins from PwC, where she most recently served as global innovation and sustainability leader, driving the consulting firm’s strategy and partnerships on innovation and emerging technologies, including on agendas such as responsible technology, tech ethics and .
UK Export Finance (UKEF) has overhauled its supplier credit facility programme to make its support more accessible to the large proportion of SME trade that is financed by non-bank lenders.
Launched this week, the British export credit agency’s new standard buyer loan guarantee (SBLG) allows it to guarantee a loan of up to 85% of a UK company’s export contract value, enabling British exporters to get paid upfront while their overseas buyers can repay the loan from their lender over a longer period.
The SBLG’s predecessor facility was only available to financiers who had entered into an overarching master guarantee agreement with UKEF. With one exception – the London Forfaiting Company – these were all traditional bank lenders, including HSBC, JP Morgan and Standard Chartered. Under the new scheme, this requirement has been removed, and replaced with transaction specific documentation which caters for alternative lenders.
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