The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has agreed to provide insurance cover to a new syndicated financing deal, which is expected to bolster exports from Arab countries to the West Africa region.
Last week, the ICIEC said it would extend US$50mn in insurance cover to the Arab Bank for Economic Development in Africa (Badea) in support of a wider financing arrangement.
A spokesperson from the Islamic Development Bank Group (IsDB), of which ICIEC is a member, tells
GTR that the syndicated agreement will see Badea, the International Islamic Trade Finance Corporation and BMCE Bank of Africa provide a total of US$115mn to the Ecowas Bank for Investment and Development (EBID).
Greensill
collapsed into insolvency in March after a group of investment funds it was relying on were abruptly suspended, as serious concerns emerged over weaknesses in the underlying programmes.
Four of those funds, managed by Credit Suisse, had provided around US$10bn in support to the London-headquartered lender, while another from GAM Investments was worth around US$700mn.
Fitch Ratings says the suspension and liquidation of those funds – along with industry concerns over
controversial future receivables programmes – could result in spillover effects to the wider market. Credit Suisse has partially repaid investors but admits it expects to incur a charge as a result of Greensill’s collapse.
A host of temporary support policies,
But in recent weeks, the bank’s board of directors confirmed it would renew all the amendments made to three of its programmes, and also keep in place a bridge financing programme it created in the throes of the pandemic to help foreign purchasers of US goods.
The temporary relief measures will now last until April 2022 and apply to US Exim’s working capital guarantee, supply chain financing (SCF) guarantee and pre-export financing programmes, as well as its bridge financing initiative.
“We will continue to demonstrate our commitment to the needs of US exporters, their international buyers, and Exim’s lending partners in order to help expand US exports and employment as our nation’s economy recovers,” says US Exim’s acting first vice-president and vice-chairman, James Cruse.
Kjel Christensen has rejoined JP Morgan as trade finance sales lead for its North America corporate and investment bank consumer and retail portfolio.
Christensen moves from working capital solutions provider Taulia, where he spent almost seven years, most recently as managing director for Americas and Asia Pacific. Prior to that, he held a vice-president role at JP Morgan for three years. His professional background also includes roles at American Express and Costco.
Based in Utah, Christensen will report to Keith Murphy, North America sales head, global trade, at JP Morgan. His new role sees him collaborate with the bank’s corporate banking and wholesale payments teams to drive its ambitious trade and working capital finance targets for that sector.
Export credit agency (ECA) financing for fossil fuels could be illegal under international law and governments are obligated to curtail it, according to a legal opinion commissioned by campaign group Oil Change International. Authored by barrister Kate Cook and Cambridge University law professor Jorge E Viñuales, the 99-page opinion, published today, says principles in areas .