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China’s commitments to financing in Africa are shifting away from giant infrastructure developments and towards developing stronger trade flows and commercial investments, analysts say. At the Forum on China-Africa Cooperation (Focac) in late November, the country unveiled an action plan that included around US$40bn of commitments in the form of trade finance, commercial investments and ...
Troubled commodities trader Rhodium Resources lost insurance cover totalling more than US$580mn last year, leaving it unable to pay creditors and facing the threat of insolvency, court documents reveal. Singapore-headquartered Rhodium fell into serious financial difficulties in August 2020, according to documents submitted to the city-state’s High Court in December that year by its chief ...
Global commodities trader Mercuria has closed US$1.3bn-worth of revolving credit facilities (RCFs), drawing in support from a group of 31 lenders. The agreement is comprised of a one-year facility with an offshore Chinese renminbi option, a one-year swing facility, and a three-year RCF. Financing will be used for general corporate and working capital purposes, as ...
Just weeks after the OECD moved to relax down payment rules for transactions involving export credit agencies (ECAs) in the developing world, questions have been raised over the reasons behind the decision. Last month, the OECD Arrangement on Officially Supported Export Credits announced it would temporarily slash the down payment requirement from 15% to 5% ...
Pressure is building on the Export-Import Bank of the United States (US Exim) to formally cull support for oil and gas, after the Biden administration called for an immediate end to overseas fossil fuel financing. In a diplomatic cable sent to US embassies earlier this month, a leaked version of which has been seen by ...