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The Bahrain deal comes just months after the United States joined nearly 200 other nations in a promise to transition away from fossil fuels, the burning of which is dangerously overheating the planet. It also comes as Mr. Biden is working to shore up support from climate-minded voters as he runs for re-election. In February, plans to finance the Bahrain projects prompted two of the bank’s climate advisers to resign. The Bahrain project is one of several controversial overseas fossil fuel ventures that ExIm Bank is currently considering. Also being considered are a natural gas export project in Papua New Guinea and an offshore pipeline in Guyana, alongside some projects related to renewable energy like a zinc-lead mine in Greenland.
Persons: Biden, Biden’s Organizations: United States, ExIm Locations: Bahrain, Papua New Guinea, Guyana, Greenland
A worker is seen near a sign of the Export-Import Bank of China at the venue for the second China International Import Expo (CIIE) in Shanghai, China October 31, 2019. REUTERS/Stringer/File Photo Acquire Licensing RightsKAMPALA, Nov 27 (Reuters) - Uganda is preparing to borrow $150 million from China's Export Import Bank (Exim) to help expand its internet infrastructure, the finance ministry on Monday. A junior finance minister and the minister for information asked lawmakers on Monday to authorise the debt, the finance ministry wrote on X, the social media platform. Uganda is in negotiations with Chinese export credit agency SINOSURE and Exim Bank for a loan to finance the construction of a pipeline to help Uganda export its crude oil to international markets. The World Bank, traditionally Uganda's biggest development lender, halted loans to Uganda after President Yoweri Museveni signed the Anti-Homosexuality Act which hands out tough sentences including death for a range homosexual activities.
Persons: Stringer, SINOSURE, Yoweri Museveni, Elias Biryabarema, Hereward Holland, William Maclean Organizations: Export, Import Bank of China, China, REUTERS, Rights, China's Export Import Bank, World Bank, Exim Bank, Bank, Thomson Locations: Shanghai, China, Rights KAMPALA, Uganda
REUTERS/Lincoln Feast/File Photo Acquire Licensing RightsSYDNEY, Nov 22 (Reuters) - Fiji Prime Minister Sitiveni Rabuka told parliament on Wednesday the Pacific Islands nation was likely to collaborate with China on a key port modernisation and shipyard project, after discussing it in a meeting with Chinese president Xi Jinping. Fiji previously sought Australia's involvement to build a modern ship-building facility at Lautoka, officials and a consultant to Rabuka on the project told Reuters. Rabuka told Fiji's parliament on Wednesday his government was focused on upgrading infrastructure, "particularly the modernisation of port facilities and shipyards". An Australian-based ship design company said Rabuka had earlier sought the involvement of Australia, Fiji's largest aid donor, in the shipyard project. China has been pushing for greater security and trade ties with Pacific Islands countries.
Persons: Sitiveni Rabuka, Xi Jinping, Rabuka, Xi, Stuart Ballantyne, Ballantyne, Vajira Piyasena, Kirsty Needham, Lincoln, Edwina Gibbs Organizations: REUTERS, Lincoln, Rights, Fiji Prime, Wednesday, Reuters, APEC, Wednesday Fiji, Fiji Ports, Fiji Ships, Heavy Industry, Pacific, Thomson Locations: Fiji, Suva, China, Lautoka, Australia, San Francisco, Australian, tradespeople, Pacific, Solomon Islands, United States, Papua New Guinea
TotalEnergies signs are seen at a petrol station in Nice, France, October 10, 2022. The letter, seen by Reuters, comes at a crucial juncture for the French energy company as it prepares to relaunch Africa's largest foreign direct investment project. Activists warn the project may worsen climate change and fuel human rights abuses in the impoverished southern African nation. TotalEnergies said before Friday's letter that arrangements for project finance remain in place despite a 'force majeure' halt in 2021 when Islamist militants threatened the project site. The project delay has led some investors to reassess their previous cost assumptions in light of inflation and global gas market swings.
Persons: Eric Gaillard, Banks, TotalEnergies, Ntshengedzeni Maphula, Reta Jo Lewis, Wendell Roelf, Toby Sterling, Nellie Peyton, Forrest Crellin, Mathieu Rosemain, Yuka Obayashi, Tim Cocks, Olivia Kumwenda, Elaine Hardcastle Organizations: REUTERS, Reuters, ActionAid International, Greenpeace, African Development Bank, Societe Generale, Africa's Export Credit Insurance Corporation, Thomson Locations: Nice, France, Mozambique, Greenpeace France, Netherlands, U.S, Exim, Cape Town, Amsterdam, Johannesburg, Paris, Tokyo
It added that another $4 billion worth of letters of intent was received for new projects and investments in different sectors of the economy. Nigeria also signed contracts with China Harbour Engineering Company for the construction of the Lekki Blue Seaport in Lagos. Shettima met Xi, who asked for the protection of Chinese workers in Nigeria, according to the vice president's office. China had committed to rail projects in Nigeria in the past and to a seaport in Bonny Island in the Niger Delta. China had earlier agreed to provide 85% of the financing for the rail projects.
Persons: Xi Jinping, Edgar Su, Kashim Shettima's, Shettima, Xi, Felix Onuah, Chijioke Ohuocha, Jamie Freed Organizations: Initiative, of, People, REUTERS, Rights, Nigeria's National Agency for Science, Engineering Infrastructure, China Harbour Engineering Company, China Exim Bank, Thomson Locations: Beijing, Rights ABUJA, Nigeria, Africa's, Lagos, China, Bonny Island, Niger, Nigeria's
A general view of the main business district as rain clouds gather above in Colombo, Sri Lanka, November 17, 2020. Peter Breuer told Reuters on the sidelines of the World Bank IMF annual meetings in Marrakech that talks between Sri Lanka and all its creditors were ongoing. "We will need to assess the entire package of agreements in its totality to assess consistency with IMF debt targets," Breuer said. Sri Lanka, mired in its worst economic crisis in 70 years, is in debt restructuring talks with a range of creditors, including China, its largest single creditor. Sri Lanka owed Exim $4.1 billion, or 11% of it foreign currency debt, at the end of 2022.
Persons: Dinuka, Peter Breuer, Breuer, Ranjith Siyambalapitiya, Jamie Fallon, Rosario, Libby George, Karin Strohecker, John Stonestreet, Nick Macfie Organizations: REUTERS, Rights, Monetary Fund, Sri, Reuters, World Bank IMF, Export, Import Bank of, Paris Club, Tellimer Research, Thomson Locations: Colombo, Sri Lanka, Rights MARRAKECH, China, Marrakech, Import Bank of China, Japan, India, France
"Chinese Exim bank rolled over principal amounts totalling $2.4 bln which are due in next 2 fiscal years," he said in a post on messaging platform X, formerly known as Twitter. "Pakistan will make interest payments only over the next two years," Dar said, meaning the wavier is only for the principal loan amount. "In principle, China and Pakistan have close cooperation in economic and financial sectors, and we will continue to advance cooperation with Pakistan to support the country in achieving stability and development," Chinese Foreign Ministry spokesperson Mao Ning said. The IMF team this month met the leadership of all political parties, including former Prime Minister Imran Khan, to seek a continuation of its bailout objectives irrespective of who comes to power. Reporting by Asif Shahzad; Additional Reporting by Andrew Hayley in Beijing; Editing by Tom Hogue and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
Persons: Ishaq Dar, Dar, Mao Ning, Shehbaz Sharif, Imran Khan, Asif Shahzad, Andrew Hayley, Tom Hogue, Christopher Cushing Organizations: Pakistan Finance, Reuters, Foreign Ministry, Longtime, Beijing, Initiative, International Monetary Fund, United, United Arab Emirates, IMF, Thomson Locations: Islamabad, Pakistan, ISLAMABAD, China, Saudi Arabia, United Arab, Beijing
Solomon Islands signs China policing deal in upgrade of ties
  + stars: | 2023-07-10 | by ( ) edition.cnn.com   time to read: +4 min
China and the Solomon Islands on Monday signed a deal on police cooperation as part of an upgrade of their relations to a “comprehensive strategic partnership,” four years after the Pacific nation switched ties from Taiwan to China. “In just four years, the relationship between China and the Solomon Islands has developed rapidly, and we can now say that it is very fruitful,” Li told Sogavare. China will continue to provide assistance to the Solomon Islands to enhance its law enforcement capacity, according to a joint statement released by China’s state-run Xinhua news agency. China has long supported so-called South-South cooperation, which refers to cooperation between developing nations as equals for mutual benefit. Chinese telecoms giant Huawei is already building a cellular network in the Solomon Islands, financed by a $66 million Chinese EXIM bank loan.
Persons: , Manasseh Sogavare, Premier Li Qiang, Sogavare, Solomon, ” Li, Washington “, ’ Sogavare, Xi Jinping, ” Xi, Xi Organizations: Solomon Islands, Premier, , US National Security Council, Xinhua, Huawei, “ Sports, Pacific Games Locations: China, Solomon Islands, Pacific, Taiwan, Beijing, United States, Australia, Taipei, Solomon, Japan, Britain, Honiara
China, Solomon Islands sign policing pact in upgrade of ties
  + stars: | 2023-07-10 | by ( ) www.reuters.com   time to read: +5 min
[1/3] Flags of Solomon Islands and China flutter near the Tiananmen Gate in Beijing, China July 11, 2023. "In just four years, the relationship between China and the Solomon Islands has developed rapidly, and we can now say that it is very fruitful," Li told Sogavare. The official added that the U.S. was committed to a strong relationship with the region and strengthening longstanding bonds with the people of Solomon Islands. Xi told Sogavare China supports more of its firms investing in the Solomon Islands and will continue to provide economic and technical assistance "without political strings attached". Chinese telecoms giant Huawei is already building a cellular network in the Solomon Islands, financed by a $66 million Chinese EXIM bank loan.
Persons: Florence Lo, Xi, Manasseh Sogavare, Premier Li Qiang, Sogavare, Solomon, Li, Washington, China's, Xi Jinping, Ethan Wang, Ella Cao, Ryan Woo, Kirsty Needham, David Brunnstrom, Himani Sarkar, Robert Birsel, Mark Heinrich, Lincoln Organizations: REUTERS, Solomon Islands, Beijing, BEIJING, Premier, U.S . National Security Council, China's, Xinhua, Huawei, Pacific Games, Thomson Locations: of Solomon Islands, China, Beijing, Florence, Taiwan, Solomon Islands, Pacific, United States, Australia, U.S, Solomon, Japan, Britain, Honiara, Sydney, Washington
SYDNEY, July 9 (Reuters) - Solomon Islands Prime Minister Manasseh Sogavare arrives in China on Sunday for his first visit since striking a security deal, pledging to "remain neutral" amid rising China-U.S. competition and prioritise his nation's development needs. Western analysts said Sogavare would be feted after signing the security pact that alarmed Washington and some Pacific Islands neighbours including Australia last year. China's foreign ministry said China and the Solomon Islands had "contributed to peace, stability and development in the region", and the two countries leaders would discuss international and regional issues. China has constructed the stadium, is advising on security, and will train 80 Solomon Islands athletes arriving in China this week. Solomon Islands has one of the closest relationships with China in the region, said Meg Keen, director of the Lowy Institute's Pacific Islands program.
Persons: Manasseh Sogavare, Sogavare, Graeme Smith, Meg Keen, Lowy, Kirsty Needham, Kim Coghill Organizations: SYDNEY, Solomon Islands, Papua New, Huawei, Pacific Games, Solomon, Australian National University, Thomson Locations: Solomon, China, U.S, Washington, Australia, Papua, Papua New Guinea, Britain, Honiara, Chinese, Honiara's, Beijing, Jiangsu, Guangdong, India, Gulf, Taiwan, Pacific, Japan
The Alberta Industrial Heartland, a not-for-profit organization consisting of five Alberta municipalities, and the Hong Kong-based private equity firm Can-China Global Resource Fund (CCGRF) had announced their partnership in 2016 to encourage investments across North America. "This partnership no longer exists," Karlee Conway Director Communications of the Alberta Industrial Heartland said in an email response to Reuters. The lead investor of the fund was China's Export-Import Bank, Vancouver-based mining firm Hunter Dickinson and Swiss commodity trader Mercuria. While all three were released in 2021, the relationship between China and Canada has not returned to normal. The oil-rich province of Alberta exported C$4.5 billion worth of goods to China in 2020, making it the Canadian province's second-biggest export market.
Persons: Karlee, Hunter Dickinson, Lynette Ong, FROSTY, Meng Wanzhou, Divya Rajagopal, Xie Yu, Denny Thomas, Nick Zieminski Organizations: Reuters, The, The Alberta Industrial Heartland, China Global Resource Fund, Karlee Conway, Communications, Alberta Industrial Heartland, China's, Import Bank, MEC Advisory Ltd, EXIM Bank, Science, University of Toronto, CQ Energy, Ottawa, Huawei, Canadian, Exim Bank, Asian Infrastructure Investment Bank, Chinese Communist Party, Thomson Locations: TORONTO, HONG KONG, Alberta, The Alberta, Hong Kong, China, North America, Vancouver, Swiss, Canada, Ottawa, Calgary, Beijing, United States
TORONTO/HONG KONG, June 29 (Reuters) - The Alberta government has ended a partnership with a Chinese private equity fund that targeted $10 billion to invest in the natural resources sector, a spokesperson for the Alberta entity told Reuters. The Alberta Industrial Heartland, a not for profit organization of the province of Alberta, and the Hong Kong-based private equity firm Can-China Global Resource Fund (CCGRF) had announced their partnership in 2016 to encourage investments across North America. "This partnership no longer exists," Karlee Conway Director Communications of the Alberta Industrial Heartland in an email response to Reuters. The lead investor of the fund was China's Export-Import Bank, Vancouver-based mining firm Hunter Dickinson and Swiss commodity trader Mercuria. This month, Canada froze ties with the China-led Asian Infrastructure Investment Bank (AIIB) as it launched a probe into allegations that the institution was dominated by the Chinese Communist Party.
Persons: Karlee, Hunter Dickinson, Meng Wanzhou, Divya Rajagopal, Xie Yu, Denny Thomas, Nick Zieminski Organizations: Reuters, The, The Alberta Industrial Heartland, China Global Resource Fund, Karlee Conway, Communications, Alberta Industrial Heartland, China's, Import Bank, MEC Advisory Ltd, EXIM Bank, CQ Energy, Ottawa, Huawei, Canadian, Exim Bank, Asian Infrastructure Investment Bank, Chinese Communist Party, Thomson Locations: TORONTO, HONG KONG, Alberta, The Alberta, Hong Kong, China, North America, Vancouver, Swiss, Canada, Calgary, Beijing, United States
Buddhika Weerasinghe | Bloomberg | Getty ImagesSri Lanka needs institutional reforms in order to achieve long-term debt sustainability, said Steve Hanke, who played a key role in establishing new currency regimes in emerging markets like Argentina and Montenegro. "In fact, most of the personalities involved in Sri Lanka at the high level are exactly the same as they've been for years. In September, the IMF outlined a series of steps that it wanted Sri Lanka's government to implement prior to loan approval, which included major tax reforms. "Debt relief from Sri Lanka's creditors and additional financing from multilateral partners will be required to help ensure debt sustainability and close financing gaps," the fund said at the time. "The Secretary welcomed Sri Lanka's commitments to transparency and comparable treatment for all bilateral official and private creditors."
[1/2] Sri Lankan rupees are seen in a bowl at a vegetable vendor's shop amid the rampant food inflation, amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29 , 2022. China has extended its "firm support to Sri Lanka through a debt treatment", EXIM Bank wrote in the letter to the Sri Lankan government on March 6. "Meanwhile, we would like to expedite the negotiation process with your side regarding medium- and long-term debt treatment in this window period, with a view to finalising the specifics of a debt treatment in the coming months. We will make our best efforts to contribute to the debt sustainability of Sri Lanka." The letter mirrors what EXIM Bank sent to Sri Lanka in January, except for the target of finalising debt-treatment specifics in the coming months.
[1/2] Sri Lankan rupees are seen in a bowl at a vegetable vendor's shop amid the rampant food inflation, amid Sri Lanka's economic crisis, in Colombo, Sri Lanka, July 29 , 2022. China has extended its "firm support to Sri Lanka through a debt treatment", EXIM Bank wrote in the letter to the Sri Lankan government on March 6. "Meanwhile, we would like to expedite the negotiation process with your side regarding medium- and long-term debt treatment in this window period, with a view to finalising the specifics of a debt treatment in the coming months. We will make our best efforts to contribute to the debt sustainability of Sri Lanka." By end-2020, Sri Lanka owed EXIM $2.83 billion, or 3.5% of its external debt, according to IMF data.
"Sri Lanka has completed all prior actions that were required by the IMF," Wickremesinghe said. It was not clear what new support China, the world's biggest sovereign creditor, extended to Sri Lanka on Monday. By end-2020, Sri Lanka owed the China EximBank $2.83 billion or 3.5% of the island's external debt, according to IMF data. Sri Lanka needs to repay about $6 billion on average each year until 2029 and will have to keep engaging with the IMF, Wickremesinghe added. Sri Lanka has been waiting for about 187 days to finalise a bailout after reaching a staff-level deal with the IMF.
After the retirement of Boeing Capital Corp (BCC) President Tim Myers this spring, Boeing said it would "realign" the financing arm within the commercial airplane unit while maintaining "strong coordination" with Boeing's treasury arm. Boeing Capital, a subsidiary of Boeing, provides asset-based financing and leasing to airlines. The closing of Boeing Capital continues a trend for Boeing to consolidate its operational structure and ends a significant chapter in the fast-expanding air finance industry. A Boeing spokesperson said the shift will provide airlines "with more consistent support" for arranging aircraft financing. Rob Martin, finance chief for the commercial airline business, and Boeing Treasurer David Whitehouse will be responsible for the transition, West said in the memo.
China's EXIM bank gives Sri Lanka debt extension
  + stars: | 2023-01-26 | by ( Yew Lun Tian | ) www.reuters.com   time to read: +1 min
BEIJING, Jan 26 (Reuters) - China's Export-Import Bank of China (EXIM) has provided Sri Lanka with a debt extension, China's foreign ministry said on Thursday, confirming a Reuters report earlier this week. EXIM offered Sri Lanka a two-year moratorium on its debt and said it would support the country's efforts to secure a $2.9 billion loan from the International Monetary Fund, according to a letter reviewed by Reuters. Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. At the end of 2020, China EXIM loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. EXIM is a policy bank tasked by Beijing with lending to governments and key industries globally.
Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. According to the letter, the Export-Import Bank of China said it was going to provide an extension on the debt service due in 2022 and 2023 as an immediate contingency measure based on Sri Lanka's request. At the end of 2020, China EXIM bank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," the letter said. Sri Lanka's foreign and finance ministries did not immediately respond to questions from Reuters.
WASHINGTON, Dec 15 (Reuters) - Chinese officials have agreed to form a global sovereign debt "roundtable" that would include a wide variety of stakeholders, including private sector creditors, International Monetary Fund chief Kristalina Georgieva said on Thursday. China has argued that private creditors and multilateral development banks should be required to accept debt "haircuts" to make the process fair. "We agreed that we should form a global sovereign debt roundtable at the highest level - the key creditors, some of the borrowers, the private sector - with the World Bank, the IMF and the G20 presidency being the co-conveners," she said. The proposed roundtable offered a structure to help improve the debt treatment process and avoid a systemic debt crisis, she said. Georgieva, World Bank President David Malpass and other financial leaders met in China's Anhui province last week with officials from the People's Bank of China, China's finance ministry and its EXIM Bank and China Development Bank.
WASHINGTON, Dec 9 (Reuters) - International Monetary Fund chief Kristlina Georgieva said she had a "fruitful exchange" with her Chinese counterparts this week on her repeated calls for accelerating debt treatments for countries like Zambia and Sri Lanka. Georgieva, World Bank President David Malpass and other financial leaders met in person in China's Anhui province this week with officials from the People's Bank of China, China's finance ministry and its EXIM Bank and China Development Bank. Georgieva said the discussions touched on the common framework for debt treatment set up in late 2020 by China, the United State and other Group of 20 major economies, as well as some specific cases of countries seeking debt relief. Implementation of the common framework process has been halting, with only one country, Chad, having completed the debt treatment process, and its agreement not resulting in any actual reductions of the country's debt. Georgieva said she saw "space for a platform for more systematic engagement on debt issues, where China can play an active role," but gave no further details.
ABUJA, Nov 11 (Reuters) - Nigeria plans to grant a concession on its $1.3 billion hydropower plant now under construction and is seeking bids from private investors to operate the China-funded plant, authorities said on Friday. The Zungeru Hydroelectric Power Plant (ZHPP), the biggest of its type in Nigeria, is expected to generate 700 megawatts and is being funded by loans from China's Exim Bank, the Bureau of Public Entreprises (BPE), Nigeria's privatisation agency, said. Diesel prices have soared in Nigeria since the start of the year as global oil prices surged after Russia's invasion of Ukraine. The privatisation agency said it expects bids to be submitted by Nov. 24 and hopes to complete the concession by March next year. The private partner will be responsible for repaying the Chinese loan, the privatisation agency told investors in an online roadshow on Thursday, because it wanted to reduce government's financing of the plant.
“Ministrul Popescu se va întâlni mâine cu secretarul Energiei pentru a iniţia un acord de cooperare interguvernamentală pentru recondiţionarea unui reactor nuclear în procesul de construcţie a două reactoare noi la instalaţia nucleară Cernavodă din România. Acest proiect de 8 miliarde de dolari va reprezenta o paradigmă pentru proiectele de dezvoltare economică şi energetică româno-americane”, a precizat ambasadorul american. Potrivit acestuia, Virgil Popescu se va întâlni cu preşedinta Exim Bank, Kimberly Reed, pentru a agrea un memorandum de înţelegere vizând finanţarea proiectului nuclear de la Cernavodă şi a altor proiecte din România. “Pachetul de finanţare este cel mai mare pachet de finanţare primit vreodată de România şi este un indicator al încrederii pe care SUA îl au în partenerul şi aliatul său de lungă durată. (…) Vom vedea România asumându-şi rolul meritat de lider în Europa“, a mai completat Adrian Zuckerman.
Persons: Nicolae Ciucă, Virgil Popescu, Adrian, Zuckerman, american Mark Esper, Donald Trump, Klaus Iohannis, Trump, Popescu, Kimberly Reed Organizations: România, Energiei, Albă, americane Locations: SUA, Washington, Bucureşti, american, instalaţia, Cernavodă, România, Europa
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