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September
Islamic banking industry software solutions provider Path Solutions has implemented its iMAL solution for Al Khalij Commercial Bank, Qatar, to enable Shari'a-compliant trade finance services.
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August
BNP Paribas has signed two loans with smelter company Aluminium Bahrain to replace electronic equipment at its smelting complexes.
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Islamic Development Bank subsidiary Trust Service Limited's Trust Certificate Issuance Programme has been increased to finance growth in IsDB's operations.
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Deutsche Bank has signed an ECA-backed deal for UAE-based trading company Al Futtaim Group’s Cairo Festival City project in Egypt.
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The African Development Bank has appointed three women to senior positions.
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The Dubai Multi Commodities Centre Authority and India’s Bank of Baroda have signed an agreement to enhance Indian trade flows in the JLT Free Zone, Dubai.
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The Dubai Export Development Corporation has launched its new export assistance programme to provide financial assistance to UAE small and medium enterprise exporters.
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Canadian export credit agency Export Development Canada will invest in the Africa Telecommunications, Media and Technology Fund I to encourage Canadian supply.
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The International Islamic Trade Finance Corporation has announced its trade finance operations during the first half of 2010.
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The Japan Bank for International Cooperation has signed a buyer credit for Egyptian Refining Company to construct processing units to refine atmospheric residue from a Cairo refinery.
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Gatehouse Bank, a Shariah compliant wholesale investment bank, has appointed Irfan Afzal as head of structured trade finance and syndication to its team in London.
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Standard Chartered Bank has launched a new online cash management service for corporates in United Arab Emirates.
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The Republic of Cote d'Ivoire has joined the Islamic Corporation for Insurance of Investments and Export Credits (ICIEC).
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Abu Dhabi's Emirates Steel Industries has secured funding from Sace and a group of banks for long-term debt for the development of its plant at Taweelah.
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BNY Mellon has appointed Mark Fenner as head of relationship management and sales for treasury services across the Middle East and Africa region.
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July
Law firm Simmons & Simmons has announced that Qatar-based partner, Samer Eido, will take over as the new head of the financial markets practice in the Middle East.
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The African Development Bank has signed a line of credit to Afreximbank to finance trade and trade-related projects in Africa.
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The Export-Import Bank of the United States has opened in Iraq to help finance short-term and medium-term sales of US exports to Iraqi buyers in both the public and private sectors.
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The Africa Finance Corporation and Nigeria’s Access Bank have signed a master risk participation agreement for trade transactions.
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The African Trade Insurance Agency has appointed its new chief executive officer.
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The Asian Development Bank has suspended a planned phase-out of exceptional allocation of its Asian Development Fund to Afghanistan in 2011 and 2012.
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Nomura Holdings has become the first Japanese company to raise money in the Middle East under a commodity Murabaha facility.
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Qatar’s Doha Bank has named a new head of international banking and a new head of risk management.
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Syndication has closed this week for state-owned Egyptian General Petroleum Corporation’s jumbo pre-export financing.
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Three export credit agencies have signed agreements to provide loans and guarantees for the Emirates Aluminium project in the United Arab Emirates – augmenting the original financing.
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The International Islamic Trade Finance Corporation and the Saudi Export Programme have signed a syndication for an Egyptian corporation to import petroleum products from Saudi Arabia.
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National Bank of Oman (NBO) has selected Misys’s trade finance solution.
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The US trade promotion agency Overseas Private Investment Corporation will invest in five private equity funds in the Middle East and North Africa region.
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South Korean power equipment manufacturer Doosan Heavy Industries and Construction has signed a deal with Korea Electric Power Corporation to provide a nuclear reactor to the UAE.
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Kenya’s Export Promotion Council has demanded its government establish an export credit agency to help fund exporters.
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The Islamic Trade Finance Corporation (ITFC) has increased its activities in Egypt by 138% over 2009 in just the first six months of this year, while also furthering its work with Saudi Export Program.
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June
Standard Chartered Bank and Agricultural Bank of China have signed a memorandum of understanding to increase intra-Asia and Asia-Africa trade corridors.
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International Trade Finance Corporation, part of a group of Islamic Development Bank, has signed a loan for the International Bank of Azerbaijan to finance its trade operations.
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Total and Aramco’s Saudi Arabia-based Jubail oil refinery merchant financing has signed its project financing.
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Jordan’s Cairo Amman Bank has joined the International Finance Corporation’s Global Trade Finance Programme to help expand its trade finance support for Jordanian businesses.
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Oman Arab Bank has adopted the Misys TI Plus solution to enhance the bank's trade finaOman Arab Bank nce capabilities.
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Banks have signed a jumbo project financing for Saudi Electricity Co’s (SEC) 1,730MW gas-fired independent power project (IPP) Riyad PP1.
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Fortis Bank Nederland appoints new head of its Dubai-based commodities team.
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Falcon Trade Corporation gathered a select group of clients, speakers and business partners at its first annual trade and corporate finance forum in Dubai to discuss the global economic recovery and the role of specialised lenders.
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Total and Aramco’s Saudi Arabia-based Jubail oil refinery merchant financing has scheduled its financing close date.
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The Abu Dhabi-based Arab Trade Financing Programme (ATFP) has approved a spate of new trade deals and signed a new trade credit line for BankMuscat.
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The Qatari government and its subsidiaries are to make enormous spends on infrastructure projects within the next four years.
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The Royal Bank of Scotland’s global transaction services has appointed an ex-ABN AMRO banker to its newly created role of trade finance sales head for EMEA.
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Seven banks and two export credit agencies are expected to lead the financing for Oman’s Barka 2 and Sohar 3 IPPs that will soon awarded to the GDF Suez-led consortium.
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US Ex-Im has approved its first direct loan to a private company in Saudi Arabia, sustaining jobs in Colorado.
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Providing crucial bespoke solutions
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The Japan Bank for International Cooperation and the government of the Egypt have signed a memorandum of understanding to strengthen economic relations.
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Industrial and Commercial Bank of China may provide financing, export credit and advisory services for Union Railway, a United Arab Emirates railway project.
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Dubai Aerospace has priced its second US Ex-Im bond for two Boeing aircraft, as the export credit agency continues to see robust aircraft finance deal flow.
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The Islamic Corporation for the Insurance of Investment and Export Credit has opened an office in the Dubai International Financial Centre to expand its business in the Middle East and North Africa.
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May
The Export-Import Bank of the United States (US Ex-Im) took part in seminars in Dubai and Cairo this week to promote US exports to the Middle East and North Africa.
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Eight development finance institutions have launched the African Financing Partnership to enable greater cooperation, co-financing, and evaluation of private sector projects across the continent.
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Asian Development Bank has signed a grant to build a railway line that connects the Afghan city of Mazar-e-Sharif to Uzbekistan's expansive rail network and regional markets in Europe and Asia.
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BNP Paribas Egypt is the first bank in Egypt to receive ISO certification for international trade finance services.
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The African Development Bank has approved financing for four new operations in Liberia, Cape Verde, South Africa and Burundi at a recent board meeting.
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The African Development Bank has signed an equity investment in the African Agriculture Fund to support agri-companies operating on the continent.
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While the Turkish bank syndication market goes from strength to strength, the country is striving to increase its exports into the markets of Africa and the Middle East. Sam McManus speaks to the people on the ground.
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The Islamic Development Bank Group has hosted the fourth coordination meeting for local, Arab and Islamic trade finance and trade guarantee institutions to support the growth of intra-OIC trade.
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Dubai’s credit information agency Emcredit has signed a memorandum of understanding with Export Credit Insurance Company of the Emirates to support businesses in the credit insurance sector.
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China’s Huawei has signed a Sharia-compliant loan with Saudi Telecom Corporation’s Kuwait-based Viva to expand its network.
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Sweden's Export Credit Corporation is considering issuing Islamic bonds and other Sharia-compliant financial instruments to boost trade with Saudi Arabia.
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Abu Dhabi's Emirates Steel Industries is requesting financing from banks for long term debt for the development of its plant at Taweelah.
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Banks are expected to launch the senior tranche of a jumbo 58-month pre-export financing this week for state-owned Egyptian General Petroleum Corporation (EGPC).
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The Export Credit Guarantee Agency of Oman has signed cooperation agreements with the Islamic Corporation of Investment and Export Credit to help Omani exporters access credit insurance.
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Alcoa and Saudi Arabian Mining have awarded the first contracts for the construction of their joint-venture integrated aluminium complex at Ras Azzour, Saudi Arabia.
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BNY Mellon has arranged an export credit loan guarantee to help South Carolina-based Morrison Textile Machinery fulfil an order for Egypt’s DNM Textiles.
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Experienced project and trade finance lawyer, Vincent Mulvey has joined Baker Botts in Abu Dhabi.
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April
Insurance broker Marsh has launched a trade credit practice for Europe, the Middle East and Africa.
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Lebanon and Qatar have signed 13 trade agreements during the Qatari premier’s visit to Beirut.
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Lebanon’s BLC Bank has joined IFC’s Global Trade Finance Programme as an issuing bank.
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Citi has appointed a prepaid sales head for Europe,Middle East and Africa as part of its global transaction services team.
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Eight months ago the Algerian government ruled that no imports could enter Algeria without a corresponding letter of credit. Sam McManus explores the reasons for the change in regulation and how banks have adapted to the new environment.
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Supply chains in the MENA region held fast while many broke down around it during the global financial crisis. Sam McManus explores the strengths, weaknesses and trends that define the region and why SMEs must beware the ‘bullwhip effect’.
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African Development Bank partnership has launched a new website to coordinate financial sector development on the continent.
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International Finance Corporation and Morocco’s Central Bank have partnered to create a study tour to promote the creation of private credit bureaus to encourage banks to boost private sector lending.
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Kuwait’s Arab Investment and Export Credit Guarantee Corporation has signed a letters of credit confirmation insurance contract with Malta-based trade finance banking group FIMBank.
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The Export Credit Guarantee Company of Egypt and the African Trade Insurance Agency have signed a memorandum of understanding to facilitate investment and exports into Africa.
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The Dubai Multi Commodities Centre Authority has announced the performance of its global multi commodity receipt-facilitated financing during 2009.
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The International Islamic Trade Finance Corporation has signed a trade finance agreement with the UAE’s Fujairah Cement Industries.
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JP Morgan and National Bank of Egypt have been awarded a mandate to arrange syndication for a jumbo pre-export financing for state-owned Egyptian General Petroleum Corporation.
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The Arab Investment & Export Credit Guarantee Corporation and French export credit agency Coface, will hold the first country risk conference organised in the State of Kuwait.
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Finnvera is guaranteeing a vendor financing agreement for UAE telecoms operator Du.
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The Trade Bank of Iraq has doubled the maximum value of letters of credit it allocates to the private banking sector in response to a strong increase in demand for cross-border trade finance in Iraq.
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March
International Finance Corporation has signed a financing agreement and a syndication agreement with Jordan Phosphate Mines Company to build a new phosphate export terminal.
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Standard and Poor's Ratings Services has raised the financial strength ratings for the Kuwait-domiciled Arab Investment and Export Credit Guarantee Corporation.
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The Japan Bank for International Cooperation has signed a loan with the government of Turkmenistan for the construction of the country's largest ammonia and urea fertilizer production plant.
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The Netherlands Development Finance Company has signed a memorandum of understanding with the African Financing Partnership to enhance co-financing for private sector projects in Africa.
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The OPEC Fund for International Development (OFID) has signed a loan with Armenia’s Ardshininvestbank to support SME lending.
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New MENA head of commodity traders and agribusiness at Standard Chartered appointed to give push in region.
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The African Development Bank has approved loans to the Egyptian Refining Company for the construction of an oil refinery, part of the biggest project ever undertaken in Egypt.
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The European Bank of Reconstruction and Development has signed a synthetic loan to Finca Uco to boost the availability of local currency financing for micro and small enterprises in Armenia.
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Saudi Aramco Total Refining & Petrochemical Company has finalised the banking allocation for its jumbo ECA-backed Jubail refinery project in Saudi Arabia.
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The Japan Bank for International Cooperation has signed a loan with Kubota Saudi Arabia Company to build a petrochemical reactor tube manufacturing plant in Saudi Arabia.
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Export Finance and Insurance Corporation is providing a performance bond to support Aircraft Support Industries’ contract to build an aircraft maintenance hangar in Abu Dhabi.
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Al Jaber is planning to raise funds through export credit agency facilities and the bond market.
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Société Générale has closed a pre-export financing for Burkina Faso cotton producer Faso Coton.
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Bank of America Merrill Lynch has named a new regional treasury executive for Europe, the Middle East and Africa.
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Citibank has opened the Jebel Ali Financial Centre, Dubai, to provide business and financial solutions for small and mid-market enterprises.
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OFID and the Eastern and Southern African Trade and Development Bank have signed a one-year renewable line of credit to boost trade in sub-Saharan Africa.
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Citi names veteran transaction banking specialist to head up the industrials sector for corporate clients in EMEA.
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February
Africa’s Export-Import Bank (Afreximbank) has unveiled a financing package for Zimbabwe’s gold and platinum mines.
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The new CEO for Swiss Islamic specialist Faisal Private Bank has revealed the bank is actively building a trade finance arm.
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Turkey’s Bank Asya has mandated banks to arrange a syndicated Sharia-compliant dual currency loan to fund its trade finance activities.
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JPMorgan is the latest bank to open an Abu Dhabi office on the back of the emirate’s increasingly prominent role in finance post-Dubai debt crisis.
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The African Development Bank has appointed Professor Mthuli Ncube as the bank’s new chief economist.
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Jordan has signed an extension line of credit agreement to increase a previous loan by the Arab Monetary Fund.
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The World Bank’s International Finance Corporation has promised to invest $2 billion in Africa by June 2010.
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Kexim is to devise a financing package for a large-scale nuclear reactor project in the United Arab Emirates.
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Dubai Aerospace Enterprise is the latest organisation to price a US Ex-Im bond for the purchase of aircraft.
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Israel’s Oil Refineries (ORL) has secured a financing framework to build a hydrocracker project- described as Israel’s “largest investment plan this year”.
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Abu Dhabi plans to create an export development agency in the third quarter of 2010 to boost its non-oil exports.
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Deutsche Bank expands its UAE presence with a branch in Abu Dhabi that will initially focus on trade finance and global transaction banking.
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January
Dubai Export Development Corporation (DEDC), an agency of the Dubai Department of Economic Development, is set to offer the first in a series of seminars to encourage UAE firms to export
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German export credit agency Euler Hermes is guaranteeing a buyer credit loan for Mauritanian miner Societe Nationale Industrielle et Miniere.
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HSBC has launched a $100 million fund specifically for UAE companies engaged in cross-border business.
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The US development bank, OPIC, has arranged a loan to Garanti bank for SME lending in Turkey.
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Dubai-based Al Jaber Aviation has closed an ECA financing for Airbus aeroplanes.