TFG Weekly Trade Briefing, 1st September 2020

Your Tuesday morning coffee briefing from TFG. In their response to the Covid-19 pandemic, governments have learned and applied many of the lessons of past crises. Early testing and tracing at scale gave countries including Germany, Taiwan and South Korea a lead in combating the virus. The East Asian countries which were quickest to control the epidemic registered milder downturns than European or North American countries.

UK Government provides over £140 million of support for exports to Ghana

UK Export Finance (UKEF) has announced it will provide over £140 million of financing to support UK exports to Ghana and help secure export opportunities for UK companies on major national infrastructure projects across the country. This infrastructure support has helped to secure export opportunities for UK companies in healthcare, sanitation and transport across the country. Read more →

Roberto Azevedo to step down as WTO director-general

Roberto Azevedo, who on August 31 is due to step down as WTO director-general after seven years at the helm, will the next day become executive vice-president and chief corporate affairs officer at PepsiCo. Read more →

IDB launches CAD 500m 0.875% 7-year fixed rate global sustainable development bond

The Inter-American Development Bank priced last week a new CAD 500 million 7-year Global Sustainable Development Bond raising awareness for the United Nations’ Sustainable Development Goal #3: Good Health and Well-being. Read more →

ITFC extends COVID-19 response financing facility to the Republic of Mauritania

The International Islamic Trade Finance Corporation (ITFC), has provided US$10 million financing in favour of the Islamic Republic of Mauritania specifically to procure medicine and equipment to help them in the struggle against COVID-19. Read more →

Liz Truss brings key industries closer to trade negotiations

International Trade Secretary Liz Truss has launched 11 new trade advisory groups (TAGs), as part of a major new business engagement drive designed to support the UK’s ambitious trade negotiations. As trade talks with Japan, the US, Australia and New Zealand intensify, the Trade Secretary is stepping up engagement with key industries across Britain, including farming, manufacturing and automotive. Read more →

Misuse of supply chain finance worrying but not widespread, says GSCFF

The Global Supply Chain Finance Forum (GSCFF) released a paper in response to growing concerns regarding the use of supply chain finance and payables finance programmes. The report aims to address criticisms across three key areas: the potential adverse impact on suppliers, issues relating to financial reporting and transparency, and overall programme risk. Read more →

Afreximbank delivers solid performance in H1 2020

Despite the impact of the Covid19 pandemic on socio-economic conditions globally, Afreximbank saw its Net Income rise by 10% from US$137.63 million in June 2019 to US$150.75 million in June 2020, mainly as a result of strong growth in net fee and commission income, which rose by 134%. Read more →

Global Trade Review (GTR) Asia – the world’s largest trade finance gathering

The recent ICC Global Survey 2020 indicated that the growth prospects for trade finance by geography, overwhelmingly predicted growth over the coming two years. With 86% indicating that the demand for trade finance will grow in Asia Pacific. Find out more at GTR Asia – the world’s largest trade finance gathering, taking place virtually, on September 8-11. Read more →