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IFC and DBS launch US$500 million facility to support L/Cs and promote trade flows in emerging markets

The International Finance Corporation (IFC) and Singapore-based DBS have signed a US$500 million facility under the IFC's Global Trade Liquidity Programme (GTLP).

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February issue of Documentary Credit World

The February 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.

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Court to decide whether Trump's bond is good enough without L/C backing

Donald Trump has posted a reduced-rate US$175 million civil fraud bond that his lawyers maintain will secure potential damages should the former US president lose his appeal challenging a judge's finding that he lied about his wealth as he grew the real estate empire.

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Genesis Global launches credit insurance application for L/Cs, guarantees and a range of banking activities

A new solution to automate bank processes for offsetting credit risk in lending and financing businesses has been launched by Genesis Global.

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Afreximbank resolute in providing L/Cs for controversial East African Crude Oil Pipeline

The African Export-Import Bank (Afreximbank) is finalising a US$200 million funding plan that includes letters of credit (L/Cs) and guarantees to support the controversial East African Crude Oil Pipeline (EACOP), according to Denys Denya, the bank's senior executive vice president for finance, administration and banking.

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January issue of Documentary Credit World

The January 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.

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Standby L/Cs exempted from Nigeria's ban on foreign capital collateral for naira loans

Standby letters of credit (L/Cs) are excepted from a new notice issued by the Central Bank of Nigeria (CBN) that bans the country's commercial banks from accepting foreign currency as collateral for naira loans.

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RBZ refuses to issue L/C to facilitate Indian business mogul's ambitions in Zimbabwe

The Reserve Bank of Zimbabwe (RBZ) has scuppered an Indian businessman's plans to create a large-scale sugarcane ethanol production plant in Zimbabwe by refusing to issue a letter of credit (L/C) in support of the project.

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Oil marketers securing L/Cs to buy from Nigeria's new landmark oil refinery

Oil marketers in Nigeria are in the process of securing letters of credit (L/Cs) to buy petroleum products from the newly constructed Dangote Oil Refinery.

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South Korea and Poland move to facilitate L/C flows as business links deepen

South Korean commercial and state-run banks are looking at opportunities to forge deeper and closer ties with Poland, including establishing banking relationships to facilitate letter of credit (L/C) flows to support trade between the two countries.

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Questions raised over banks' L/C procedures and misuse of SWIFT in US$2 billion PNB fraud

The US$2 billion letter of credit (L/C) and letter of undertaking (LoU) fraud at Punjab National Bank (PNB) has raised questions about the auditing and regulatory oversight of India's banks according to Reuters.

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Latest Digital Commercialisation Briefings

Just published - two more Digital Commercialisation Briefings from the ICC Banking Commission.

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IFC to support Burundi's BCB to boost L/C volumes and stimulate small business growth

The International Finance Corporation (IFC) and Burundi's Banque de Crédit de Bujumbura (BCB) have announced a partnership to boost trade and growth by expanding access to financing for thousands of micro-businesses and small and medium-sized enterprises (SMEs) in the country, including informal businesses.

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Joining EBRD's TFP will help Ukraine's largest bank sustain its L/C business

Ukraine's largest bank, Privatbank has joined the European Bank for Reconstruction and Development's (EBRD's) Trade Facilitation Programme (TFP), which provides guarantees to international commercial banks, thereby covering the political and commercial payment risk of transactions undertaken by partner banks in the EBRD regions.

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Trump provides no reason for failure to obtain L/C for surety bond

Donald Trump has claimed he has been unable to secure a bond - possibly secured by a letter of credit (L/C) or real estate - that he would need to avoid or delay paying the US$464 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year (DC World News, 11 March 2024).

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Latest Technical Advisory Briefing

Just published - Technical Advisory Briefing from the ICC Banking Commission.

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AfDB agrees US$15 million trade finance transaction guarantee for NMB Bank Zimbabwe

The African Development Bank (AfDB) is continuing its drive to sign African banks up to its support facilities for letters of credit (L/Cs) by agreeing a US$15 million trade finance transaction guarantee facility with NMB Bank Zimbabwe (NMB).

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BCGE fails to pin blame on shipowner for oil trade non-payment, criticised for poor L/C management

Banque Cantonale de Genève (BCGE) has failed in its attempts to pin the blame for non-payment related to the collapse of oil trader Gulf Petrochem on a shipowner who permitted the alteration of a set of bills of lading.

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RA Investments announces standby L/C provision and monetisation offerings

RA Investment has announced a comprehensive suite of trade finance services that includes the provision of standby letters of credit (L/Cs) and bank guarantees and a standby L/C monetisation offering.

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Apple revises L/C requirement for other companies to launch app stores on iPhones

Apple has revised its rules for developers wanting to launch app stores on iPhones in the EU, a move the reluctant tech giant has been forced to do by European legislation which came into force last week and which is intended to break Apple's market monopoly.

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Moscow and Tehran maintain pressure for BRICS alternative to SWIFT

Russia and Iran are keeping up the pressure for the BRICS bloc to establish an alternative to the SWIFT payment system and create a trading mechanism that would allow the group of large emerging economies to use currencies other than the US dollar.

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L/Cs could help Trump through appeal process

Letters of credit (L/C) could help Donald Trump avoid or delay paying the US$540 million the former US president has been ordered to pay by courts in potential damages and fines resulting from his civil trials over the last year. If he fails to pay by 25 March, New York's attorney general says Trump could see his assets being seized.

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L/Cs continue to support expansion of insurance facility to keep Ukraine's exports flowing

Letters of credit (L/C) are again a key component in a major expansion of the Unity insurance facility developed by global insurer Marsh McLennan, the Ukrainian government and Lloyd's of London.

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Import L/C openings in Bangladesh hit a 16-month high

Letter of credit (L/C) openings for imports into Bangladesh hit a 16-month high in January, despite the country's severe dollar crisis according to Bangladesh Bank data.

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Nordea Bank's new working capital solution to benefit documentary or open account trading

A new working capital solution from Nordea Bank has been developed to help companies to bridge gaps in the trade cycle by extending credit from the production or purchase of goods to the final sale.

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AfDB extends trade finance guarantee to Access Bank in Democratic Republic of Congo

The African Development Bank (AfDB) has approved a US$7 million trade finance guarantee facility to Access Bank in the Democratic Republic of Congo (DRC).

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CredAble's partnership with SBIGFL aims to transform L/C bill discounting and other trade transactions

State Bank of India subsidiary SBI Global Factors (SBIGFL) has announced a strategic business partnership with Mumbai-headquartered CredAble, a supply chain financing fintech that has developed a digital banking platform to help vendors, distributors and dealers identify capital financing opportunities.

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Landlords not renegotiating leases could draw on L/Cs says WeWork

Landlords that are not renegotiating leases with beleaguered WeWork could draw on letters of credit (L/Cs) to receive rent the bankrupt co-working giant is withholding, the company said in a filing.

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Libyan bank officials and customs officers jailed for L/C fraud offences

Libya's attorney general's office says it has jailed several bankers employed by Tripoli-based Al-Yaqeen Bank as well as customs officials at the Libyan-Tunisian Ras Jadair border crossing for their involvement in letter of credit (L/C) frauds amounting to the equivalent of at least US$250 million.

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Citi backs revival of Contour's blockchain L/C efforts

Contour, the blockchain trade finance network and one of the best known developers of digital letters of credit (L/Cs) that failed last year, (DC World News, 31 October 2023), has been acquired by Singaporean startup, Xalts.

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Greenpower expands existing L/C facility with EDC to produce electric vehicles to meet demand

GreenPower Motor Company, a Canadian a manufacturer of all-electric medium and heavy-duty vehicles, has entered into a revolving loan agreement with Export Development Canada (EDC) for an up to US$5 million facility to fund vehicle production to fulfil customer orders.

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Irish court finds 'no seriously arguable' case of fraud and rejects application for injunctive relief

The Irish High Court has rejected an application for injunctive relief by a Nigerian infrastructure fund, First Modular Gas Systems, in a ruling that underscores the demanding criteria for successfully obtaining an injunction to halt payment under a letter of credit (L/C).

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Commerzbank chooses Surecomp's solution for back-office processing of L/Cs and other instruments

Germany's Commerzbank has chosen to deploy Surecomp's DOKA-NG solution for back-office trade finance processing across multiple entities.

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L/C confirmation market set for growth says new research

The global letter of credit (L/C) confirmation market generated US$3.91 billion in 2020. It is projected to generate US$5.09 billion by 2031, and grow at an annual rate of 2.7 per cent between 2021 and 2030, according to a new report published by Allied Market Research.

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L/C facility features in Vesper Energy's US$590 million innovative financing for mega solar project

Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, has announced the closing of an innovative financing that includes a letter of credit (L/C) facility for its Hornet Solar project.

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MUFG and collaborators to explore viability of stablecoins as an L/C alternative in emerging markets

Japan's largest bank, MUFG, has partnered with digital asset platform, Progmat, blockchain trade finance specialist, Standage, and enterprise wallet developer, Ginco, to explore the viability of using permissionless blockchain stablecoins for international trade settlements.

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Distributors up in arms about Apple's L/C demand to sidestep EU law

A new EU law called the Digital Markets Act (DMA) will soon go into effect to ensure that that large online 'gatekeeper' platforms behave in a fair way in digital markets.

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SBP eases L/C regulations for importers, demands due diligence for TBML risks

The State Bank of Pakistan (SBP - central bank) has granted permission to financial institutions that are authorised dealers in foreign exchange to proceed with import advance payments, without requiring prior approval from the central bank, provided they are backed by irrevocable letters of credit (L/Cs) or invoices.

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L/Cs to secure Sidra's Shari'ah-compliant commodity trade finance fund

Sidra Capital, a Shari'ah-compliant asset management firm headquartered in Saudi Arabia, has launched its first Singapore-domiciled Sidra Asian Opportunities Investment I variable capital company (VCC), a new corporate structure for Singaporean investment funds.

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L/Cs at heightened risk under proposed expansion of US anti-boycott rules

The US House Foreign Affairs Committee has voted to advance a bill that would expand existing anti-boycott laws in the country amidst Washington's concerns that the Boycott, Divestment and Sanctions (BDS) movement is targeting Israel in retaliation for its military assault on Gaza.

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