TFG Weekly Trade Briefing, 2nd August 2021

Your morning coffee briefing from TFG. Trade between Moscow and the EU increases by 2% year-on-year, CDC provides USD 50 million trade finance facility to bring liquidity to trade finance in Africa, FMC creates a program to review detention and demurrage practices, UKEF backs major offshore wind farms and ARRC formally recommends Term SOFR.

Trade between Moscow and the EU increased to USD 27.46 billion in the first quarter of 2021
From January to March 2021, trade between Moscow and EU member countries rose to USD 27.46 billion, representing a 2% year-on-year increase. Read more →

CDC provides USD 50 million trade finance facility to help close trade finance gap in Africa
This is a new partnership between the UK development finance institution and a bank and is set to bring liquidity to trade finance in Africa. Read more →

FMC creates a program to review detention and demurrage practices
The Federal Maritime Commission (FMC) has created a new program that aims to review the detention and demurrage practices of ocean carriers.  Read more →

UK Export Finance backs First Subsea major offshore wind farms
UK Export Finance backs First Subsea Ltd major offshore wind farm contract in an effort to push forward the renewable energy transition.Read more →

Czarnikow announces first syndicated Borrowing Base Facility
Czarnikow Group Limited (CZ) announces its first syndicated Borrowing Base Facility to start this month which launched at US$50 million and closed oversubscribed at US$80 million.  Read more →

ARRC provides market participants with an essential LIBOR transition tool by formally recommending Term SOFR
This is a significant stepping stone in the transition away from U.S. dollar LIBOR as well as providing market participants with an essential transition tool and marking the completion of the Paced Transition Plan that the ARRC outlined in 2017 and has been working toward since. Read more →

“Confusing” Brexit support fund deters SMEs from applying
A UK government scheme set up to help small businesses handle the disruption and paper associated with Brexit has awarded a third of its total funds amid complaints that its complexity had discouraged companies from applying. Read more →

Source: https://www.tradefinanceglobal.com/posts/tfg-weekly-trade-briefing-2-08-2021/

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