Finnvera publishes basic information on medium-term and long-term (two years or over two years) transactions when the principal guaranteed by Finnvera is over EUR 10 million or when a project is in categroy A (having potentially significant adverse environmental and/or social impacts).
Finnvera publishes basic information on medium-term and long-term (two years or over two years) transactions when the principal guaranteed by Finnvera is over EUR 10 million or when a project is in categroy A (having potentially significant adverse environmental and/or social impacts).The information includes:According to the OECD’s Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence Finnvera also publishes environmental and/or social impact information on category A projects before the guarantee agreement is signed. This information can be found from page Guarantee offers for projects in category A.The practices as regards publishing information have been renewed and adopted in January 2013. Consequently, the information published in previous years can differ from the information published since 2013.
In line with the OECD Recommendation, this policy applies to all export financing products provided by Finnvera where the accompanying credit has a repayment term of two years or more.This policy excludes Environmental Guarantees handled by the Large Corporates unit, Finnvera Guarantees, Finance Guarantees and Bond Guarantees, as well as guarantees pertaining to military equipment or agricultural commodities.Guarantees pertaining to shipyards and shipping companies that operate in accordance with the requirements of EU legislation or similar legislation are assessed in Finnvera whenever necessary. However, the assessments and reviews conducted and, for instance, any environmental permits granted must be submitted to Finnvera, if necessary.Raw Material Guarantees are included in the scope of the policy. Raw Material Guarantees are granted by virtue of the Act on State Guarantees for Ensuring the Supply of Basic Raw Materials. For Raw Material Guarantees, environmental and social issues are determined separately for each project.In a reinsurance situation where Finnvera agrees on reinsurance with the original insurer, Finnvera’s project review can be conducted on the basis of the assessment made by another export credit agency, a major multilateral financial institution participating in the financing, or the original insurer. The precondition is that the assessment is comprehensive enough.In general, Finnvera’s project review encompasses the whole project even when export financing is granted only for a part of the project or for an individual delivery of equipment that is associated with a project.Project-specific information searches are conducted to determine any environmental and social risks associated with Credit Risk Guarantees that are applied for to cover pre-delivery risks. Whenever necessary, applicants for export financing are asked to provide additional information.The concessional credits granted by the Ministry for Foreign Affairs are always accompanied by Finnvera’s export credit guarantees. However, the Ministry’s Department for Development Policy is responsible for the review of the environmental and social impacts of these projects and for the related costs. The Ministry for Foreign Affairs determines the object and scope of the review required.
In line with the OECD Recommendation, this policy applies to all export financing products provided by Finnvera where the accompanying credit has a repayment term of two years or more.
The following factors shall be taken into account when export credit guarantees are granted and when the terms and conditions of the guarantees are confirmed:
He graduated as a lawyer (summa cum laude) from the Universidad Panamericana and has since lectured in Credit Transactions Law and Financial Intermediaries at the same university.
When applications for export financing are screened as “non-projects”, the following is determined before the financing decision: the sector of industry for the export delivery; the location of the site; and any other information associated with environmental and/or social impacts that is used for a rough assessment of the risks related to the operation of the facility.
For applications where Finnvera’s risk exceeds 10 million euros and applications, irrespective of the size of the risk, where the associated project is located in a sensitive area or can have an adverse impact on a sensitive area or involves the likelihood of severe project-related human rights impacts, the application and other information are used to determine whether the application is associated with a project that requires classification. A potential project is searched for by posing questions such as:
An information search to determine potential environmental and social risks is conducted for applications where Finnvera’s risk is at most 10 million euros and the project associated with the financing is not located in a sensitive area or does not have an adverse impact on a sensitive area, and does not involve the likelihood of severe project-related human rights impacts. Unless decided otherwise, the application is given the designation “non-project”.
"Free On Board" at named port of export. A pricing term indicating that the quoted price covers all expenses up to and including delivery of goods on an overseas vessel provided by or for the buyer. But see Incoterms 2010
"Free Carrier" to named place. This is an alternative to the term "FOB named port". It designates the seller's responsibility for the cost of loading goods at the named shipping point. It covers multimodal transport, container stations, and every method of transport, including air. But seeIncoterms 2010
Free Alongside Ship. A pricing termindicating that the quoted price includes the cost of delivering the goods alongside a designated vessel. But see Incoterms 2010
The purpose of screening is to identify the applications falling within the scope of Finnvera’s project review. The application is reviewed if it pertains to a project. The level of potentially negative and positive environmental and social impacts is identified during the screening and classification of projects. This information is then used to determine the appropriate scope of review and the project category.