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Ex-Im Bank approved $70 Million Loan to Build New Airport in Quito, Ecuador

The Export-Import Bank of the United States (Ex-Im Bank), the official U.S. export credit agency, approved a direct loan of up to $70.2 million to support the export by Caterpillar Inc., Peoria, Ill., and other U.S. suppliers of equipment and services to build a new international airport near Quito, Ecuador. The airport will be located 24 kilometers outside of Quito at a lower elevation than the existing airport, with a longer runway to accommodate larger aircraft.

Project company Quiport will design, build, operate and maintain the airport. Quiport is owned by sponsors Aecon Construction Group, Inc. of Canada, Andrade Guiterrez Concessoes S.A. of Brazil, ADC Management, Ltd. of the British Virgin Islands, and HAS Development Corp. of Texas.

"We are very glad to approve this financing which will support U.S. exports and jobs while facilitating Ecuador's infrastructure development," said Ex-Im Bank Chairman Philip Merrill.

The transaction is structured as a limited recourse project financing, a type of private financing where repayment comes from project revenues.

Participating with Ex-Im Bank as senior lenders on the airport project are Export Development Canada (EDC), the Inter-American Development Bank (IDB), and the U.S. Overseas Private Investment Corp. (OPIC).

Quiport has the rights to operate the existing airport in Quito for the four-year construction period, which will generate revenues for the project. After completion of the new airport, the old airport will be shut down and operations will be transferred. Source: Export-Import Bank of the United States

 

Americas GE Unit Calls for Bankruptcy of Brazil's Vasp

A General Electric subsidiary in Brazil that provides maintenance to Brazil's financially-troubled Vasp airline, is asking a local court to declare the carrier bankrupt. Celma, a subsidiary of the U.S. company, said Wednesday that Brazil's fourth-largest airline owes it some $3.2 million.

The announcement follows Vasp's firing Tuesday of 380 of its more than 5,000 workers. The airline also took six planes out of service recently.

Vasp is one of several Brazilian airlines that have suffered financial troubles in recent years due to a drop in passenger demand. Source: VOA News

 

Different Standards Apply to Haiti

A group of experts on Haiti believes the United States applies different standard to problems facing the Western Hemisphere's most impoverished country.

Jocelyn McCalla, executive director of the non-profit National Coalition for Haitian Rights in New York, told a Georgetown University audience that Washington's policy toward Haiti is based primarily on American national interests.

"What is the national interest of the United States with respect to Haiti? As far as I'm concerned, it's two-fold," he said. "It's containing Haitian migration to the United States, that's first and foremost, as a primary reason why the United States engages in Haiti, and the second is to contain drug trafficking from Haiti and from the Caribbean to the United States."

Susan Benesch, a refugee advocate with the human rights group, Amnesty International noted that since 1980, the United States has admitted few Haitian refugees than refugees from other countries.

Ms. Benesch says that even when the political crisis in February forced President Jean-Bertrand Aristide from power, the United States repatriated large numbers of Haitians intercepted at sea who fled their troubled homeland.

"The U.S. Coast Guard intercepted several hundred people, most notably on two large boats, at the end of February and in early March. Not a single one of them, not one of the people aboard those boats was recognized as an asylum seeker," she said.

Erin Corcoran, a staff attorney with the group Human Rights First stated that many Haitian asylum seekers do not get adequate legal representation once they reach American soil and are treated differently.

"If the Coast Guard comes across a boat of Cubans, they're automatically provided a Spanish interpreter, and they're informed of their right to seek asylum and they're asked a series of questions about whether or not they're afraid to go back to Cuba," she noted.

Under U.S. policy, Cubans who make it to American soil are generally allowed to stay, while those picked up at sea are sent home. Ms. Corcoran says things are different for Haitian refugees intercepted at sea by the U.S. Coast Guard.

"Often times, the Coast Guard cutters are not equipped with Creole interpreters and many of the people on the boat don't speak French and only speak Creole. As a result, Haitians don't even know of their right to seek asylum," she said. "The U.S. justification for that is that they want to deter Haitians from coming to the United States because they believe that Haitians are usually only coming for economic reasons."

Source: VOA

 

New Oil find in Brazil

Petrobras announced that it has discovered "excellent quality" light oil in a rare onshore well in northeastern Brazil.

Drillers struck oil at a depth of 800 meters (2,600 feet) in Esplanada, about 750 miles (1,200 kilometers) northeast of Rio, Petrobras said.

The company estimated reserves at 4.6 million barels of light oil, in a "mature" field acquired at auction in August 2003. The company expects to raise domestic output to 1.74 million barrels per day this year.

Petrobras produces about 90 percent of daily consumption from offshore wells in the Campos Basin near Rio de Janeiro.


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