Latest news with #CIB
Bangkok Post
2 days ago
- Bangkok Post
Defrocked monks face criminal investigation
Thai police have called for monastic action against senior monks implicated in the 'Sika Golf' sex scandal, amid a rise in misconduct cases and apparent attempts to evade investigation. Pol Maj Gen Jaroonkiat Pankaew, deputy commissioner of the Cybercrime Investigation Bureau (CIB), made the request during a meeting with senior monks at Wat Trai Mit Witthayaram in Bangkok. The meeting aimed to address growing concerns over high-ranking monks engaging in serious monastic disciplinary violations, particularly illicit relationships with a woman who has come to be known as Sika Golf (Sika is a title used for a woman who is associated with a monk, usually as a lay devotee). Pol Maj Gen Jaroonkiat sought the cooperation of Somdet Phra Phutthachan, the abbot of Wat Trai Mit Witthayaram and a member of the Sangha Council, in issuing letters summoning the implicated monks to clarify their monastic status. Authorities need the information to determine who has already been disrobed and who has not — a step necessary for the investigation. The move comes amid unconfirmed reports that some senior monks, including abbots and assistant abbots of well-known temples, have privately disrobed or fled their temples to avoid scrutiny. Pol Maj Gen Jaroonkiat said the abbot agreed with the police request. At least four monks have fled their temples without disrobing in an attempt to escape law enforcement, according to media reports. Following the meeting, Pol Maj Gen Jaroonkiat joined in the interrogation of Phra Kru Siriwiriyathada, former assistant abbot of Wat Sothon Wararam Worawihan — one of the monks implicated — at the office of the police Anti-Corruption Division (ACD). He was summoned for questioning regarding leaked videos and photos on social media featuring him and Ms Golf, as well as alleged money transfers to her, potentially involving temple funds. The investigation will determine whether any criminal offences were committed. 'I can confirm the ACD is urgently investigating the matter to uncover the truth,' said Pol Maj Gen Jaroonkiat. Police intelligence suggests that senior monks from at least 15 major temples in Bangkok and other provinces had relationships with Ms Golf, with eight having already been disrobed. The scandal came to light last week following the seizure of over 80,000 images and videos from five mobile phones belonging to Ms Golf during a search of on her house in Nonthaburi on July 4.
National Observer
3 days ago
- Business
- National Observer
Canada Infrastructure Bank will fall short of 2028 investment target: PBO
Parliament's fiscal watchdog is projecting that the Canada Infrastructure Bank will fall more than $20 billion short of its investment targets for the coming years. In a new report released Thursday, the Office of the Parliamentary Budget Officer said the infrastructure bank is on track to disburse $14.9 billion by 2027-28 — well below its $35-billion goal. That sum is also $1 billion lower than earlier PBO projections from 2021. The bank was launched in 2017 and invests alongside private and public sector partners to help get green energy and other infrastructure projects off the ground in Canada. The infrastructure bank also has sector-specific investment goals for five priority areas — broadband, public transit, clean power, green infrastructure, and trade and transportation — ranging between $3 billion and $10 billion each. But the PBO said the Crown corporation is not on track to meet any of those targets either. Expanding the funding horizon out to 2029-30, the PBO's projections see only the public transit sector meeting its $5-billion investment goal. The report said the infrastructure bank already has hit its goal of investing $1 billion in Indigenous-led projects. In a media statement Thursday, the Conservative party said the CIB has been a "failure." The party pointed to the PBO's conclusion that, since its inception, two-thirds of the CIB's co-investments have come from public sector partners, rather than private industry. The PBO noted that, since 2022-23, that ratio has grown closer to an even split between public and private funding sources. The Conservatives said the Liberals need to "get the government out of the way so builders can build again" and promised that a Conservative government would encourage investment by cutting taxes and red tape. The Canadian Press reached out to Infrastructure Minister Gregor Robertson's office for comment but has not received a response. In the Canada Infrastructure Bank's market update for the first quarter of this fiscal year, it said its investments to date are already worth $16.8 billion. Katarina Michalyshyn, the author of the PBO report, said in an email Thursday that CIB investment estimate tracks financial closes — the point at which deals are struck but the money has yet to flow. The PBO's report, on the other hand, focuses more on disbursements, or the point when funding has actually been transferred for the project. The PBO expects disbursements by 2027-28 to come in two per cent lower — or $350 million less — than the CIB's most recent projections. Based on the pace of investments to date, the fiscal watchdog sees the infrastructure bank hitting its disbursement goal of $35 billion by 2034-35 — seven years after its deadline. The PBO says that, if it were using financial closes as the benchmark, it would predict the bank will hit that goal by 2029-30. A spokesperson for the CIB said in a media statement that the infrastructure bank has "a lot to be proud of" so far. The CIB has now invested in 100 projects over its eight years in operation, with seven completed. The spokesperson noted that projects typically take three to five years of funding before completion, which is why the CIB's financial close figures will lag behind disbursements. Housing, Infrastructure and Communities Canada said in an emailed statement that the bank "received statutory funding of $35 billion to increase investment in infrastructure in Canada, with no set timeline to commit these funds." It said the bank "issues capital to project owners progressively, according to project milestones determined in its contracts with recipients, and as such does not have set disbursement timelines." The government's long-term infrastructure plan states the bank is "responsible for delivering $35 billion on a cash basis over 11 years." This report by The Canadian Press was first published July 10, 2025.
News24
3 days ago
- Business
- News24
When trade finance powers renewable energy, the lights stay on
By Niron Rampersad, Divisional Executive Trade, and Yusuf Chothia, Senior Client Coverage Banker Power and Infrastructure, at Nedbank Corporate and Investment Banking (CIB) Renewable energy ambitions are growing across the African continent: projects are being conceptualised, investment secured, and policy frameworks established. But what continues to slow progress isn't ambition – it's delivery. And what underpins delivery – trade? This is why trade and supply chain finance must shift from an operational necessity to a strategic imperative. It's more than just financial instruments – it's the backbone of execution. Letters of credit (LCs) secure payments to suppliers, bid and performance guarantees enable market entry, working capital solutions sustain momentum, and foreign exchange (FX) cover mitigates volatility. These elements aren't just supportive – they determine whether projects move forward or stall. Consider our work with WBHO, an experienced infrastructure contractor operating across borders, often in challenging environments. Their success is not only built on technical expertise but also enabled by trade and supply chain finance. Whether it's submitting a bid with a guarantee or accessing flexible working capital to keep progress moving on-site, trade finance plays a pivotal role. Trade finance is not theoretical – these tools are real, specific, and responsive to project realities. For example, a solar project delayed at port due to customs clearance is often less a logistics issue than a financial one. Currency volatility, if unmanaged, can throw off entire procurement schedules. And if a contractor lacks liquidity or coverage, execution risk intensifies. This is precisely why trade and coverage must operate in lockstep. When a client prepares to execute, we can't afford to be reactive. We anticipate. That means clearing internal hurdles – legal, compliance, treasury, risk – before they emerge. In one case, approval from the South African Reserve Bank was secured the same day, a direct result of proactive groundwork. It's this kind of foresight that keeps projects moving. Financial enablement underpins execution, not just at the start but through every procurement milestone. That's why solutions need to be agile. A timely LC, supplier guarantee, or currency hedge can make the difference between delay and delivery. To reinforce this momentum, we've also invested heavily in digitisation. Our digitised guarantees and LCs, partnerships with fintechs, and streamlined customs documentation have cut turnaround times dramatically. Still, we're clear-eyed: no amount of tech can solve the continent's deeper structural issues as non-tariff barriers, inconsistent border protocols, and regulatory disparities continue to undermine intra-African movement. Policy frameworks such as the African Continental Free Trade Area (AfCFTA) are critical here. With 48 countries ratified, AfCFTA has the potential to boost intra-African trade significantly. But patchy implementation limits its impact. That's why we argue that trade finance is infrastructure. Just like roads, ports, and grids, it enables movement. Governments and developers alike must treat it as such. Understandably, expectations around renewable energy are high. But they're being pursued in messy contexts, volatile currencies, fragmented supply chains, and long lead times. In sub-Saharan Africa, the cost of capital for renewables is 2 to 3 times higher than in developed markets. Meanwhile, the continent receives just 2 to 3 percent of global renewable investment, despite housing nearly 17 percent of the world's population. To shift that reality, we must treat trade and supply chain finance as central to bankability. That means development finance institutions, commercial banks, and governments must collaborate. We need harmonised documentation, regional liquidity pools, and early-stage trade solutions baked into project design. Success stories reinforce this point. Projects with integrated, responsive trade structures progress more smoothly. Our work with WBHO shows what's possible. As one WBHO executive puts it: 'When you're racing against time and operating across borders, you need a banking partner who sees the road ahead, not just the spreadsheet in front of them. Nedbank CIB's trade finance team doesn't wait to be asked. They move with us. It's made a tangible difference on the ground.' This isn't just about supporting one contractor. It's about building an execution ecosystem. Everyone from the developer to the equipment supplier benefits when trade finance enables momentum. Heading into the Africa Energy Forum, let's widen the conversation. It's not just about megawatts or investment figures. It's about delivery mechanics. It's about whether procurement timelines are bankable, and whether trade flows can move with speed and certainty. Africa's energy transition can't be driven by vision alone – it must be delivered through turbines turning, panels installed, and communities electrified. That requires understanding finance not just as capital, but as movement. And that's what we bring to the table: not just the promise of infrastructure, but its delivery. Trade finance belongs at the centre of Africa's energy story.
National Post
4 days ago
- Business
- National Post
Canada Infrastructure Bank on track to be $20 billion short of 2028 investment target: PBO
Article content The PBO expects disbursements by 2027-28 to come in two per cent lower — or $350 million less — than the CIB's most recent projections. Article content Based on the pace of investments to date, the fiscal watchdog sees the infrastructure bank hitting its disbursement goal of $35 billion by 2034-35 — seven years after its deadline. Article content The PBO says that, if it were using financial closes as the benchmark, it would predict the bank will hit that goal by 2029-30. Article content A spokesperson for the CIB said in a media statement that the infrastructure bank has 'a lot to be proud of' so far. The CIB has now invested in 100 projects over its eight years in operation, with seven completed. Article content The spokesperson noted that projects typically take three to five years of funding before completion, which is why the CIB's financial close figures will lag behind disbursements. Article content Housing, Infrastructure and Communities Canada said in an emailed statement that the bank 'received statutory funding of $35 billion to increase investment in infrastructure in Canada, with no set timeline to commit these funds.' Article content It said the bank 'issues capital to project owners progressively, according to project milestones determined in its contracts with recipients, and as such does not have set disbursement timelines.' Article content The government's long-term infrastructure plan states the bank is 'responsible for delivering $35 billion on a cash basis over 11 years.'
Vancouver Sun
4 days ago
- Business
- Vancouver Sun
Canada Infrastructure Bank on track to be $20 billion short of 2028 investment target: PBO
OTTAWA — Parliament's fiscal watchdog is projecting that the Canada Infrastructure Bank will fall more than $20 billion short of its investment targets for the coming years. In a new report released Thursday, the Parliamentary Budget Office said the infrastructure bank is on track to disburse $14.9 billion by 2027-28 — well below its $35-billion goal. That sum is also $1 billion lower than earlier PBO projections from 2021. The bank was launched in 2017 and invests alongside private and public sector partners to help get green energy and other infrastructure projects off the ground in Canada. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. The infrastructure bank also has sector-specific investment goals for five priority areas — broadband, public transit, clean power, green infrastructure, and trade and transportation — ranging between $3 billion and $10 billion each. But the PBO said the Crown corporation is not on track to meet any of those targets either. Expanding the funding horizon out to 2029-30, the PBO's projections see only the public transit sector meeting its $5-billion investment goal. The report said the infrastructure bank already has hit its goal of investing $1 billion in Indigenous-led projects. In a media statement Thursday, the Conservative party said the CIB has been a 'failure.' The party pointed to the PBO's conclusion that, since its inception, two-thirds of the CIB's co-investments have come from public sector partners, rather than private industry. The PBO noted that, since 2022-23, that ratio has grown closer to an even split between public and private funding sources. The Conservatives said the Liberals need to 'get the government out of the way so builders can build again' and promised that a Conservative government would encourage investment by cutting taxes and red tape. The Canadian Press reached out to Infrastructure Minister Gregor Robertson's office for comment but has not received a response. In the Canada Infrastructure Bank's market update for the first quarter of this fiscal year, it said its investments to date are already worth $16.8 billion. Katarina Michalyshyn, the author of the PBO report, said in an email Thursday that CIB investment estimate tracks financial closes — the point at which deals are struck but the money has yet to flow. The PBO's report, on the other hand, focuses more on disbursements, or the point when funding has actually been transferred for the project. The PBO expects disbursements by 2027-28 to come in two per cent lower — or $350 million less — than the CIB's most recent projections. Based on the pace of investments to date, the fiscal watchdog sees the infrastructure bank hitting its disbursement goal of $35 billion by 2034-35 — seven years after its deadline. The PBO says that, if it were using financial closes as the benchmark, it would predict the bank will hit that goal by 2029-30. A spokesperson for the CIB said in a media statement that the infrastructure bank has 'a lot to be proud of' so far. The CIB has now invested in 100 projects over its eight years in operation, with seven completed. The spokesperson noted that projects typically take three to five years of funding before completion, which is why the CIB's financial close figures will lag behind disbursements. Housing, Infrastructure and Communities Canada said in an emailed statement that the bank 'received statutory funding of $35 billion to increase investment in infrastructure in Canada, with no set timeline to commit these funds.' It said the bank 'issues capital to project owners progressively, according to project milestones determined in its contracts with recipients, and as such does not have set disbursement timelines.' The government's long-term infrastructure plan states the bank is 'responsible for delivering $35 billion on a cash basis over 11 years.' Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our daily newsletter, Posted, here .
