Latest news with #EIF
Business Recorder
2 days ago
- Business
- Business Recorder
Trade with Iran, Afghanistan without EIF, FI waivers will remain difficult: SBP
ISLAMABAD: The State Bank of Pakistan (SBP) has stated that establishing formal banking relationships with Iran and Afghanistan and facilitating trade with these countries will remain difficult without waivers for the Electronic Import Form (EIF) and Financial Instruments (FI), sources in the Ministry of Commerce told Business Recorder. According to sources, due to the absence of active banking ties (correspondent import arrangements) with Afghanistan and Iran, and given the unique nature of trade with these neighbouring countries, the Ministry of Commerce (MoC), in consultation with relevant stakeholders, had earlier decided to waive the EIF and FI requirements to facilitate trade. However, SBP previously raised concerns over potential misuse of this facility, as these transactions are settled outside the formal banking system. To mitigate these risks, the SBP emphasized the need for additional controls within the WEBOC and Pakistan Single Window (PSW) systems. These controls would help ensure that only genuine importers, exporters, and traders benefit from the facilitation. The SBP further maintained that such waivers or exemptions should be limited strictly to non-sanctioned goods of Iranian and Afghan origin. Barter trade with Iran, Afghanistan: Senate panel assails MoC for proposing permanent EIF exemption The SBP reiterated that without the EIF/FI waivers, trade with Iran and Afghanistan would remain difficult unless formal banking channels are established. It recommended that a policy-level decision on this issue should be made by the federal government, specifically the Economic Coordination Committee (ECC) of the Cabinet. The SBP also suggested operationalizing barter trade arrangements with both countries as a more secure alternative to granting waivers, which could lead to misuse via informal financial channels. The import and export of goods to and from Pakistan are regulated by the Ministry of Commerce through the Import Policy Order (IPO) and Export Policy Order (EPO), respectively, under the Imports and Exports (Control) Act, 1950. As per sources, Para 3 of the IPO and EPO allows imports and exports through all modes of payment in line with foreign exchange regulations and procedures prescribed by the SBP. It also permits barter trade arrangements. Foreign exchange policy in Pakistan is governed by the Foreign Exchange Regulation Act, 1947. Under this Act, the SBP issues directions and instructions to banks regarding foreign exchange transactions. While Chapter 13 ('Imports') of the SBP's Foreign Exchange Manual outlines the regulations related to imports, it does not contain specific instructions for imports from Afghanistan and Iran. Chapter 12 ('Exports') of FEM contains instructions regarding exports from Pakistan. However, some specific instructions related to exports to Afghanistan are outlined which include: (i) instructions for exports to Afghanistan against settlement in PKR and in convertible currencies, which was implemented since EPO 2000, as per MoC SRO 137(1)/2002 of March 7, 2002 ; and (ii) in view of peculiar nature of trade with Afghanistan, the banks are allowed to accept cash convertible currencies brought over their counter by the exporters and convert the same at the prevailing exchange rate applicable for normal export proceeds for credit to the PKR account of the of the exporter. It has been proposed that the requirement for the issuance of certificate of origin should be mandatory for the goods coming from Iran and Afghanistan through land routes, as import from other countries can be settled through the normal banking channels. This requirement should apply to all goods imported from Iran & Afghanistan. There is no justification for goods of non-Iranian origin - such as those originating from China, Singapore, UAE, Hong Kong, Malaysia etc. to be imported/routed through these countries. There are no restrictions for importing the goods directly from the aforementioned countries and import from them can easily be made through normal banking channels directly. Routing all transactions through the normal banking channels from these countries will not only improve the visibility of trade transactions but will also discourage usage of informal channels for settlement. Earlier in 2023, FBR & MoC had issued four SROs aimed at regulating Afghan Transit Trade by imposing ban on certain items (which were smuggled back into Pakistan and had no demand in Afghanistan) as well as imposing 10% processing fee etc. 'It seems that some of these restricted items are being brought into Pakistan through Iran, to avoid / circumvent MoC's restrictions,' the sources concluded. Copyright Business Recorder, 2025
The Herald Scotland
4 days ago
- Business
- The Herald Scotland
Edinburgh International Festival reveals new budget blow
They have admitted they are facing 'big questions' over what form future editions will take, despite securing record funding of £11.75m. Read more: The festival has warned that some of its future plans may have to be dropped or put back as a result of its funding settlement, which was almost £6m lower than hoped for. The shortfall, which has emerged after months after a scaled-back programme was announced for this year's event, has left the festival 'doing a lot of number crunching' for future editions, according to its chief executive. Francesca Hegyi has declared that a significant effort is needed from the festival's key funders to 'stabilise and consolidate' the event, adding that it had been left to struggle with 'suboptimal' levels of public funding for years. Dancers from across Africa appeared in the 2024 Edinburgh International Festival show The Rite of Spring. (Image: Maarten Vanden Abeele)She said the 78-year-old event was only just emerging from a period of 'huge instability and insecurity' which had left it 'stuck in first gear' for years. Ms Hegyi suggested the business model of the event and the way decisions are made on its funding needed to change if the festival's long-term ambitions are to be realised. Francesca Hegyi is chief executive of the Edinburgh International Festival. (Image: Gordon Terris/Herald & Times) She said the festival had been forced to operate with a 'Sword of Damocles' hanging over the event because its future funding has been so uncertain. She said the 78-year-old event was only just emerging from a period of 'huge instability and insecurity' which had left it 'stuck in first gear' for years. Opera-Comique performed the opera Carmen at the 2024 Edinburgh International Festival. Picture: Andrew Perry Ms Hegyi suggested the business model of the event and the way decisions are made on its funding needed to change if the festival's long-term ambitions are to be realised. She said the festival had been forced to operate with a 'Sword of Damocles' hanging over the event because its future funding has been so uncertain. Edinburgh International Festival chief executive Francesca Hegyi. Picture: Gordon Terris She called for a faster roll-out of further new investment in festivals which has been promised by the Scottish Government and urged Edinburgh City Council to ringfence some of the income expected to be generated by its forthcoming 'visitor levy' is re-invested in improving the experience of visitors to its cultural events. The EIF was by far the biggest recipient of Scottish Government funding when Creative Scotland revealed a long-delayed new multi-year spending programme in January. The announcement saw a record 251 festivals, venues and organisations secure three-year funding deals, 141 of which had previously only had annual funding. However a £40m increase in the government budget for the long-term funding programme is being rolled out over two years. The EIF is thought to have applied to Creative Scotland for almost £18m for its 2026, 2027 and 2028 programmes. Its annual core funding has increased from £2.3m a year £11.75m for the next three years - £3.25m in this financial year, then £4.25m for both 2026-7 and 2027-8. However Ms Hegyi pointed out that the festival had been kept on 'standstill' funding for 17 years before the increased support was confirmed in January. Creative Scotland's announcement, made after a scale-down programme for year's EIF programme had been finalised, was delayed by several months after the government refused to allocate a budget to its arts agency for its first round of 'multi-year funding' decisions since 2018. Ms Hegyi told The Herald: 'It feels like we are on a firmer footing now. We have greater certainty now than we have had for a very long time. 'We were on standstill funding for 17 years and that was only ever confirmed year on year. We have always had a sort of Sword of Damocles hanging over us. 'The multi-year funding settlement has given us a degree of stability and the ability to look further ahead than the next 12 months. That is just critical for us because we plan up to five years in advance and can make more commitments now. 'We are feeling more optimistic and that allows us to be a bit more confident. We are thinking about how we can capitalise on that. It feels like the foundation stone has gone back in and we can build on it. 'We didn't get everything that we asked for over the next three years and that is a challenge in itself. We got about 65% of what we asked for over. That has left us with some really big questions to answer. 'We were encouraged to put forward our ambitions for the next period, which we did. Now we can only deliver two thirds of that plan, or we have to figure out a way of meeting that gap. 'We are doing a lot of number crunching on what does that mean and what gives.' Ms Hegyi said the festival's spending plans had focused on maintaining quality and international competitiveness, being as accessible as we can possibly be, and securing the audiences and artists of the future. 'They all rely on one another. It's quite a complicated Jenga tower that we are building all the time. That's why the foundation is so important. 'We are now looking at how we flex our plans to still speak to all of those ambitions that we have got, but perhaps phase them in a different way, or make some choices about what we can or can't do now. 'We are going through a process of going: 'We want to be here. We have got this much. How do we bring it together?' The Scottish Government has ringfenced £4m from a promised £34m in new arts funding for the current financial year for festivals across Scotland. However ministers have also created a 'strategic partnership for festivals,' which involves the government agencies EventScotland, VisitScotland Creative Scotland, to help decide how the new investment is allocated. Ms Hegyi said: 'I really hope we don't miss an opportunity here. I really hope that we collectively take the opportunity to look at what is needed structurally, organisationally, reputationally and ambitiously, rather than defaulting back to some of the ways we have done funding schemes in the past. 'There is a really loud ask from parts of the cultural sector for stabilisation. There is a lot of work to be done stabilise festivals and other arts organisations so that we can take the opportunity to breathe and then plan for growth. 'We've got to do that work to ask what it will take to be organisationally sustainable over the next few years. Investing in that is really important. 'My real hope is that we take the challenge of stabilising the business of culture really seriously, because that is what is needed right now. 'The people who know best what is needed to ensure that festivals thrive and grow are the festivals and organisations themselves. It is about asking each of us what we need.' Ms Hegyi said a key priority for the EIF was ensuring that decision on its future funding were made far earlier. She said: 'The challenge is that the deadline that festivals are on can't move. We have to make decisions about what happens in future whether funding streams have been confirmed or not. 'Sometimes, whether it is the Scottish Government or Creative Scotland, they could perhaps try to understand the pressures we are under to make operational decisions in a timely manner. 'Funding decisions don't always align with cultural planning decisions. It's the job of people who run festivals to try to manage that. Sometimes it gets really challenging when delays happen. 'If we can get to a point where we have multi-year commitments and they get confirmed in good time that would be something to aim for. What is not helpful is getting a funding settlement in April for an August festival. That just doesn't work for us. It's far too late.' Edinburgh's festivals have spent several years lobbying the Scottish Government to give the city's annual cultural celebration 'mega event' status. Ms Hegyi said: 'The footprint of Edinburgh's festivals is far bigger than just Edinburgh or even Scotland. They are almost by definition international events. 'Whether it has an official designation or not, Edinburgh is a mega-event. I don't quite understand the argument that says 'no, you're not.' 'It would be great to think about how each of those layers of government could make the most of the fact we have this global mega event and be strategic about it.' Ms Hegyi said she was optimistic that progress would be made through a new festivals leadership group involving Edinburgh City Council, the Scottish and UK governments, and representatives of the city's major cultural events. She added: 'We've been having some really useful discussions on where things go in future. 'This group has the right people around the table, everybody is very solutions-focused and recognises there are challenges, not least with accommodation, transport and other practical infrastructure challenges, but also that we have a real asset that we need to maintain and make the most of it. 'There is a degree of comfort that everybody takes from the longevity of the festivals. 'There isn't the same degree of mobilisation of public agencies or government around the festivals. 'That is why we are arguing for 'mega event' status, to enable us all to work better together, relieve some of the pressures on pinch points in the city and take a properly strategic view of what goes on, in the same that you would when the Commonwealth Games or Tour de France comes to Scotland. I really hope that is where we end up.' Ms Hegyi said she believed that Edinburgh's proposed visitor levy, which is expected to be applied to accommodation bookings in the city from July 2026, had 'fantastic' potential if the income it raises is 'applied intelligently.' She added: 'There are certainly things around the city's infrastructure, such as the cleanliness of the streets and signage, that could really be improved to enhance everybody's experience. 'What I would love to see, if the festival does receive any funding from it, is that it can be used to consolidate what we do rather than forever inventing new things. There is a requirement in almost every funding stream that funds need to be spent on something additional or new. 'What we actually need is a period of consolidation, making what we have got better, rather than having to create new things. 'People are already coming here in large numbers for something that is clearly of value to them. There is a valuing of the new over improving the existing that I think we need to really come to terms with.'
Yahoo
19-05-2025
- Business
- Yahoo
EIF backs €200m green leasing push with BNP Paribas
The European Investment Fund (EIF) has signed a guarantee agreement with BNP Paribas Leasing Solutions to support up to €200 million in new leasing activity for small and medium-sized businesses (SMEs) and small mid-caps in France, Germany, Italy and Spain. Supported by the European Union's InvestEU programme, the portfolio guarantee is designed to improve access to business asset leasing. It will support investments in energy efficiency, sustainable mobility, renewable energy and green technologies. This is the EIF's largest multi-country leasing guarantee linked to energy transition objectives, and the first such deal with BNP Paribas Leasing Solutions under the InvestEU framework. According to the EIF and BNP Paribas Leasing Solutions, the collaboration aims to stimulate business investment while contributing to environmental goals. 'This guarantee agreement with BNP Paribas Leasing Solutions fulfils the core mission of both the EIF and the EIB Group: accelerating innovation and competitiveness for European SMEs while promoting sustainable economic development through tailored financial solutions,' said Ambroise Fayolle, Vice-President of the European Investment Bank (EIB), the parent of the EIF. EIF CEO Marjut Falkstedt said the agreement would inject over €200 million into SME financing across the four countries, supporting companies in shifting to lower-carbon business models. Neil Pein, CEO of BNP Paribas Leasing Solutions, said the partnership aligned with the company's strategy of helping SMEs grow and innovate while advancing the green transition. The EIF works with financial intermediaries including banks, leasing companies and private equity funds to deliver finance to SMEs. Its initiatives support EU policy goals including entrepreneurship, the green and digital transitions, and employment. The InvestEU programme consolidates EU-level financial instruments to simplify and expand investment support. The InvestEU Fund, underpinned by an EU budget guarantee of €26.2 billion, is expected to mobilise at least €372 billion in investment. BNP Paribas Leasing Solutions provides equipment finance across sectors including agriculture, construction, transport, ICT, healthcare and green tech. In 2024, it financed €16.3 billion in assets and manages a portfolio of €40.4 billion. It operates in 18 European countries and Türkiye, with additional partnerships in North America and China. "EIF backs €200m green leasing push with BNP Paribas" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
17-05-2025
- General
- Yahoo
Food insecurity rates rise 15.5% in Vermilion County
Food insecurity rates rose 15.5% in Vermilion County over the last year, topping Champaign, Iroquois and Peoria Counties. The findings are part of Feeding America's annual Map the Meal Gap study. The study shows that food insecurity affects every county in the United States, with rates reaching almost 50% in some areas. At the local level, Map the Meal Gap finds that 1 in 6—more than 39,000—children are experiencing hunger. What is food insecurity and what does it look like in America? Food insecurity occurs when a household cannot access enough food due to a lack of money and other essential resources. It is often linked to one or multiple factors that lead to food insecurity, creating a cycle that can be hard to break. These factors can be related to household income, expenses, access to affordable health care, the surrounding social and physical environment, and barriers to opportunity which play a role in preventing some households and communities from being food secure. People disproportionately impacted by food insecurity include, but are not limited to, children, many communities of color, households with low incomes, immigrant communities, LGBTQ+ individuals, people with disabilities, people in certain geographies (e.g., rural areas, cities, the South), people who are formerly incarcerated, and single-parent households. Eastern Illinois Foodbank (EIF) is part of the Feeding America nationwide network of more than 200 food banks, 22 statewide food bank associations and 60,000 agency partners, food pantries and meal programs. Map the Meal Gap, now in its 15th year, is the only study that provides local-level estimates of food insecurity and food costs for every county and congressional district. The study builds upon USDA's most recent report of national and state data, which showed 47 million people, including 14 million children, experienced food insecurity in 2023, the highest rate in more than a decade. Map the Meal Gap emphasizes the need for the public to join the movement to end hunger. 'The insights from this year's study will help us address challenges shared with us by people facing hunger and identify opportunities to support the communities we serve and call home,' said EIF President & CEO Kelly Daly. 'This is a powerful tool that empowers us to make informed decisions to effectively alleviate hunger at a time of historic need, and help ensure that all of our neighbors, including children, have access to the nutritious food they need to thrive.' At the local level, Map the Meal Gap finds that within EIF's 21-county service area, more than 143,000 people—13.3% of the population—live in food-insecure households. Of those people, nearly 40,000 are children. Food insecurity rates rose in every county in EIF's service area; from low to high, these rates were as follows: Piatt (9.9%), Woodford (10.3%), Douglas (11.5%), McLean (11.7%), Cumberland (11.8%), Moultrie (11.8%), Tazewell (11.8%), Jasper (12%), Clark (12.1%), DeWitt (12.4%), Livingston (12.6%), Crawford (13.1%), Champaign (13.9%), Ford (13.9%), Edgar (14.3%), Iroquois (14.5%), Peoria (14.5%), Mason (14.6%), Vermilion (15.5%), Clay (15.8%), and Coles (16.5%). Other key findings include: Food insecurity impacts communities in every county, parish and congressional district in the U.S. Food insecurity is experienced by people from all backgrounds and demographics, but disparities exist. Estimated food insecurity levels vary across the country, influenced by income-related factors, like unemployment, poverty, high cost of living; community- and health-related factors; and systemic barriers to opportunity that have created disparities in food insecurity. Nationwide, nearly 9 out of 10 high food insecurity counties are rural, indicating regional disparities. Nationally, more than 2 out of 5 people facing hunger may not qualify for SNAP benefits due to income limits. In eastern Illinois, more than 44% of people facing hunger may not qualify for SNAP and 29% of children facing hunger may not qualify for free or reduced-price meals. The national food budget shortfall, which reflects the extra money that people who are food insecure report needing to cover their food needs, is $32 billion. This translates to $22.37 a week per person, on average. Residents of Woodford County feel this firsthand, with an estimated food budget shortfall of $26.16. Individuals who were food secure in 2023 reported spending an average of $3.58 per meal. Meal costs vary significantly by county throughout the nation, ranging from $2.60 to $6.09, showcasing the diverse economic challenges faced by communities. In McLean County, the average cost per meal is $3.66, and in Woodford County, the average cost per meal is $4.19, which reflects the growing need we see at Eastern Illinois Foodbank. The Map the Meal Gap study is supported by Conagra Brands Foundation, Enterprise Mobility Foundation, and NielsenIQ/NIQ. Additional key takeaways from the report can be found on the Map the Meal Gap website along with an interactive map that details food insecurity by geography, income, race and ethnicity. Methodology Map the Meal Gap uses publicly available data from USDA Economic Research Service, U.S. Census Bureau and Bureau of Labor Statistics to estimate local food insecurity at the county, congressional district and state levels. The study also estimates local meal costs and food budget shortfalls using food price data from NIQ, based on USDA's Thrifty Food Plan, and grocery sales tax data for every county and state in the country. To learn how food insecurity impacts your community, visit For more information about Eastern Illinois Foodbank and how you can help alleviate hunger, visit
Business Mayor
16-05-2025
- Business
- Business Mayor
EIB Group approves over €9B for security, tech, and infrastructure projects
BAKU, Azerbaijan, May 16. The European Investment Bank (EIB) and the European Investment Fund (EIF) have approved a combined 9.1 billion euros in new operations aimed at enhancing Europe's security, technological leadership, and key infrastructure, Trend reports. The EIF Board gave the green light to invest in the first European private credit fund focused on the security and defence sector. Supported by the InvestEU Defence Equity facility, the fund will provide tailored debt financing to SMEs and small Mid-Caps in the sector's supply chain. Under the European Tech Champions Initiative, the EIF also approved its 13th investment, targeting scale-up funding for deep tech and green tech companies across Europe. Additional backing was granted to an Italian acquisition entrepreneurship fund that links new entrepreneurial talent with SMEs undergoing ownership transitions, supporting job retention and business continuity. The EIB Group is also finalising its TechEU initiative, which aims to become the EU's largest financing programme for innovation and technology leadership. In the transport sector, the EIB approved 2.6 billion euros for projects including new passenger trains in Germany, a rail link from Prague to the airport, and the expansion of the port of Malaga in Spain. Energy-related investments, amounting to 2 billion euros, include large-scale solar projects in Spain, a wind farm in Greece, and network upgrades in France and Germany to integrate renewable energy. Further support was allocated for research and development in Bulgaria, the Netherlands, and Spain, as well as SME financing in Cyprus and Poland under the InvestEU programme. Read More Is the UK true to its word on the prevention of torture? Outside the EU, the EIB Board endorsed funding for reconstruction efforts in Armenia, electricity integration in Central America, and business support in Uganda, Guinea, and Sierra Leone. READ SOURCE businessmayor May 16, 2025
