A new set of rules for documentary credits is expected to restore the reputation of this much-maligned method of trade finance. But will bankers be able to meet the July deadline? Michael Imeson writes.

The North American Free Trade Agreement (Nafta) was intended, among other things, to improve Mexico’s economy (and thus reduce illegal immigration). In fact, it worked to the detriment of Mexico. Joe Stiglitz analyses what went wrong.

In this extract from his latest book, former World Bank chief economist Joe Stiglitz argues that a trade regime based on the principle of universal reciprocity regardless of circumstances does little to help developing countries.

Africa is a real banking market with real potential and there is nothing philanthropic about Barclays’ activities there, writes John Varley. He outlines particular areas that his banking group is committed to developing and region-specific issues that must be addressed.

Donald Kaberuka, president of African Development Bank, admits that it is folly to expect rich countries to honour their financial commitments to Africa and that investment must be courted if the continent is to move forwards. Interview by James Eedes.

The International Finance Corporation’s tougher ethical guidelines for project finance are likely to result in an update of the Equator Principles. Oliver Balch reports on what this will mean for banks.

Buoyant bond and stock markets, as well as legal complications, have discouraged project finance growth. But, as Ben Aris reports from Moscow, the sector is predicted to grow swiftly in the near future.

Forget worrying about corporate collapses. The growth of PFI financing is playing havoc with public money. Eventually an Enron-style disaster will be rerun on a sovereign balance sheet.