Modifications to the Arrangement on Officially Supported Export Credits

Following the 105th Participants Meeting which took place on the 21st January 2009, the Participants to the Arrangement on Officially Supported Export Credits have agreed to some modifications to the rules of the Arrangement, i.e.:

• A change in the definition of the countries in Category I  for maximum repayment term purposes: Category I countries are now defined as High Income OECD Countries; this modification will enable a wider range of countries, including emerging economies, to benefit from ten-year repayment terms instead of a maximum of 8.5 years.
• A change to allow  a 50% (instead of 35%) share of participation of officially supported export credits in intra-OECD project finance transactions; this measure is temporary (one year until 31 January 2010) and should contribute to the recovery/stimulus plans announced in many OECD countries.
• A change to allow more flexibility in the repayment profile for officially supported export credits in the renewable energies and water sector.