On July 14, the OECD published the revised text of the Arrangement on Officially Supported Export Credits (the “Arrangement”). This forms part of the landmark modernisation of the Arrangement, as previewed in March of this year. The revised text of the Arrangement is intended to allow export credit agencies from participating countries to support a wider range of climate-friendly and sustainable projects on more flexible terms. The main changes are focused on (1) expanding the scope of “green projects” that benefit from more favourable terms; (2) extending repayment terms and introducing greater repayment flexibility; (3) simplifying the Arrangement; and (4) introducing a more robust transparency regime.
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