OECD Countries Agree to EU Measures on Export Credits

Organisation for Economic Co-operation and Development countries reached a deal on an EU initiative to modernize export credits rules in support of green projects. The agreement will set streamlined terms and conditions so that government-backed export funding "can better meet the needs of exporters in an increasingly competitive landscape, while avoiding market distortions," the EU Directorate-General for Trade said April 3. The deal also will provide more flexible terms to widen the scope of "climate-friendly" transactions. The maximum repayment term will be bumped from 18 years to 22 years for climate-friendly transactions, and "from 8.5 and 10 years to up to 15 years for most other projects." The commission said the change is expected to take effect later this year.