The Arrangement on Officially Supported Export Credits (OECD Consensus) lays down the terms and conditions of financing export transactions provided by OECD Member States with loans allocated a repayment period of 2 or more years. The main objective of the Arrangement is ensuring equal conditions of competition between exporters based on the quality and price of the exported goods and services and not on any more favourable conditions of assistance provided by national governments. Some sectors, due to the specific financial and technical situation, have been regulated by sector-specific arrangements. Additional arrangements cover vessels, nuclear power stations, civil aircraft, renewable energy/mitigation of climate change/water projects, rail transport, and coal-fired power stations. The binding text of the Arrangement can be found on www.oecd.org/trade/xcred/.
The most favourable export credit conditions granted with state support have also been set out within the Arrangement, including the minimum level of advance and maximum repayment terms, as well as the insurance coverage conditions like the minimum insurance rates. Export transactions backed by OECD Member States are also subject to additional requirements concerning environmental protection, combating bribery of public officials within international transactions, and initiating actions facilitating sustainable lending in low income countries.