Pekka Karkovirta of Finnvera to chair two export credit working parties within the OECD
On Monday, 12 November 2012, Pekka Karkovirta, Vice President, International Relations, of Finnvera, was elected Chairman of two working parties discussing export credit issues within the OECD. The following persons were elected Vice Chairs: David Drysdale (USA); Mariane Sondergaard-Jensen (Denmark); Seidai Nakamura (Japan); Luc de Bool (the Netherlands); and Dirk Terweduwe (Belgium).
When guaranteeing or financing officially supported export credits, OECD Members comply with the terms of the Arrangement on Officially Supported Export Credits. The Arrangement aims to prevent competition with export credit terms.
Financing terms are developed and discussed under the auspices of the Participants to the Arrangement on Officially Supported Export Credits. The OECD Working Party on Export Credits and Credit Guarantees discusses topics such as the environmental impact of projects financed using export credits, anti-bribery measures, and conditions for sustainable lending. The working parties usually meet three times a year. They gather both the authorities responsible for export credits and the representatives of guarantee and credit institutions around the same table.
The latest addition made to the Arrangement was a Sector Understanding on Export Credits for Renewable Energy, Climate Change and Water Projects reached in June. Accordingly, OECD Members can offer longer repayment periods in projects that mitigate climate change. The key topics for the next years will be funding issues for export credits, the minimum interest rates for officially supported credits, and the involvement of emerging markets outside the OECD in the work pertaining to export credits.