Eximbanka SR, an export credit agency focused on supporting Slovak exports, has introduced new rules for the modernization of export credits as of 15.7.2023. These rules, issued in accordance with the OECD Consensus[1], aim to adapt to the current needs of exporters, financing banks and foreign buyers, as well as to reflect the dynamics of financial markets and technological advances, particularly in the field of green technologies.
The implementation of the modernized rules brings Eximbank SR the opportunity to offer more flexible terms and conditions for state-supported export credits. New enhancements include, for example, longer maturities and expanded repayment options for export credits. At the same time, these new rules seek to create support among OECD member countries for the export of green technologies and the implementation of environmentally/climatically sustainable projects.
The modernised Eximbank rules focus primarily on areas such as environmentally sustainable energy production, CO2 capture and storage, energy distribution and storage, production of clean hydrogen and ammonia, supply of equipment for low-emission industrial production, low-emission transport, and extraction and processing of minerals needed for clean energy production.
“We believe that modernising export credits and adapting to current needs through these new rules will bring significant benefits to Slovak exports and stimulate the growth of green technologies. These steps are steps towards a more sustainable and innovative development of our export sector.” Marián Janočko, CEO and Chairman of the Board of the Bank, EXIMBANKA SR
[1] The OECD Consensus is the basic framework of rules for government-supported export credits with maturities longer than 2 years. Although this is an agreement based on the principles of mutual agreement, it is legally binding on the Member States of the European Union. The new rules apply to the activities of export credit agencies of EU and OECD Member States in promoting exports of goods and services through financing, insurance or a combination of both.