Organization for Economic Cooperation and Development (OECD)

The OECD, established in 1961, aims at promoting policies that improve the economic and social well-being of people around the world. The OECD is based in Paris and counts 38 Member countries, which share the principles of democracy and free market, including Italy.

Within the framework of the OECD, several OECD members negotiated the “Arrangement on Officially Supported Export Credits” (also known as Consensus), a “Gentlemen's Agreement” that sets forth the most generous export credit terms and conditions that may be supported by its Participants. The aim of the Arrangement is to provide for a level playing field, whereby competition is based on the price and quality of the exported goods and not on the financial terms provided.

The OECD regulatory framework for export credits also includes three Recommendations of the OECD Council – namely on Anti-Bribery, on Common Approaches for Environmental and Social Due Diligence and on Sustainable Lending – which provide policies and good governance practices for the due diligence in export credit transactions.

SACE regularly attends the meetings and the works at the OECD dealing with the export credit, such as the group of Participants (countries participating to the Arrangement on Officially Supported Export Credits), Aircraft Sector Understanding Participants, Technical Experts of the Participants and the Export Credit Group (ECG). Furthermore, our Head of International Relations – Paola Valerio – is the current elected Chairman of the ECG.