With regard to "High Income OECD countries" (as defined by World Bank) in accordance with Article 22 of the Arrangement(2), Option 1 applies only provided that the export credit agencies are providing official support on the basis of cofinancing with financial institutions, are a minority partner and have pari passu status for at least a significant portion of the life of the credit.
The concept of the average life of the loan is based on the time it takes to retire half the principal of a loan. This concept is based solely on the repayment term of the loan and excludes the disbursement/drawdown period.
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