As the United States' Export Credit Agency (ECA), Ex-Im is governed not only by its own rules but also those of the Organisation for Economic Co-operation and Development (30 economically developed member states adhering to free market principles), Little more than a year ago the OECD changed its rules allowing longer 15-year repayment periods for renewable water and energy projects. Ex-Im recently became the first ECA to make use of this provision by guaranteeing City National Bank of Los Angeles' USD7.8 million loan for the sale of a solar power project by PowerLight Corporation of Berkeley, California to a private South Korean borrower (which will then re-sell power to the Korea Electric Power Corporation).
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