Preferred Creditor Status
As a multilateral development bank, APICORP enjoys a de facto preferred creditor status. Under Articles 6, 12 & 15 of its Establishing Agreement & Statutes, APICORP’S assets, rights and privileges of nationality as well as the international interests of its Members are preserved and protected. The Agreement also specifically grants preferential access to foreign exchange in the event of a foreign exchange crisis in any OAPEC country. APICORP loans are exempt from country risk provisioning when applicable and has never been included in general country debt rescheduling. It is also an important element in APICORP’s Aa2 rating from Moody’s and AA from Fitch.
