It's a loan provided by State banks, at commercial conditions - or more precisely at conditions that have been agreed at OECD level in order not to generate a race-to-the-bottom.

In other words, COFACE is obliged to lend at the exact same conditions to Airbus as USEXIM can lend to Boeing for export of planes to a given country.

Also, export credit is only authorised for exports to non-OECD markets (offshore wind is the one exception, as far as I know: my first offshore deal was with the Danish ECA for export to the Netherlands...).

In the long run, we're all dead. John Maynard Keynes