Ann: 2021 Annual General Meeting Presentation, page-8

Preliminary Project Letter (Phase I). Upon satisfactory completion of the phase I evaluation process, the Structured Finance Division will issue a Preliminary Project Letter within 45 days from the date evaluation begins by the financial advisor. The PPL will indicate if EXIM Bank is prepared to move forward on a financing offer and the corresponding general terms and conditions based upon the information available at the time of application.

Evaluation Post-PPL (Phase II). After issuance of the PPL, EXIM Bank will work with the applicant to proceed to a Final Commitment. Please note that EXIM Bank does not issue Preliminary Commitments for project finance transactions. EXIM Bank will continue to utilize the financial advisor for Phase II of the due diligence process.

Our Approach to Project Finance | EXIM.gov