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Since its creation, in 1969, COSEC has been mandated by the Portuguese State to analyze and underwrite the commercial and political risks and manage the whole portfolio of  the Officially Supported Export Credits Insurance.

COSEC’s cover as an EXPORT CREDIT AGENCY is available when the private insurance market do not offer appropriate or sufficient insurance cover. Therefore, COSEC’s public cover concentrates in emerging and developing countries. COSEC’s cover helps Portuguese Exporters to open up markets, to give access to more difficult countries and to maintain business relations in challenging circumstances.
To learn more about Officially Supported Export Credit Insurance contact us: international@cosec.pt

 

Decision-Making Process

The support to Portuguese exporters and their internationalization projects is based on COSEC’s collaboration with the Portuguese Ministry of Finance and, in particular, with the Directorate-General of the Treasury and Finances, which issues the formal State Guarantee that formalizes the State's commitment.

Environmental and Social Approach

COSEC’s Environmental and Social Due Diligence in the Officially Supported Export Credit Insurance is applicable to exports of capital goods and/or services destined to new or existing projects located in identified locations, with a repayment term of two years or more.

Our Environmental and Social Due Diligence takes into account the commitments made by the Portuguese State in the OECD Export Credit Group. Therefore, it is in accordance with the OECD guidelines, namely the June 2012 Recommendation of the Council on Common Approaches for Officially Supported Exported Credits and Environmental and Social Due Diligence.

COSEC's approach establishes the rules and procedures to be adopted by regarding the methodology for classifying, analyzing, and evaluating projects with potential environmental and social impacts; it also determines the procedures to publicly disclose the projects with potential adverse impacts.

Within this framework, COSEC seeks to keep fostering constructive cooperation, not only between different players in export credit transactions, such as exporters, importers, financial institutions and export credit insurance agencies, but also with local communities directly affected by projects and national and international NGOs.

 

OECD Anti-Bribery Recommendation

The OECD Recommendation on Bribery and Officially Supported Export Credits, through which it is implemented the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, is in force since 18 December 2006. It is applicable to all of COSEC’s State guaranteed export credit insurance products, and replaces the previous 2000 anti-Bribery Action Statement.

This OECD Recommendation aims to strengthen the measures adopted to dissuade active corruption of foreign public officials in the award or execution of export contracts, by providing relevant information to the OECD Export Credit Agencies. In Portugal, COSEC is responsible for managing, on behalf of the Portuguese State, the officially supported credits. The OECD Recommendation on Bribery and Officially Supported Export Credits is available on OECD website.

Testimonies

Auto Ribeiro | João Martins Fernandes, General Manager

"Without the support of the Portuguese State, in the sense of covering the risk in financial operations, we would have had great difficulty in succeeding. Thus, the fact that there is an instrument that eliminates the risk of the operation is absolutely fundamental for the continuity of the project."

"What COSEC has made a reality, through financial operations, opened a great window of opportunity for Portuguese industry. In fact, it showed the markets the possibility of an alternative."

"The service provided by COSEC was highly professional, and was the only way that Auto Ribeiro Lda. could finalize the transaction."

SORGAL | Bruno Ribeiro, Receivables Department Manager

"The cover we have benefited from has allowed us to attract new and important clients, as well as to generate possible new business opportunities. This cover has allowed SORGAL to export more and become a more international company."

"The existence of a state-guaranteed insurance expedites the process and provides safety to exporters, facilitating the entire operation, given the simplicity of the processes."

"A very close partnership, such as the one we have with COSEC, is something that we value a lot."

The information provided on this page does not exempt the consultation of the legally required pre-contractual and contractual information.