Export credits and Investment Support in Portugal

The Portuguese government, through the Entity of Treasury and Finance (ETF), provides guarantees for financial operations, including credit lines and individual transactions. These guarantees are subject to the limits set by the State Budget Law and adhere to international regulations governing official export credit support.

Objectives

The primary aim of these instruments is to enhance the export of Portuguese goods and services while promoting the internationalization of national economic agents. This initiative also strengthens trade relations with countries benefiting from Portuguese cooperation.

Legal Framework

Support is governed by the State Budget Law, along with Decree-Law No. 183/1988, of May 24, as well as Decree-Law No. 295/2001 of November 21, in their current version, and Law No. 4/2006 of February 21, regarding concessional credit.

Compliance with International Standards

As a member of the OECD, Portugal complies with the OECD Export Credit Arrangement, ensuring adherence to several Recommendations on environmental and social issues, anti-corruption policies, and sustainable financing practices. More details can be found at OECD.

Implementing Agencies

The processing and management of official support operations for export credits and investment guaranteed by the State, through ETF, is the responsibility of the Export Credit Agency (ECA), whose mandate is currently assigned to Banco Português de Fomento, S.A. Information on its activities and available products can be found at the following address:

www.bpfomento.pt

COSEC – Companhia de Seguro de Créditos, S.A., currently Allianz Trade – Sucursal em Portugal, performed the functions of Export Credit Agency (ECA) until 31 August 2026. Operations contracted up to that date continue to be managed by COSEC, under the terms set out in the Protocol governing the respective transition. Further information is available at the following address:

www.allianz-trade.com

ETF Responsibilities

ETF proposes principles and financial support instruments, including concessional aid instruments, is responsible for issuing guarantees, and represents the Ministry of Finance in EU and OECD working groups, ensuring the duly coordination with both ECAs.

Environmental and Social Considerations

ETF ensures that environmental and social impacts are considered in supported operations. The ECAs must ensure that relevant social and environmental impact studies from project promoters foresee those impacts and mitigating measures for any adverse effects.

Project categorization follows the OECD Recommendation on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence as follows:

• Category A: Significant potential impacts requiring comprehensive environmental and social impact assessments.
• Category B: Significant potential impacts, also requiring assessments and monitoring.
• Category C: Minimal to no impacts, not requiring detailed assessments or monitoring.

Transparency Obligations

In line with OECD Recommendation, transparency obligations occur at two stages:

• Ex Ante Transparency: Applies to Category A projects, requiring a 30-day consultation period prior to granting guarantees. No Category A projects were evaluated between 2021 and 2026.
• Ex Post Transparency: Covers projects in Categories A and B, especially those involving contracts exceeding €10 million.

List of Guaranteed Operations

Source: Entity of Treasury and Finance

Year	Project	Setor	Amount	Environmental and Social Classification	Reference Standards Applied
2021	Ampliação e Requalificação da Base Naval do Soyo	Government & Civil Society / Other	252 530 809,86 €	B	Yes
2023	Construções de Infraestruturas Vila Muxima	Multisector / Urban Development	112 208 258,55 €	B	Yes
2023	Empreitada de reabilitação da EN250 - Troço Lumege - Cameia - Luacana - Luau	Transport & Storage - Road transport	195 417 579,74 €	B	Yes
2023	Restauro da Fortaleza de São Francisco do Penedo	Other Social Infrastructure & Services / Culture and recreation	31 869 656,11 €	C	Yes
2023	Conclusão e Reparação da Auto Estrada N´Zeto – Soyo	Transport & Storage - Road transport	123 236 996,81 €	B	Yes
2023	Mobilidade na província de Cabinda - Eixo Cabinda Miconje	Transport & Storage - Road transport	273 537 097,05 €	B	Yes
2024	Construção da represa de água da Chicomba - 1ª fase - Estiagem	Water Supply & Sanitation	65 146 336,15 €	B	Yes
2025	Construção da Estrada Nacional 120 (troço Cuima)	Transport & Storage - Road transport	59 971 281,10 €	B	Yes
2025	Construção, Execução e Conclusão das Infraestruturas da Marginal de Corimba	Multisector / Urban Development	615 104 150,70 €	B	Yes
2026	Reabilitação das Infra-estrutuas da Urbanização Nova Vida	Multisector / Urban Development	208 390 395,99 €	B	Yes
2026	Reabilitação do troço Cuima/Cuisse na EN 354 - Província Huambo/Huíla	Transport & Storage - Road transport	25 143 013,17 €	B	Yes

Annual Activity Report

Annual reports on the state's responsibilities in export credit, investment, and concessional credit operations is disclosed annually within the scope of the General State Account published by the Budget Entity. Additionally, the ETF submits yearly reports to the European Commission regarding official export credit support activities in compliance with EU Regulation No. 1233/2011 of the European Parliament and of the Council of November 16, 2011.