Export credits and Investment Support in Portugal
Última atualização: 08 novembro 2024
The Portuguese government, through the Directorate-General of Treasury and Finance (DGTF), 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 implementation and management of official export credit and investment support operations are the assigned Export Credit Agencies (ECAs), COSEC (Companhia de Seguro de Créditos S.A.), and Banco Português de Fomento, S.A. Detailed information about their activities and products is available at:
DGTF Responsibilities
DGTF 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
DGTF 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 follow:
- 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 2023.
- Ex Post Transparency: Covers projects in Categories A and B, especially those involving contracts exceeding €10 million.
List of Guaranteed Operations
| Year | Project Description | Country | Amount | Environmental and Social Classification |
|---|---|---|---|---|
| 2021 | Expansion and Rehabilitation of the Soyo Naval Base | Angola | €252,530,809.86 | B |
| 2023 | Infrastructure Construction in Vila Muxima | Angola | €112,208,258.55 | B |
| 2023 | Rehabilitation of EN250 - Lumege - Cameia - Luacana - Luau | Angola | €195,417,579.74 | B |
| 2023 | Completion and Repair of N’Zeto – Soyo Highway | Angola | €123,236,996.81 | B |
| 2023 | Mobility in Cabinda Province - Cabinda Miconje Axis | Angola | €273,537,097.05 | B |
| 2023 | Restoration of Fort São Francisco do Penedo | Angola | €31,869,656.11 | C |
| 2024 | Construction of Chicomba Water Reservoir - Phase 1 | Angola | €59,971,281.10 | B |
Environmental Policy for Export Credits
The environmental policy for export credits is under approval process, as well as the potential adherence to the E3F Coalition.
Annual reports on the state's responsibilities in export credit, investment, and concessional credit operations are published by the Directorate-General of Budget. Additionally, the DGTF 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.