Policies

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.

 

 

 

 

The OECD Recommendation on Bribery and Officially Supported Export Credits, approved on 13 March 2019, is applicable to all export credit insurance issued by COSEC with a guarantee from the Portuguese State, replacing the previous OECD Recommendation of 2006. The OECD Recommendation requires the adoption of specific enhanced due diligence measures to combat the crime of corruption committed by national and foreign public officials, also covering the crime of corruption in the private sector. It intends to reinforce measures to deter corrupt practices in relation to international commercial transactions that benefit from official export credit support, namely, those related to the award or execution of export contracts, through the provision of information to insurance companies of credits from the member countries of the OECD. In Portugal, the insurance company is COSEC within its activity of manager, on behalf of the Portuguese State, of export credit insurance with official support. The OECD Recommendation is available on the OECD website.

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