Portugal's Development Bank approves €4.7bn in over 20,000 deals, adds export credit role

During a statutory hearing of the parliamentary committee on the Economy and Territorial Cohesion, Manuel Castro Almeida reported that Banco Português de Fomento has approved more than 20,000 financing transactions amounting to €4.7 billion since the beginning of the year. He highlighted the bank’s pivotal role in providing business financing and announced a key change: as of 1 September the institution will assume the responsibilities previously held by the private insurer COSEC, becoming Portugal’s official export-credit insurance provider.

Almeida noted that companies have found it difficult to secure export credit insurance, especially as they look to expand into new markets. He emphasized that Portugal must grow by relying on domestic consumption while accelerating GDP growth through increased exports. The minister concluded by reaffirming a strong, ongoing commitment to assist companies in expanding their export volumes.