Viewing cable 07LISBON279
Title: PORTUGAL'S EXPORT CREDIT AGENCY: NO EXPOSURE IN

IdentifierCreatedReleasedClassificationOrigin
07LISBON2792007-01-30 15:01:00 2011-08-30 01:44:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Lisbon
VZCZCXYZ0217
RR RUEHWEB

DE RUEHLI #0279 0301501
ZNR UUUUU ZZH
R 301501Z JAN 07
FM AMEMBASSY LISBON
TO RUEHC/SECSTATE WASHDC 5529
INFO RUEHSS/OECD POSTS COLLECTIVE
RUEHGG/UNSC COLLECTIVE
RUEKJCS/SECDEF WASHDC
RHEHNSC/NSC WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
UNCLAS LISBON 000279 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR EB/IFD/ODF - LADD CONNELL 
EB/IFD/OMA - JAMES GARRY 
NEA/IR - BRENDAN HATCHER 
IO/T - HEATHER VON BEHREN 
 
E.O. 12958: N/A 
TAGS: EFIN MNUC PREL EXIM UNSC OECD IR PO
SUBJECT: PORTUGAL'S EXPORT CREDIT AGENCY: NO EXPOSURE IN 
IRAN 
 
REF: STATE 4760 
 
¶1. (SBU) Ministry of Finance Coordinator Teresa Costa told 
post that Portugal's Export Credit Agency, COSEC, did not 
have any exposure in Iran, according to September 2006 
records.  Costa did note that Iran is open for both short and 
mid/long term export credit insurance, the former requiring 
an irrevocable letter of credit or bank guarantee and the 
latter a sovereign guarantee.  COSEC mostly extends coverage 
to operations in Angola, Mozambique and Cape Verde. 
 
¶2. (SBU) The State's Financial Guarantees Council (FGC) sets 
the guidelines by which COSEC extends export credit 
insurance, bond insurance and project financing.  The 
government is in the process of reconfiguring the FGC to 
include a member from the Ministry of Foreign Affairs in 
addition to current representatives from Finance, Commerce 
and Banking.  Foreign Minister Amado has been outspoken in 
publicly calling for sanctions against Iran, and Costa did 
not believe there was much, if any, interest in Portugal in 
doing business with Iran.  She promised to pass reftel points 
on to the FGC. 
Hoffman