Credendo – Export Credit Agency

About Credendo – Export Credit Agency

Credendo  Export Credit Agency was established in 1939 as ONDD. It is the official Belgian export credit agency.

Backed by the state, its mission is to promote international trade relations, providing medium-term and long-term trade credit insurance cover.

In recent years, Credendo  Export Credit Agency has undergone significant changes, evolving from a traditional export credit insurance agency into an international player that today heads Credendo Group. Its solidity is underlined by its AA rating from Standard & Poor’s and cover capacity of EUR 30 billion.

In addition to traditional export credit insurance, Credendo  Export Credit Agency’s offer includes financial guarantees and direct financing. Its activities mainly focus on non-OECD countries as these markets involve the larger part of clients’ risks.

Façade Immo Montoyer

History

Credendo is the world’s second-oldest public credit insurer. Since it was founded in 1921 our company has grown to become the fourth European credit insurance group and covers your risks worldwide.

Governance

Board of Directors

Vincent REUTER

Chairman

Michel DELBAERE

Vice-Chairman (1)

Ludivine HALBRECQ

Member, representative of the Minister of Finance

Pieter-Jan VAN STEENKISTE

Substitute member (1)

Thierry DENUIT

Member, representative of the Minister for Foreign Affairs

Xavier DE CUYPER

Substitute member

Henk MAHIEU

Member, representative of the Minister for Economy (1)

Ivan VAN den BERGH

Substitute member

Els HAELTERMAN

Member, representative of the Minister for Development Cooperation

Yves DRICOT

Substitute member

Claire TILLEKAERTS

Member, representative of the Flemish regional government

Thomas FIERS

Substitute member

Georges STIENLET

Member, representative of the Flemish regional government

Annemarie VAN de WALLE

Substitute member

Jean-Jacques WESTHOF

Member, representative of the Walloon regional government

Jean-Jacques GABRIEL

Substitute member

Pascale DELCOMMINETTE

Member, representative of the Walloon regional government

Francis MULLERS

Substitute member

Katrien VAN KRIEKINGE

Member, representative of the Government of the Brussels-Capital Region

Frederic CONVENT

Substitute member

Frédéric LONCOUR

Member, representative of the Government of the Brussels-Capital Region

Christopher KASHALE ILUNGA

Substitute member

(1) Resigning

Management

  • Dirk Terweduwe

    Dirk Terweduwe, Chief Executive Officer, in charge of:

    • Compliance
    • Finance
    • Human Resources
    • Internal Audit
    • Reinsurance
    • Risk Management
    • Office of Strategy Management
  • Frank Vanwingh

    Frank Vanwingh, Deputy Chief Executive Officer, in charge of:

    • Information Technologies
    • Legal and Claims
    • Products
    • Underwriting & Account Management
  • Nabil Jijakli

    Nabil Jijakli, Deputy Chief Executive Officer, in charge of:

    • Business Development
    • Communication, CSR
    • Facility Management
    • Sales
    • Procurement

Rating

In a report published on 18 August 2020 Standard & Poor’s affirmed its ‘AA’ long-term issuer credit rating and the ‘A-1+’ short-term issuer credit rating on Credendo  Export Credit Agency. The outlook is stable.

The ratings mirror those Standard & Poor’s gave the Kingdom of Belgium.

In December 2007, Credendo  Export Credit Agency was assigned its first-ever rating by credit rating agency Standard & Poor’s. Credendo  Export Credit Agency was given the second-best long-term rating: AA+, and the best short-term rating: A-1+.

Agreements

Credendo  Export Credit Agency can establish any relationship with foreign partners or international institutions to help attain its purpose. Given the increasing internationalisation of business, Credendo  Export Credit Agency, along with a string of foreign counterparts, has introduced mechanisms to facilitate partnerships between Belgian and foreign firms for transactions on third markets. These are essentially foreign incorporation, joint insurance, reinsurance, parallel insurance and general co-operation framework agreements.

If, in other words, parties or even subcontractors from several different countries are involved in a project, Credendo  Export Credit Agency can work in conjunction with other credit insurers, institutions or banks at home or abroad to be able to offer a solution.

Internationally, Credendo  Export Credit Agency is active in several credit insurance working groups:

  • within the European Union;
  • within the OECD. The mission of the Organisation for Economic Co-operation and Development is to promote policies that will improve the economic and social well-being of people around the world. OECD countries have an agreement regarding the use of officially supported export credits with a repayment term of over two years. The framework prevents unfair competition based on financial terms of export credits;
  • within the Berne Union (International Union of Credit and Investment Insurers), of which Credendo  Export Credit Agency is a member. The mission of the Berne Union is to actively facilitate cross-border trade by supporting international acceptance of sound principles in export credits and foreign investments and by providing a forum for professional exchanges among its members.

In addition, Credendo Export Credit Agency takes part in the Paris Club talks on debt rescheduling. The Paris Club is an informal group of official creditors whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor countries.

CSR

Corporate Social Responsibility

Corporate sustainability is very important for Credendo. We conduct our business in a manner that is socially responsible and forward-looking, taking into consideration our impact on the environment, on society, on the economy, on our stakeholders and on our people.

CIRR

The commercial interest reference rates (CIRR) are the minimum interest rates for officially supported export credits under the OECD Arrangement.

These rates are based on the market rates and are updated on the 15th of each month. They are used by Finexpo for interest stabilisation. The interest stabilisation aims at guaranteeing a fixed interest (the CIRR) to a bank extending a loan to an overseas buyer to finance the export of Belgian capital goods and related services.

The Arrangement is a Gentlemen’s Agreement among the majority of the representatives of the OECD countries. It sets forth the most favourable export credit terms and conditions supported by these countries.

Click here to be informed of the updated CIRRs

Identification data

  • Credendo – Export Credit Agency

    Credendo  Export Credit Agency is an autonomous public body with legal personality according to the provisions of the law of 31 August 1939

    VAT BE 0203 286 759 RPR | RPM Brussels – IBAN BE40 0010 8026 6263 – BIC GEBABEBB

    Address

    rue Montoyerstraat 3, 1000 Brussels, Belgium

Downloads

Downloads

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