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.
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 | |
| Wim VAN DEN BOSSCHE | Vice-Chairman | |
| Rémi JANSSENS | Member, representative of the Minister for Economy | |
| Renaat SCHROOTEN | Substitute member | |
| Henk MAHIEU | Member, representative of the Minister of Finance | |
| Ludivine HALBRECQ |
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| Lucas DEGROOT | Member, representative of the Minister for Foreign Affairs | |
| Jean-François KRENC | Substitute member | |
| Jan De PRETER | Member, representative of the Minister for Development Cooperation | |
| Alexander VERSTRAETE | Substitute member | |
| Pascal WALRAVE | Member, representative of the Flemish regional government | |
| Philippe NYS | Substitute member | |
| Georges STIENLET | Member, representative of the Flemish regional government | |
| Koen DE RIDDER* | Substitute member | |
| Jean-Christophe DEHALU | Member, representative of the Walloon regional government | |
| Pascale DELCOMMINETTE | Member, representative of the Walloon regional government | |
| Hubert SIEMES | Substitute member | |
| Annelore ISAAC | Member, representative of the Government of the Brussels-Capital Region | |
| Kim EVANGELISTA | Substitute member | |
| Pierre HARKAY | Member, representative of the Government of the Brussels-Capital Region | |
| Emiel NEYRINCK | Substitute member |
*Outgoing
Audit AND Risk Committee
| Henk MAHIEU | Chairman |
| Rémi JANSSENS | Member |
| Lucas DEGROOT | Member |
Remuneration committee
| Wim VAN DEN BOSSCHE | Chairman |
| Vincent REUTER | Member |
| Georges STIENLET | Member |
Management
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Dirk Terweduwe, Chief Executive Officer, in charge of:
- Compliance
- Finance
- Human Resources
- Internal Audit
- Reinsurance
- Risk Management
- Strategy & Innovation
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Frank Vanwingh, Deputy Chief Executive Officer, in charge of:
- Information Technologies
- Legal and Claims
- Project Management Office
- Underwriting & Account Management
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Nabil Jijakli, Deputy Chief Executive Officer, in charge of:
- Business Development
- CSR and Sustainability
- Facility Management
- Marketing and Communication
- Procurement
- Sales
Rating
In a press release published on 17 July 2024 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.
Corporate Social Responsibility
Corporate sustainability lies at the heart of Credendo – Export Credit Agency’s business. 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.
Identification data
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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
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