80 years dedicated to the international development of French companies with unwavering commitment
80 years of boldness, protection and innovation in service of French exporters.
For eight decades, public export guarantees have supported French companies in their conquest of international markets. Born in 1946, in a world to be rebuilt, they have evolved in step with major economic and geopolitical transformations to become an essential lever of competitiveness and influence.
These tools have enabled thousands of companies, from innovative SMEs to leading French companies, to plan for the future.-beyond borders, while anticipating the challenges of the future.
Since 2017, Bpifrance Assurance Export has managed this strategic public service. Its role: to secure, facilitate and accelerate the internationalization of French companies in a world where risks are constantly evolving.
This timeline traces 80 years of commitment, modernization and innovation to build one of the most comprehensive export support systems in the world.
The foundations of export credit insurance
On June 1, 1946, a founding decree established the French Foreign Trade Company, to which the State entrusted the management of export credit insurance intended to secure French exports. At that time, the guarantees offered were limited to political risks, and exporters still had to provide financing for their foreign buyers themselves.
As early as 1950, a new step was taken with the law of July 21, which created prospecting insurance.
This pioneering tool aims to support companies in their search for new international opportunities, by supporting their prospecting efforts abroad.
Gradual structuring and ramp-up
In the 1960s, the explosion of international trade put a strain on the post-war framework. To meet the growing needs of emerging countries, credit terms were extended to up to ten years.
In 1963, the State extended its guarantee to commercial risk, strengthening the competitiveness of French exporters.
The following year, the decrees of April 25, 1964 paved the way for bank guarantees on buyer credit, thus facilitating the conclusion of large international contracts.
One of the most comprehensive systems in the world
In the 1970s, the French export credit insurance system was strengthened with the creation of a guarantee dedicated to industrial and commercial investments linked to exports.
In 1971, a decisive reform made buyer credit compatible with progressive payments, allowing exporters to be paid more quickly.
Furthermore, the move to floating exchange rates leads to the reinstatement and modernization of exchange rate guarantees, in order to protect businesses against currency volatility.
Modernization and opening up to the market
In the early 1980s, after forty years of existence, the export credit insurance scheme was considered too complex and too expensive.
The reforms of 1985/1986 brought about a profound transformation, redefining both the scope and the methods of state intervention.
The guarantee can now be granted to non-resident financial institutions, allowing French exporters to offer more attractive financing to their foreign clients.
At the same time, several measures are aimed at reducing costs, such as the introduction of a non-guaranteed quota and raising premium rates.
Rise of the private sector and integration of environmental issues
This decade has seen a profound transformation in the customer profile, driven by the combined effect of increased privatizations and the reorientation of French exports towards more solvent countries. Public buyers are gradually giving way to private buyers, which is changing the very nature of the risks to be covered.
In this context, country risk analysis must be complemented by a thorough assessment of buyer risk.
In 1999, the environmental assessment of major projects insured on behalf of the State was formalized, in line with the common approaches of the OECD, sustainably integrating environmental impacts into guarantee decisions.
Enhanced transparency and crisis responses
In 2001, with a greater concern for transparency, environmental guidelines were developed to identify, sector by sector, the main potential impacts of sensitive projects.
In the same year, the State put in place an unconditional 100% guarantee for the financing of Airbus exports, in order to maintain the competitiveness of the aircraft manufacturer in the face of the conditions offered by the US Exim Bank to Boeing.
In 2009, in the context of the financial crisis, the CAP Export scheme was created to compensate for the withdrawal of the private market and to temporarily secure short-term export credit insurance.
Targeted support and resilience
The decade was marked by the implementation of mechanisms designed to secure French exports in unstable economic contexts. In 2012, a specific short-term credit insurance mechanism was established to cover exports to Greece, which was then in the midst of a financial crisis.
In 2016, a bilateral economic agreement between France and Cuba made it possible to open a short-term credit line dedicated to supporting French exports to the island.
Two years later, in 2018, the Cap France Export scheme was launched: a short-term reinsurance program operated with private insurers. This scheme was expanded in 2020 to address the disruptions caused by the Covid-19 pandemic. Also in 2018, the Strategic Projects Guarantee was created to support the financing of projects deemed strategic for the French economy.
Climate transition, increased transparency and guarantee innovations
From 2021, the climate bonus introduces more favorable guarantee conditions for sustainable projects, marking a strengthened orientation of export support towards the ecological transition.
In 2025, with a greater focus on transparency, Bpifrance Assurance Export will publish its climate footprint for the first time, thus responding to growing expectations for environmental responsibility in public action. That same year, a new short-term “single risk” guarantee will become operational, designed to secure one-off contracts not covered by the private market.
In 2026, Bpifrance Assurance Export is deploying the Shopping Line Guarantee, an evolution of export credit insurance that covers the progressive refinancing of the borrower.
Denis Le Fers
Bpifrance Export Insurance
General Manager
"For 80 years, public guarantees have supported French companies internationally and Bpifrance Assurance Export manages them with the conviction that external competitiveness, sovereignty and reindustrialization are now inseparable.
In a world marked by increasing geopolitical instability, public guarantees offer businesses more security than ever before, enabling them to expand internationally.
Samir Saul
University of Montreal
Professor of the History of International Relations
" Exports are subject to risks that necessitate appropriate insurance. The aftermath of the two world wars and the need to stimulate foreign trade provided an opportunity to address this need..
In 1928, the State took over insurance against political risks. The role of the State increased in the aftermath of the Second World War; in addition to fully nationalized companies, public-private partnerships in the form of mixed or hybrid companies were established.
From its inception in 1946, Coface had a dual nature. A private limited company, it was simultaneously a national corporation and a public service. The State was present in various ways: in its administration, in granting and underwriting guarantees for major, unique, and often politically motivated transactions. From 1990 onwards, Coface relied solely on the private market for reinsurance, and in 1994, it was privatized.
In 2017, it relinquished the management of public credits to Bpifrance Assurance Export. "