New state-owned company for export financing

The Norwegian Government has proposed to Parliament (Storting) the establishment of a new state-owned company to manage the Norwegian state-funded export credit scheme.

The name of the new company is to be Eksportkreditt Norge AS (Export Credit Norway).

The company will be organized as a state-owned limited liability company and is to be established by 1 July 2012.

- Export Credit Norway will be established in order to ensure a robust and competitive export financing scheme for Norwegian industry. The loans will be financed by the state, which ensures companies’ access to credit in situations where credit is not available in the capital markets. All loan applicants who meet the requirements will be offered loans, says Minister of Trade and Industry, Trond Giske.

Export Credit Norway is to provide loans for export financing in the form of state-subsidised CIRR loans and CIRR-qualified market loans on commercial terms. CIRR loans are loans granted to borrowers for financing of export projects on terms compliant with the OECD “Arrangement on Officially Supported Export Credits”. The rate of interest is fixed on conclusion of the agreement, while the loan is normally disbursed somewhat later. Before drawing on the loan, the borrower may choose to take advantage of either the previously fixed CIRR interest rate or the current market rate. Loans at the current market rate are referred to as CIRR-qualified market loans.

Export Credit Norway will take responsibility for the whole process associated with sale and promotion, processing of applications, granting, disbursing and following up loans. Loans provided by the company will be owned by the government and recorded in the government balance sheet. The company will receive grants from the government for its entire operations.

The grants will be specified by the Storting in the annual budgets. All loan applicants who meet the requirements will be offered loans, and there will be no limit concerning large exposures.  It is proposed that further rules concerning the company’s activities and the relationship to other legislation be provided by law.

Related news

Latest news

Jotne Subsea Gas Lift for Balder Field

In April 2015, Jotne E&P was awarded an EPC contract to build the subsea gas lift manifold for Exxon Mobil on the Balder Field.

Jotne Awarded Contract for Subsea Protection Structure

In January 2016, Jotne E&P was awarded a contract for the delivery of a subsea protection structure and GRP cover for a Xmas tree at Balder field. The contract was awarded by Ocean Installer.

UiB and CMR in high-tech collaboration

Students from UiB last month joined an experiment with an ultra-high-speed camera. This was a part of the troubleshooting of the Field Kelvin Probe currently under development.

Hatteland Display at International Workboat Show 2016

Hatteland Display are highlighting its diverse portfolio of maritime displays and panel computers on its booth (#1658) at the International Workboat Show 2016 (IWBS 2016) this week.

Servogear Announces Upcoming Events

Servogear announces a busy end of November, beginning of December. They will be participating at important international exhibitions.

Teamtec and ANDRITZ Cooperation

ANDRITZ and TeamTec have signed a cooperation agreement for worldwide marketing of the SeaSOx exhaust gas cleaning system for the maritime industry. 

Export Credit Norway looking for Norway's Best Exporter

Export Credit Norway  has now opened the nomination process for the 2017 Export Award, searching the Norwegian exporter of the year. 

Global Economic Outlook

7 December, Oslo Chamber of Commerce invites to a session with insightful updates on the Norwegian and international economy.

Rebuilding for Hydrogen

M/Y “Che Guevara”, previously owned by Gaddafi, will be converted to run on hydrogen. Greenstat will lead the project and are seeking partners.