Norway first to review loans to developing countries

Norway is the first country in the world to review its loans to developing countries, in line with the UN Guiding Principles on foreign debt and human rights, says Minister of International Development Heikki Holmås.

- This means that Norway is setting the gold standard in this area, Holmås says.

He said the Government's work to review poorer countries’ debts to Norway will be assigned on the basis of an international tender, will be started this autumn and is to be completed in early summer 2013.

“Norway will continue to be a responsible lender. We hope this work will inspire other lenders to initiate similar reviews and thus become better lenders too,” said Mr Holmås. Issues that are covered by the concept “responsible lending” include considering the debtor country’s priorities rather than focusing on the creditor’s export interests, and considering the capacity of poor countries to pay back loans. Openness is also important.

Norway is at the forefront of international efforts to train a spotlight on responsible lending and borrowing. Norway provided funding for the UN project to draw up international criteria for responsible lending. These were launched in Doha in April this year. The Government’s aim and the Storting’s decision to carry out a review of Norway’s loans to developing countries must be seen in the context of this broader effort. This initiative is also linked to Norway’s efforts to promote financial transparency.

“Responsible lending and reviewing loans to developing countries have been on the international agenda for several decades. But until now, no such review has been undertaken. Norway’s review of its loans will draw attention to the issue of responsible lending in the international arena,” The Norwegian Minister said.

Related news

Latest news

New order for Servogear

Servogear announces that they have received a new order from Brødrene Aa. 

Norwater AS reports boost in sales

The Norwater team reports of great interest and busy days in 2016. In a press release, they state that as of the first 8 months of the year, 2016 sales are already beyond target for the year as a whole.

Gaia-facts reaching ground control

The European Space Agency (ESA) has released the first data from the Gaia mission, which has the tremendous task of building the most precise 3D map of the Milky Way.

Polish delegation for Norwegian circular waste management

Against the background of the EU's ambitious waste management targets, Norwegian and Polish stakeholders met on Wednesday 14 September in Drammen.

Milestone at Mongstad Water Treatment Plant

SAR AS reports that an extensive upgrade to the water treatment plant at Mongstad reached a new milestone July. 

Servogear signs new contract with Özata Shipyard

Servogear has announced the signing of a new contract with Özata Shipyard in Turkey. The contract includes the delivery of Servogear Ecoflow PropulsorTMfor two 39 meter passenger catamarans (YN 41 & YN 42).

Statoil and Petrobras strengthen strategic partnership

Statoil reports that they have strengthened their cooperation in Brazil by signing a Memorandum of Understanding (MoU) with Petrobras.

TechInvent and Island Offshore/Centrica announced winners of ONS Innovation Award

TechInvent and Island Offshore/Centrica were announced winners of the ONS 2016 Innovation Awards, at the Innovation Awards Ceremony Tuesday 30 August.

Alu Design chair in Star Trek Beyond

Alu Design boldly goes where no maritime chair manufacturer has before, as MH OCH 300 operator chair lands starring role in Star Trek Beyond.