Export Credit Norway (Eksportkreditt Norge AS) offers competitive long-term financing to companies buying Norwegian capital goods and services. The company was established on July 1, 2012 and is wholly owned by the Norwegian government,represented by the Ministry of Trade and Industry.
Stable, Long-term Financing
Export Credit Norway supports the Norwegian export industries by providing stable, long-term financing. The company has a rich variety of borrowers operating worldwide, ranging from borrowers buying ships, deep sea technology or drilling equipment to others buying sun panels and hydropower turbines, cinema chairs and design services from Norwegian exporters.
The company manages the whole lending process, including guidance to the Norwegian exporters as regard to their sales and promotion efforts, loan application processing, documentation, disbursement and loan administration.
An Attractive Interest Option
Borrowers can choose between two different types of loans: government-supported loans with a fixed interest set by the OECD – so-called CIRR (Commercial Interest Reference Rate) loans and CIRR-qualified market loans (floating rate) on commercial terms. Both types of loans are in accordance with the OECD Arrangement on Officially Supported Export Credits. The Norwegian exporter or foreign buyer must apply for financing before a legally valid and binding contract is entered into.
Export Credit Norway can offer financing for up to 85% of the contract value. The repayment period is generally up to eight and a half years (for ships up to 12 years, and for renewable energy projects up to 18 years). All loans must be secured by guarantee(s) from the Norwegian Guarantee Institute for Export Credits (GIEK) and/or acceptable financial institution(s).
By year end, total lending from the company is estimated to USD 5 billion.