The Norwegian Export Credit Guarantee Agency (GIEK) is a public enterprise under the Ministry of Trade, Industry and Fisheries (MTIF). GIEK's mandate is to promote Norwegian exports, ensure local value creation and serve as a good financial partner and adviser for Norwegian exporters by issuing guarantees on behalf of the state. GIEK is a supplement to the commercial banking market, with financial results that will break even over time. Our guarantees are adapted to the needs of Norwegian export companies and foreign buyers, covering both political and commercial risk on loans issued by commercial banks or Export Credit Norway. Guarantees can be provided where Norwegian goods or services are delivered abroad, or where an export transaction in some other way promotes Norwegian value creation. GIEK guarantees for export to countries across the world. Norwegian guarantees mean a high degree of security for exporters and importers as well as banks. Our guarantees increase the competiveness of Norwegian goods and services in the international market.
GIEK issues guarantees on behalf of the Norwegian State in accordance with the OECD Export Credits Arrangement, and is also bound by a number of agreements through its memberships of the Berne Union and the Paris Club.
The Government and Parliament govern GIEK through GIEK's guarantee scheme regulations, main instructions, annual letter of allocation, and state budget.