Buyer credit guarantee - for export contracts

Norwegian export contracts are quicker and easier to negotiate when the buyer receives help to debt-finance the purchase. GIEK’s buyer credit guarantee can be used with a loan from Norwegian and foreign banks or Export Credit Norway.


Useful to exporters, buyers and banks

Exporters have a key selling point when GIEK issues a AAA-rated government loan guarantee for their buyer.

Buyers find it easier to realise their projects when a GIEK buyer credit guarantee secures the financing. But we insist that they buy Norwegian.

Banks participate as co-guarantors or lenders, helping their clients grow their business.

Note: GIEK issues loan guarantees - the actual loan must be obtained elsewhere: bank (Norwegian or foreign), Government-owned Export Credit Norway or other suitable financial institution.

GIEK og Export Credit Norway offer a Simplified Application for financing contracts under 100 millioner NOK. Scroll down to "Which application form" to find the appropriate form.

GIEK’s guarantees are rated AAA, and are sought after by Norwegian and international banks and financial institutions.


Who can apply?

GIEK must confirm that the buyer wants the guarantee, and that the purchase is being made from a Norwegian supplier. That is why we ask the buyer and the seller both to submit applications.

The buyer’s application may be filled out by its bank.


What is the right time to apply?

Contact us at an early stage. GIEK examines the loan agreement before issuing a guarantee, so make sure to get GIEK involved as early as possible with regard to loan documentation.

Important: if Export Credit Norway is the designated lender, note that the application must be submitted before the commercial contract is signed.


What kinds of exports?

In practice, the types of exports best suited to long-term financing with the buyer credit guarantee are as follows:

  •  Machinery and facilities
  • Electrical and electronic equipment
  • Ships/boats, newbuildings, equipment, retrofit/refurbishment and upgrades
  • Software
  • Other production equipment
  • Services connected with the above

Sales of consumer goods, semi-finished products and raw materials are less well suited. These should be sold instead with the help of supplier credit guaranteed by GIEK over 2 years, or guaranteed through GIEK Kredittforsikring (a separate company).


The guarantee and the loan

  • Potential buyers of Norwegian exports should always start with their own bank, or the exporter’s bank. Together these parties will determine the financing need, and whether the bank can participate as lender, as loan guarantor, or both.

  • If the bank wishes to share the credit risk with others, a GIEK guarantee may be the solution. GIEK bases its decision to issue a new guarantee on a review of the loan agreement, so it important to involve GIEK in the loan documentation process early.

  • GIEK does a thorough credit assessment of the buyer. If the assessment is positive, we will make an offer of guarantee and state what the guarantee would cost.

  • If a Norwegian state loan is required, an application may be submitted to Export Credit Norway. Note that Export Credit Norway’s entire loan must be guaranteed by others. As a rule, GIEK acts as guarantor in conjunction with a bank. For contracts over NOK 50 million there is a requirement that GIEK be able to share the risk with a bank.

  • Many customers choose to use both GIEK (for the guarantee) and Export Credit Norway (as lender). In those cases we co-operate closely to simplify the loan and guarantee applications. For export contracts under NOK 100 million, there is a joint application form for GIEK and Export Credit Norway.


How much financing can GIEK guarantee?

A significant factor in GIEK’s credit assessment, in the requirements we impose, and in the premium we charge, is whether the buyer is an established company or a start-up.

For established companies (corporate risk) that can document good debt-service capability independent of the Norwegian export:

  • Minimum 15% cash down payment
  • Maximum 85% loan
  • GIEK’s buyer credit guarantee normally covers up to 70 % of the debt financing, in special cases maximum 85%.

For newly established or project companies whose debt service is reliant on the Norwegian export:

  • Equity in the company of 30%
  • Cash down payment of 30% in the debt financing
  • GIEK’s buyer credit guarantee normally covers up to 70% of the debt financing



GIEK wants always to share at least 10% of the credit risk with a bank or other financial institution/parent company with a good credit rating.

For contracts above NOK 50 million, this is a requirement. For smaller contracts the exporter ­­– upon application and only if bank participation has already been cleared – may cover this risk itself.

See application process for a more detailed review of what GIEK requires prior to guarantee issuance.


How does the guarantee work?


How much does the guarantee cost?

GIEK charges a premium for the guarantee that is equal to the bank’s risk premium. Try using our premium calculator to obtain an indication. For certain types of financing, other costs also apply.

Export Credit Norway charges interest on its loans, either market rate or CIRR rate (fixed rate).

When both GIEK and Export Credit Norway are used, the customer pays both the premium to GIEK and interest to Export Credit Norway. See Export Credit Norway’s website for more information.

Obtain a preliminary indication of GIEK's premium using our premium calculator.


Which application form?

For maritime financings (shipping, offshore and other maritime exports, including newbuilds, ship equipment, upgrades and retrofit, regardless of amount:

For mainland industries and other exports:

  • Guarantee and loan, contracts under NOK 100 million


Do you want to be prepared before you begin the application process?

We have collected all the questions you will get during the application process:
Buyer credit guarantee, buyer
Buyer credit guarantee, exporter 


FAQ about the application forms.