News

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Tone Lunde Bakker to head up Export Finance Norway

Ms. Tone Lunde Bakker has been appointed CEO of Export Finance Norway, which is due to be launched on 1 July 2021. We congratulate her on this important role in promoting Norwegian exports, and are pleased to have her on board.


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GIEK and Export Credit Norway will merge 1 July | Export Finance Norway (Eksfin) will be an accessible and effective supporter of the business sector

Export Finance Norway (Eksfin) will launch on 1 July following the merger of GIEK and Export Credit Norway. The new agency will assist Norwegian businesses, foreign purchasers and their banks with a broad range of state-backed loans, guarantees and expert advice. All current schemes and commitments will continue under Eksfin, and the Norwegian State will maintain its existing obligations.

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Annual Report 2020: More diverse portfolio and greener profile in a challenging year

Nearly half of all GIEK’s new guarantee liabilities in 2020, amounting to NOK 7.6 billion (EUR 722 million), were linked to extensive Norwegian exports to offshore wind farms around the world. GIEK also implemented three emergency finance schemes in response to the Covid-19 pandemic, and adopted new measures to contain growing risk in its offshore oil and gas portfolio.

Cases

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Scatec Solar constructs solar power in Ukraine with Norwegian state guarantees

Ukraine is utilizing Norwegian solar power to reduce its use of coal and nuclear energy. The Norwegian state guarantees NOK 145 million of the funding for a new 54 MW solar power plant located south of the capital Kiev. GIEK has provided NOK 1 billion (EUR 100 million) in guarantees for a number of solar projects in Ukraine in 2019.

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Petrobras receives guarantees worth USD 500m from Norway with an option for USD 500m more

In June, Brazil’s oil company Petrobras received guarantees from GIEK, the Norwegian Export Credit Guarantee Agency, for a total amount of USD 500 million. The guarantees, covering loans from a number of international banks, will finance services from Norwegian offshore support vessel companies operating on behalf of Petrobras in Brazil.

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Norwegian Shipyard Ulstein supplies the world's largest plug-in hybrid ferry to Color Line

GIEK has participated in the financing of “Color Hybrid”, the celebrated Ship of the Year at the NorShipping exhibition in June. The ship will be delivered from Ulstein Shipyard in July. 70 per cent of the ship's value consists of deliveries from specialised sub-suppliers in the Norwegian maritime cluster.

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The cruise ship Le Laperouse built at Vard Soviknes

June 15 Le Laperouse was delivered, the first cruise ship in a series of several new ships from Vard Group. Vard Søviknes yard now has full capacity utilization, and the group’s shipyards will supply cruise ships to several well-known actors on a continuous basis until 2021. GIEK is central to the funding of all vessels and in the conversion of Norwegian shipyard from mainly offshore vessels to other types of vessels to new markets.