GIEK during the Corona epidemic
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Banks will perform credit assessment and disburse loans to small and medium-sized enterprises under the new scheme. Businesses in need of credit must contact their banks directly. GIEK’s role is to administer the new scheme on behalf of the Norwegian state, and handle future claims.
The Norwegian Government has proposed a guarantee scheme in the amount of six billion Norwegian kroner (USD 522 million) for loans to airlines with a Norwegian operating license.
GIEK has issued a buyer credit guarantee worth 130 million USD (1,2 billion NOK) on behalf of Fred. Olsen Windcarrier’s service deliveries to an offshore wind project off the coast of Changhua County in Taiwan. The project doubles GIEK’s offshore wind portfolio to 260 million USD.
Teekay Offshore has secured long-term financing from the Norwegian Government for four new shuttle tankers being built at Samsung Heavy Industries (SHI) in South Korea.
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.
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.
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.
GIEK played a key role in financing the vessel, that contains substantial Norwegian exports for the Norwegian shipyard and dozens of sub-suppliers.
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.