From Norway to the World

GIEK provides long-term guarantees on behalf of the Norwegian state in order to encourage Norwegian participation in international trade and exports. GIEK provides guarantees on commercial terms for loans, investments and product deliveries. Guarantees are supplied to Norwegian companies, international buyers and banks.

1  What is GIEK?

GIEK is the Norwegian Export Credit Guarantee Agency

GIEK is a a public-sector enterprise that reports to the Ministry of Trade, Industry and Fisheries (MTIF).

GIEK is a key financing partner for Norwegian exporters, their customers and banks. Backed by Norway’s AAA rating GIEK guarantees provide both additional financial capacity and access to attractive funding. The guarantees can also reduce Norwegian exporters’ and foreign buyers’ risk of a loss in connection with payment and delivery.

GIEK has contributed to Norwegian export successes for almost 100 years and have deep knowlegde of both the challenges and opportunities Norwegian companies encounter when doing business abroad.

By protecting companies and banks against financial and political risk in international trade, GIEK’s guarantees make financial transactions between Norway and the rest of the world possible. 

GIEK is subject to international rules and agreements governing export credit agencies.

GIEK is a professional creditor with a portfolio of around NOK 90 billion. We advise the government in negotiations on the further development of international export financing regulations.

GIEK has its own board of directors and is run as a financial enterprise that issues guarantees on the same conditions as banks.

2  What we do

Promotes Norwegian exports by issuing guarantees

GIEK’s mandate is to promote Norwegian exports and investments by providing long-term guarantees on behalf of the Norwegian state.

The guarantees are adapted to the needs of Norwegian export companies and foreign buyers, and cover political and commercial risks relating to loans issued by private or public financial institutions.

The guarantees may only be provided when Norwegian goods or services are delivered abroad, or when an export transaction promotes Norwegian value creation in some other way. GIEK guarantees financing for exports to countries worldwide.

GIEK is a supplement to the private banking and finance market and is required to break even over time. GIEK guarantees most of Export Credit Norway’s loans to buyers of Norwegian exports. We tailor financing solutions to meet the needs of each individual transaction. 

In addition to providing export guarantees GIEK manages two domestic guarantee schemes, for power purchase agreements and for shipbuilding at Norwegian yards.

3  Purpose of export guarantees

Financing, security and greater profitability

The guarantees contribute to higher sales and earnings and lower costs for the export companies. They make purchases from Norway safer for foreign customers, whether before or after delivery. Banks obtain risk cover, a wider product range and good advice.

International competition stimulates development and innovation. When companies win contracts abroad, jobs and growth are created.

Exporters, buyers and banks carry out transactions when GIEK assumes the risk. With GIEK, many export contracts have come to pass that would have been impossible otherwise.

Our most frequently used product is the buyer credit guarantee – a bank guarantee for buyers of exports. We can also guarantee bank loans to exporters, whether maritime or onshore (production loan guarantee/building loan guarantee). In addition, we can reduce exporters’ risk of loss during the production period (contract guarantee) or risk of non-payment (supplier credit guarantee). Banks can share the risk with us when they lend money to exporters or buyers, or when they issue a guarantee for their corporate customers’ deliveries (bond guarantee).

Our customers are Norwegian commercial banks, large international banks and corporate groups and both large and small technical/technological export companies.

GIEK is also a professional creditor and negotiations adviser to the Norwegian government and administers several other guarantee schemes aimed at Norway and abroad.
 

State effort to promote exports

We provide guarantees for loans from Export Credit Norway, counter-guarantee GIEK Credit Insurance and market our solutions in Norway together with these enterprises and Innovation Norway. We focus on industry understanding how we can provide help together and individually.

Where in the export process various state agencies can help:

 

Procurement in GIEK

GIEK is bound by public procurement regulations. GIEK wishes to cooperate with competitive suppliers that can contribute to its positive development. In 2016, GIEK purchased goods and services for around NOK 50 million. Procurements are carried out in accordance with the Norwegian Public Procurement Act and regulations on public procurement, and are the result of cooperation between the specialist departments and the procurement section.