News archive

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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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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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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.

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The Brødrene Aa shipyard in Nordfjord will build three environmentally friendly high-speed boats for the Attica Group, which is the largest ferry operator in Greece. The three catamarans will transport passengers in the eastern Mediterranean.

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GIEK (The Norwegian Export Credit Guarantee Agency) has had a strong focus on working conditions at shipyards for over a decade, and in many cases have observed labour rights related risks and issues at the yards. Having poor controls of labour rights, as well as poor working conditions at a shipyard should not be a competitive advantage. We have therefore seen a need for a practical guidance on labour rights risks and working conditions in the sector, as well as guidelines for assessing such risks.

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For the first time GIEK has provided financing for the installation of battery packs onboard two platform service vessels (PSVs). The hybrid propulsion helps secure new contracts for the ships, Norwegian companies deliver the hardware and installation, and Norwegian emissions are reduced. The industry appreciates GIEK’s support. (Photo: Gunder Tande Sandersen)

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By Kamil Zabielski, Head of Sustainability at GIEK

Sustainability, including environmental, social and financial aspects, is a key part of GIEK’s due diligence work. GIEK has been an active contributor to ECA guidelines and the regulatory framework that promotes sustainable business. GIEK’s work on sustainability is aimed both at reducing our clients’ business risks, as well as contributing to Norway’s work on the Agenda 2030 and the Sustainable Development Goals (SDGs).

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“I would very much like to congratulate Nexans Norway AS for winning yet another supply contract for a major offshore wind project. A number of Norwegian companies are becoming increasingly visible in this sector. When GIEK’s guarantees contribute to contracts for Norwegian exporters, this is very gratifying,” says Norwegian Minister of Trade and Industry Ms. Iselin Nybø.

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2019 was characterised by commercial policy uncertainty, and 2020 has got off to a difficult start. In a challenging business policy climate, GIEK is even more important to exporters as a reliable and stable tool. During the year, GIEK provided new guarantees for NOK 22 billion NOK, the highest activity in one individual year since 2013: 178 new guarantees to 31 countries.

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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.

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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.

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Norwegian maritime suppliers are looking to strengthen their position among shipyards in Norway and abroad. The suppliers have several cruise yards as clients, they operate internationally, and they plan to invest for future growth, according to a new report presented today by The Norwegian Export Credit Guarantee Agency (GIEK) and the Norwegian Maritime Exporters (NME) trade organisation.

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GIEK is a member of the UN Global Compact Action Platform on Sustainable Ocean Business and was involved in the drafting of the Sustainable Ocean Principles.

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Photo: Ponant, Philip Plisson
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In a competitive business climate GIEK's guarantees are important to the Norwegian shipping industry. GIEK’s buyer credit guarantee is a key factor to shipbuilding in Norway but also to exports of Norwegian equipment placed on foreign-built vessels.

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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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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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«Kontaktpunktet for ansvarlig næringsliv» has developed an introduction to OECD’s guidelines for assessment for responsible business conduct. The guidelines are based on an internationally acknowledged method to assist companies to act responsibly.

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The Indonesian market is large and growing steadily: 5.1 per cent growth in 2017, aiming for 5.3 per cent in 2018. This strong economic performance has attracted new investments in recent years. Resolute politicians, led by President Joko Widodo, have effectively cracked down on corruption and improved the business climate for domestic and foreign investors alike.

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A new long-term power purchase agreement has been entered into between Guleslettene Vindkraft and the aluminium producer Alcoa Norway ANS. GIEK has contributed by guaranteeing Alcoa Norway's payment obligations. This is GIEK's third power purchase guarantee issue since October 2017.

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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.