GIEK is ready to administer new airline guarantee scheme

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.  

The airline industry is in a critical state following the air traffic reductions due to the spread of the Covid-19 virus. The airlines are an important part of Norway’s infrastructure. The new scheme will enable airlines to obtain loans in the commercial bank market, backed by AAA-rated state guarantees.

- We are ready to administer the new guarantee scheme as soon as it is in place. GIEK has extensive experience in handling financial risk and representing the Norwegian state in complex financial transactions together with commercial banks and other parties, says Ms. Wenche Nistad, CEO at GIEK.

The new guarantee scheme is subject to the approval of the EFTA supervisory body ESA (EFTA Surveillance Authority).