State Budget proposal 2015: The limits for Norwegian export guarantees remains stable

The Government’s state budget proposal was presented to the Storting (Norwegian parliament) on 8. October by Minister of Finance Siv Jensen. The budget proposal authorizes GIEK to maintain the same high volume of export credit guarantees in 2015 as in 2014. This is good news for Norwegian export companies, their employees and the communities depending on such guarantees to obtain export contracts.

- Stable access to export guarantees will provide the export industry with security and predictability in troubled times, says Wenche Nistad, CEO at GIEK.

The government maintains the general limits for the energy guarantee scheme, building loan scheme and the scheme for developing countries, totaling NOK 173.15 billion also in 2015.

In many Norwegian export contracts, GIEK and Export Credit Norway provide guarantees and loans, respectively. Both are Government institutions, and will further simplify the application processes for their customers in 2015.

GIEK Credit Insurance Ltd (GK) was established in 2001 and offers insurance of credit purchased goods, mainly fish and seafood. The Government proposes to transfer the ownership of GK’s management from GIEK directly to the Ministry of Trade, Industry and Fisheries, from 1 January 2015. This will not affect GK’s activity, either for employees or customers.