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.
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.