Tone Lunde Bakker to head up Export Finance Norway

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.

GIEK and Export Credit Norway will merge 1 July | Export Finance Norway (Eksfin) will be an accessible and effective supporter of the business sector

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.

Annual Report 2020: More diverse portfolio and greener profile in a challenging year

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.

Guidelines for Labour Rights Assessments at Shipyards developed by GIEK

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.

Greener offshore sector financed by GIEK

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)

Sustainability - a key part of our due diligence work

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).

Nexans Norway to supply cables to large offshore wind project off the coast of Scotland supported by financing from GIEK

“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.

Annual Report 2019: GIEK increases Norwegian exporters’ access to finance

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.

GIEK administers new 50 billion NOK loan guarantee scheme for SMEs

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.