New state-owned company for export financing: Export Credit Norway

Export Credit Norway (Eksportkreditt Norge AS) offers competitive long-term financing to companies buying Norwegian capital goods and services. The company was established on July 1, 2012 and is wholly owned by the Norwegian government, represented by the Ministry of Trade and Industry. 

 

Export Credit Norway supports the Norwegian export industries by providing stable, long-term financing. The company has a rich variety of borrowers operating worldwide, ranging from borrowers buying ships, deep sea technology or drilling equipment to others buying sun panels and hydropower turbines, cinema chairs and design services from Norwegian exporters.

 

The company manages the whole lending process, including guidance to the Norwegian exporters as regard to their sales and promotion efforts, loan application processing, documentation, disbursement and loan administration. 29 people from Eksportfinans ASA form the staff of the new state-owned Export Credit Norway. They bring with them broad experience and competence within export financing.

 

Attractive interest rate option – application before signing the contract.

 

Borrowers can choose between two different types of loans: government-supported loans with a fixed interest set by the OECD – so called CIRR (Commercial Interest Reference Rate) loans and CIRR-qualified market loans (floating rate) on commercial terms. Both types of loans are in accordance with the OECD Arrangement on Officially Supported Export Credits. The Norwegian exporter or foreign buyer must apply for financing before a legally valid and binding contract is entered into.

 

Long-term financing

Norwegian exporters may apply for loan on behalf of their potential buyers. Foreign buyers of capital goods or services from Norwegian exporters may also apply for export financing directly through Export Credit Norway. The company´s borrowers range from small firms to multibillion companies, operating worldwide within a great number of industries.

 

Export Credit Norway can offer financing for up to 85 percent of the contract value. The repayment period is generally up to 8.5 years (for ships up to 12 years, and for renewable energy projects up to 18 years). All loans must be secured by guarantee(s) from the Norwegian Guarantee Institute for Export Credits (GIEK) and/or acceptable financial institution(s). By year-end, total lending from the company is estimated to US$ 5 billion.

 

For more information about the company and our services, please visit www.exportcredit.no.