External organization | subordinate agency | Ministry of Trade, Industry and Fisheries
The Norwegian Export Credit Guarantee Agency (Garantiinstituttet for eksportkreditt (GIEK)) promotes Norwegian export and investment abroad by issuing guarantees on behalf of the Norwegian State. GIEK mainly offers guarantees for long-term export loans.
- GIEK takes the risk that the buyer defaults.
- GIEK mainly offers guarantees for long-term export loans.
- GIEK also offer guarantees for building loans for ships and long-term electricity contracts.
- GIEK's activities are regulated by international frameworks.
Takes the risk of exporting: GIEK offers guarantees on behalf of the Norwegian State and takes the risk that the buyer defaults. The export guarantees can cover commercial (buyer going bankrupt or failing to pay for other reasons) as well as political risk (i.e. war).
Small and big companies – all sectors: GIEK mainly offers guarantees for long-term export loans. Any exporter in any sector can apply for an export guarantee. GIEK also offers guarantees to contribute to Norwegian shipyards and offshore yards obtaining building loans, as well as offer guarantees to ensure that major energy consuming companies are able to enter long-term electricity contracts.
International frameworks: GIEK's activities are regulated by international frameworks such as
– The OECD-agreement «Arrangement on Officially Supported Export Credits»
– The European Economic Area (EEA) Agreement's state aid rules
– The WTO's «Agreement on Subsidies and Countervailing Measures».
Web page: http://www.giek.no/en