Amalgamation of GIEK and Export Credit Norway into Export Finance Norway

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The Norwegian Government will on 1 July 2021 conclude the re-organization of the Norwegian export agencies by an amalgamation of GIEK and Export Credit Norway (Eksportkreditt Norge AS) into Export Finance Norway (Eksportfinansiering Norge).

The purpose of the amalgamation is to enhance quality and efficiency and is not intended to represent a change in the Norwegian export finance policy. The financing schemes and services currently available will therefore continue also after the amalgamation.

Export Finance Norway will be a part of the Norwegian State. This is similarly as GIEK, but differs from Export Credit Norway which is a limited liability company owned by the Norwegian State, but where the Norwegian State has a statutory liability for Export Credit Norway’s lending activities.

The amalgamation means that with effect from 1 July 2021, Export Finance Norway will assume all GIEK’s and Export Credit Norway’ s legal commitments. Subject to the terms and conditions of the relevant agreement, this means in general that:

  • with respect to guarantees issued, and agreements entered into, by GIEK, the Norwegian State will be represented by Export Finance Norway; and
  • with respect to agreements entered into by Export Credit Norway, consents will be obtained, and amendments will be made, where required to reflect the amalgamation (Export Credit Norway will not be dissolved until this is concluded).

See the below links for further information:

https://www.eksportkreditt.no/en/export-finance-norway-eksfin/

https://www.regjeringen.no/en/aktuelt/eksportkreditt-norge-og-giek-blir-eksportfinansiering-norge/id2834590/