In December, the Storting (the Norwegian parliament) approved the creation of the new scheme, which will be administered by GIEK (authorised to issue guarantees) and Export Credit Norway (authorised to make loans). Both organisations have extensive experience of providing ship financing.
GIEK’s authorisation to guarantee loans under the new scheme became effective on 10 January. Export Credit Norway is to administer the loans made under the scheme, and a public consultation has now been launched on Regjeringen.no to gather input on the proposed amendments to the act and regulations that govern the company’s activities, with a submission deadline of 7 February 2018. The new scheme is due to become operational in the first half of 2018.
Export Credit Norway has already received numerous enquiries about the new scheme, and is now accepting applications. At present, the company is processing applications subject to the proviso that the proposed amendments to the act and regulations will enter into force as proposed in the consultation documents. Customers who apply for financing therefore bear the risk that changes may be made to the act and regulations before they take effect.
Do you have questions about the new ship financing scheme? Would you like to discuss a specific project with us? Please get in touch with us.
The new ship financing scheme has a guarantee cap of NOK 10 billion, and will run for an initial three-year period before being evaluated.
Published 23. Jan 2018