With the assistance of Export Credit Norway, GIEK and Innovation Norway, the Norwegian company has successfully managed a challenging shift away from petroleum-related projects.
Cameroon is taking steps to improve its drinking water supply system. As part of the programme, the small Norwegian company Inrigo will deliver four turnkey drinking water plants under one of the largest non-oil-related Norwegian export contracts with an African country concluded in recent years.
Inrigo will design, manufacture and install all related infrastructure, from intake to distribution. This includes intake plants, pumping stations, pipelines, reservoirs, buildings and processing plants for water treatment.
The water treatment system is modular, and will be manufactured in Norway. The financing and guarantee arrangement with Export Credit Norway and GIEK is conditional on at least 30% of the delivery being produced in Norway.
Inrigo is a good example of a company that previously concentrated primarily on the offshore sector but has now successfully developed new markets for its products. Export Credit Norway, Innovation Norway and GIEK have assisted with this restructuring.
This agreement would not have materialised without the assistance of Export Credit Norway
Reza Hezari, Inrigo AS
“This agreement would not have materialised without the assistance of Export Credit Norway, GIEK and Innovation Norway in terms of financial support and risk-spreading,” says Inrigo AS CEO Reza Hezari.
Export Credit Norway has approved loans to the purchaser, represented by the Cameroonian State, totalling EUR 57.5 million. The loans are guaranteed by GIEK, while Innovation Norway as provided NOK 10 million in risk financing to reinforce the project capital.
“I wish to congratulate Inrigo on behalf of all involved parties. This exciting project exemplifies restructuring in practice,” says Export Credit Norway CEO Otto Søberg.