Export Credit Norway and GIEK to merge

- An important step towards streamlining the export financing process, said Export Credit Norway’s CEO Otto Søberg.

The Ministry of Trade, Industry and Fisheries, NFD, has announced that the two export credit agencies Export Credit Norway and the Norwegian Export Credit Guarantee Agency, GIEK, are to merge. The merger will contribute to a more efficient system for export financing.

– With this merger we’ll get one strong, forward thinking and market-oriented agency. This is something the Norwegian export industry has requested. The merger is one of several measures needed to improve and streamline the Norwegian export strategy, said Søberg.

– The merger will make it easier for the business community to understand and navigate the official export credit system. It will benefit those who already are familiar with the system as well as first-time users, said the Minister of Trade and Industry Iselin Nybø.

New action plan to be lanuched

– We are now working on an Export Action Plan where the government will propose measures to improve how the public support system assists the business community with internationalisation. The merger is one of these measures, said Nybø.

The two organisations will be merged into a new export credit agency by July 1st 2021, which will be established as a government agency with a board.

The changes to the organizational set up will not have any impact on Export Credit Norway’s existing obligations. The Norwegian state is and will remain responsible for Export Credit Norway and the successor’s liabilities and commitments.

Neither will this merger affect the conditions of the commitments of Export Credit Norway. Export Credit Norway and its successor will continue to honour all existing commitments on behalf of the Norwegian state.

CEO Otto Søberg, Export Credit Norway

Business as usual

Export Credit Norway’s clients will not be affected by the merging process that is now underway.

– All clients will have access to the same service and contact persons as before, and current agreements will still be valid, said Søberg.

– We encourage new clients to contact us if they have any questions about Norwegian export financing, or if they want to send an application for financing.

 

Published 07. Sep 2020