Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.
Factsheet for measure NO-2012-26/2550 – measures in Norway
|Country||Norway , applies nationwide|
|Time period||Open ended, started on 25 June 2012|
|Context||Green Transition, Restructuring Support Instruments|
|Type||Legislations or other statutory regulations|
Supporting businesses to stay afloat
– Measures related to foreign trade
|Author||Aasmund Arup Seip, FAFO and Eurofound|
|Measure added||23 June 2022 (updated 08 November 2022)|
The Export Credit Norway was founded in 2012 with the aim of providing loans to Norwegian and foreign companies buying goods or services from Norwegian exporters.
ECN is a limited liability company wholly owned by the Norwegian government. Its establishment in 2012 was based on a legal act .
The Export Credit Norway was merged with GIEK and replaced by Export Financing Norway, Eksfin in 2021.
Export Credits Norway (ECN) offers financing to large and small companies in Norway and abroad for purchases of capital goods and services from Norwegian exporters. A large part of its portifolio is in the maritime sector and petroleum.
ECN finances export contracts ranging from a few million to several billion NOK, across sectors and worldwide. The loans, which comply with the OECD framework on officially supported export credits, are offered with two types of interest rates: CIRR-loans with fixed rate and CIRR-qualified market loans with floating interest rates. The fixed rate is set by OECD. The loans can be up to 85% of the export contracts value. Repayments vary from 2 to 18 years depending on the type of project.
In September 2020, the government instructed that GIEK and Export Credit Norway are to be merged to one agency, effective from 1 July 2021 at the latest. The goal is to increase efficiency and make the system less complex and easier to navigate for its users.
In 2019, Export Credit Norway issued new loans for NOK 11.4 billion (€1.4 billion as of 31 August 2020), signed new loan agreements for NOK 7.9 billion (€760 million) and had an outstanding loan amount of NOK 65 billion (€6.25 billion). This was an increase from 2018, due to deliveries of ships and offshore equipment.
In 2017, Export Credit Norway received 241 applications from companies residuating in 64 countries. The total outstanding loan amount in 2017 was just below NOK 70 billion (€7.4 billion). As in 2015, most of the loans were from the shipping industry (€44 billion) and oil and gas industry (€20 billion) ( Export Credit Norway annual report 2017 ).
In 2015 the body received 275 applications from 68 different countries. The total outstanding loan amount in 2015 was just above NOK 76 billion (€8 billion). Most of the loans had been used in the ship industry (€44 billion) and the equipment for the oil and gas industry (€27 billion) (Export Credit Norway annual report 2015) .
The scheme enables Norwegian exporters to compete on equal terms as other exporters with access to other national export credit schemes. ECN also provides advice and services for companies to expand in international markets.
A report by Menon Economics (2020) found that export supporting measures in Norway are less extensive and effective in Norway than in Denmark and Sweden, concluding that Norway should increase its activity and funding. Overlapping mandates and low political priority were also identified as problems. An evaluation of national support measures (Deloitte, 2019) argued that one single actor should have the roles of today's ECN an GIEK to improve efficiency.
|Does not apply to workers||Applies to all businesses||Does not apply to citizens|
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
Eurofound (2022), Export Credit Norway, measure NO-2012-26/2550 (measures in Norway), EU PolicyWatch, Dublin, https://static.eurofound.europa.eu/covid19db/cases/NO-2012-26_2550.html
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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.