Background information

On 18 March 2022, the government announced that it would introduce several support measures to help companies hard hit by Russia's war against Ukraine and subsequent sanctions. On 1 April, the government presented details of these schemes and sent a proposition to the parliament for consideration.

The Government proposed to establish a new loan guarantee scheme under Export Financing Norway (Eksfin) (Prop 78 S (2021-2022)). The purpose of the measure is to provide liquidity to profitable companies that lack liquidity due to the war in Ukraine. Companies all over the country can apply for support from the loan scheme.

Content of measure

The loan guarantee scheme for companies is a temporary scheme that provides risk relief to banks. The scheme will have a budget of NOK 400 million (€40 million). The offer applies to new loans and the scheme covers companies that have had a minimum turnover of 40% to Russia, Belarus and / or Ukraine, and which have experienced a significant lack of liquidity as a result of Russia's war of aggression against Ukraine. The loans shall not amount to more than 15% of the companies' annual turnover in the last three years. The government proposes that the guarantee scheme covers 90% of the loan. The state and the banks take losses under the guarantee on equal terms. Guarantees can be given for loans of up to NOK 50 million (€5 million) and with a term of up to six years. The loans can be used to cover operating expenses and investments.

The scheme has to be approved by the EFTA Surveillance Authority ESA.

Use of measure

No information.

Target groups

Workers	Businesses	Citizens
Does not apply to workers	Applies to all businesses	Does not apply to citizens

Actors and funding

Actors	Funding
National government Public support service providers	National funds

Social partners

Social partners' role in designing the measure and form of involvement:

	Trade unions	Employers' organisations
Role	Unknown	Unknown
Form	Not applicable	Not applicable

Social partners' role in the implementation, monitoring and assessment phase:

• Unknown
• Main level of involvement: N/A

Involvement

No information on social partners involvement during design and implementation of the measure.

Views and reactions

The social partners are supportive of the measure.

Sources

• 01 April 2022: This is how the support schemes for companies with high exposure to Russia become (www.regjeringen.no)