Doing business in and with #Norway - How to use #Export #Credit #Guarantee Agency

Norwegian Export Credit Guarantee Agency

As a follow up on "Export Credit Financing", Norwegian exporters and foreign buyers can use the Norwegian GIEK -  Garanti-instituttet for eksportkreditt (Norwegian Export Credit Guarantee Agency) to complement their financing terms or as quoted from GIEK:

«The Norwegian Export Credit Guarantee Agency's (GIEK) guarantees provide competitive financing for foreign buyers of Norwegian export – and security for the Norwegian exporter.»

Process

  • Start with export credit can provide upto 85% of loan funding for a buyer
  • Use GIEK to add/get a commercial bank to possibly provide 100% funding for a buyer loan
  • CIRR sets the interest rate. A recent example for Eastern Europe, 2.8% for 12 M €
  • Bank gives tentative termsheet for 120 days
  • Bank requirements for GIEK needs to have at least BBB credit rating
  • Export Credit Norway pays out the money
  • Up to 10% of the contents of a Norwegian product/solution can be sourced locally

Contact Thomas Lidforss International for doing business with Norway

Thomas Lidforss

Senior Business Advisor & International Business Development Projects

I have a MSEE with MBA in Business and Product Planning. 15 years of experience in complex international projects, consultative business advisor activities in the IT and Telecom industry. Have worked with small (VC funded startups) and large businesses (B2B). Interacted with customers on top levels and project level among vendors and service providers. Managed in a program/multi-project environment. Good at finding cost-effective and sustainable IT solutions for the customer, both through sourcing / procurement and selection of alternative technology.