The Norwegian Export Credit Guarantee Agency (GIEK) is a public enterprise subject to the Storting (the Norwegian parliament) and the Norwegian Government as represented by the Ministry of Trade, Industry and Fisheries. Other institutions involved in the promotion of Norwegian exports are Export Credit Norway, Innovation Norway and GIEK Kredittforsikring.
GIEK is mandated to issue guarantees on behalf of the Norwegian State in accordance with the OECD Export Credits Arrangement.
When a foreign importer wishes to finance a purchase of Norwegian goods or services, the financing bank will normally demand a lender’s guarantee before disbursing the loan. The lender’s guarantee is GIEK’s most requested product. Many, but not all, of GIEK’s guarantees are issued in cases where the purchase is partly funded by a loan from the state-owned company Export Credit Norway. GIEK and Export Credit Norway cooperate closely on such co-financed contracts. GIEK also issues guarantees providing security for exporters, importers and banks.
GIEK’s schemes are suitable for both large and small export contracts, and priced at the same level as the underlying loan or in accordance with the applicable OECD rules. GIEK can issue guarantees to companies in all industries, and for exports to most countries. GIEK is a strong financial partner and adviser to Norwegian exporters, and its staff have great technical expertise and thorough knowledge of different industries and markets.
GIEK’s offices are located at Aker Brygge in Oslo. Its 94 employees were administering guarantees totalling NOK 89.3 billion as of 31 December 2014.
GIEK is governed by the Freedom of Information Act, which regulates access to documents held by public bodies. All information relating to GIEK’s processing of applications before a guarantee is issued is exempt from public disclosure. Electronic Public Records is a collaborative service through which interested parties can search the public records of central government bodies and submit disclosure requests.