Export Credit Norway (Eksport Kreditt)
Competitive Financing from Norway
Arlo Maritime gives our customers the opportunity to apply for Export Credit.
Export Credit Norway (Eksport Kreditt) is a limited liability company wholly owned by the Norwegian Government. They extends export financing to buyers of capital goods and services from Norwegian suppliers.
For exporters, it provides a strong sales argument that can help secure the next export contract. For customers of the Norwegian export industry, it offers medium to long-term financing on attractive terms. Export Credit Norway finance export contracts ranging in value from a few million to several billion NOK, across a variety of sectors and worldwide. Their loans comply with the OECD framework on officially supported export credit and are guaranteed by Guarantee Institute for Export Credits (GIEK), and/or acceptable financial institutions. Export Credit Norway is a customer-oriented organization and strives to deliver the highest level of service.
How to apply
Please provide the following
- Name of buyer, borrower and supplier
- A short description of the delivery, and estimated date of delivery
- Estimated Norwegian content in the contract
- Estimated export contract value
- Loan amount, currency(ies) and repayment period
Key Terms and Conditions
- The funding of loans is provided by theNorwegian government
- Loans with Commercial Interest Reference Rates (CIRR) are available in all OECD currencies. Export Credit Norway quotes fixed CIRR rates before an export contract has been entered into
- Loans with market-based interest rates are offered as an alternative to CIRR rates
- Provided the borrower chooses a market-based floating interest rate during the drawdown period, the choice between CIRR and market-based interest rates during the repayment period may remain open until final drawdown. At that point, the borrower may compare the fixed CIRR rate to the market-based interest rate, and opt for the more attractive of the two.
- Maximum repayment terms depend on project type.
- For capital goods: 8.5 years
- For ships and ship equipment: 12 years
- For renewable energy and water projects: 18 years
Financing for up to 85 % of the contract value
- Capital goods and renewable energy projects: financing of up to 85% of the contract value
- Ships and ship equipment: up to 80% of the contract value
SIMPLER AND LESS COSTLY PROCESSING OF SMALLER TRANSACTIONS
For selected loans of up to NOK 30 million Export Credit Norway offer a simplified documentation process, subject to the guarantors’ approval. The loans are then evidenced by negotiable promissory notes in lieu of fully-fledged loan agreements, which reduces transaction costs, mainly related to legal fees, payable by the borrower.
Compliance with international rules for export credits
Loans extended by Export Credit Norway comply with the OECD Arrangement on Officially Supported Export Credits, which inter alia regulates CIRR interest rates and maximum repayment periods.
Other key terms
- Export Credit Norway must receive the loan application before the export contract is signed
- Norwegian content must account for at least 30% of the export contract value. Deliveries from companies based in Norway or companies abroad under Norwegian majority control generally qualify as Norwegian content
- Local costs cannot exceed 30% of the sum of Norwegian and third country content in the export contract
- All loans must be 100% guaranteed by GIEK and/or financial institutions with satisfactory credit ratings
- Export Credit Norway applies internationally-agreed guidelines for environmental and social impact, as well as anti-corruption measures