Export Finance Norway (Eksfin) | Export Credit Agency (ECA) in Norway
Export Finance Norway (Eksfin) is a governmental financial enterprise established on 1 July 2021 through the merger of the Norwegian Export Credit Guarantee Agency (GIEK) and Export Credit Norway. Eksfin’s mission is to ensure that Norwegian export industries are financially competitive abroad. Eksfin falls under the Norwegian Ministry of Trade, Industry and Fisheries.
Eksfin can provide government loans and guarantees for promoting specific sales contracts abroad, investments in Norway that contribute to exports, or other transactions that help to generate value and employment within Norway.
Eksfin has 130 employees and head office in Oslo. The board is led by Mr. Morten Støver and the CEO from 1 August 2021 is Tone Lunde Bakken.
The sale of Norwegian-produced goods and services abroad made up a third of Norway’s GDP in 2020. Excluding the oil and gas industry, Norwegian exports provided 465,000 jobs, which is around 25 percent of all employees in private companies in Norway (source: Menon 2017). Export income makes a significant contribution to funding the welfare of society now, as well as savings for future generations through the Norwegian Oil Fund.
Eksfin can strengthen the entire value chain: Exporters, subcontractors, international buyers and banks can become customers. Eksfin welcomes applications from all export industries throughout Norway. The largest industries that use Eksfin include the maritime, fisheries, aquaculture, and energy industries. A number of emerging industries have also started using Eksfin’s services in recent years.
Subject to the Parliament and the Norwegian government
The schemes and exposure limits managed by Eksfin have been adopted by the Norwegian parliament, the Storting. Eksfin receives its allocation notices, regulations, and instructions from the Norwegian Ministry of Trade, Industry and Fisheries. The Ministry appoints Eksfin’s board and CEO.
The Norwegian state backs Eksfin’s loans and guarantees throughout their terms. Eksfin’s guarantees therefore benefit from the Norwegian state’s high AAA credit rating. Eksfin’s administration costs and loss payments are covered by interest payments and guarantee premiums from its clients, as well as by contributions from the state budget.
In addition to export schemes, Eksfin manages individual financing schemes with other aims on behalf of the Norwegian government. Take a look at an overview of Eksfin’s services.
Eksfin participates in an international network of government export credit agencies (ECA) and must adhere to a set of common international rules through the OECD, EEA, and WTO. Eksfin strives to provide exporters with competitive terms and keeps abreast of what its sister institutions are offering their own exporters. Find out more here.
Loans are offered at market rates or CIRR rates as determined by the OECD.
Close co-operation with banks
Eksfin’s financing and guarantees do not compete with private banks and are provided in addition to, and often as part of financing from private institutions in Norway and abroad. Loans and guarantees are provided upon application, and Eksfin is happy to offer advice on its guarantee and loan products.
Find out more about financing opportunities from Eksfin
It is important that export businesses and banks in Norway are familiar with what Eksfin has to offer. Exporters should contact Eksfin’s client advisors if they have a possible export transaction, are planning new investments, or want more information about their products and services. Eksfin often introduces itself to businesses together with other public agencies, as well as through industry clusters and various branch forums throughout Norway and the world.
- Buyer financing
- Credit insurance
- Power purchase guarantee