Garantiinstituttet for eksportkreditt (GIEK) | Export Credit Agency (ECA) in Norway
GIEK is a public enterprise that reports to the Ministry of Trade, Industry and Fisheries. GIEK has its own board and is run as a financial enterprise that issues guarantees on the same conditions as banks.
GIEK is a key partner for exporters and their customers as well as Norwegian and international commercial banks with expertise and robust networks in Norway and internationally.
The guarantees increase the banks’ capacity to provide financing and risk cover for Norwegian export contracts. The guarantees can also reduce Norwegian exporters’ and foreign buyers’ risk of a loss in connection with payment and delivery.
The Norwegian state stands behind GIEK’s guarantees. There are procedures to draw on the state’s liquidity if accumulated capital in the individual guarantee insufficient. That makes a difference out in the world and levels the playing field for Norwegian companies competing abroad.
By protecting companies and banks against financial and political risk in international trade, GIEK’s guarantees make financial transactions between Norway and the rest of the world possible.
GIEK is a professional creditor with a portfolio of around NOK 90 billion. We advise the government in negotiations on the further development of international export financing regulations.
GIEK has participated in Norwegian export successes for almost 100 years. We know the challenges and opportunities Norwegian companies encounter when they trade and invest around the world.
A summary of Garantiinstituttet for eksportkreditt (GIEK)
Summary video of Garantiinstituttet for eksportkreditt (GIEK) and how it operates in Norway. GIEK case: Bergen Engines
Garantiinstituttet for eksportkreditt (GIEK) – Benefits of using an ECA in Norway
- Financing, security and greater profitability
- Loans Guarantees
- GIEK is also a professional creditor and negotiations adviser
Here is a list of products provided by GIEK catering to a wide group of people such as the exporter, potential buyer, bank and investors.
- Offloading risk
- Product and business development
- Market information
GIEK establishment dates to the 1920s with the establishment of the Russian commission. The Russia Commission was established under the Ministry of Trade, and the guarantee scheme thus became more permanent. In 1934, the scheme was expanded to cover all countries and renamed the Government Export Credit Commission. Apart from the Soviet Union, the largest insured export volumes went to Germany, Italy, Greece, Spain and Brazil. In the 1940s there was the establishment of the Export Guarantee Fund. In the 1950s they modernized their terms and regulations. GIEK implemented major organisational and administrative changes in 1980 and was granted wider powers by the ministry. The same year, GIEK’s 31 employees moved to the current premises at Dronning Mauds gate 15, Oslo. The tender guarantee scheme was transferred to GIEK in 1982. In 1987, the exchange rate guarantee scheme was withdrawn and the GIEK Committee was disbanded. A special export guarantee scheme for investments in developing countries was introduced in 1988.
The 1970s: the oil crisis and expanded exposure limits
The 1990s: GIEK becomes a public enterprise
The 2000s: establishment of GIEK Kredittforsikring (credit insurance)
December 2015, GIEK moves to Støperigata 1 at Aker Brygge in Oslo. Since January 2015 the ownership of GIEK Kredittforsikring is transferred from GIEK to the Ministry of Trade, Industry and Fisheries. In December 2015, GIEK moved to Støperigata 1, Aker Brygge in Oslo.
Cars and Vehicles – One of the biggest exports globally, we’re experts in trading automobiles, working with car dealerships and fleet management services
Raw Materials – From tobacco to spices, gold to bronze, commodities represent a large proportion of our trade finance portfolio
Electronics – The circuit board, software and hardware markets have benefited huge growth as a result of consumer demand, find out about our electronics offering here