Norway boosts guarantees to shipbuilding

The Norwegian export credit agency GIEK has had its credit facility boosted by the government by NOK 50 billion added to its previous NOK 60 billion. NOK three billion will be used to finance newbuilding projects at Norwegian shipyards, giving the agency a total of NOK 8 billion in this sector. Before the boost, GIEK had already utilised NOK 4.6 billion and was close to the previous NOK 5 billion limit. The agency will be able to guarantee up to half of the loans for a newbuilding project.