Norway to boost shipbuilding loan guarantee funding to more than $1 billion

The Norwegian Government unveiled a package of measures on Sunday intended to boost export-created jobs by boosting Guarantee Institute for Export Credit (GEIK) by up to NOK 50 billion (about $7 billion) to NOK 110 billion (about $15.3). The government proposes to expand the system of guarantees for building ships to NOK 8 billion (about $1.1 billion), from the current frame of NOK 5 billion (about $698 million). The shipbuilding guarantees covering loans for shipyards for construction or modification of a ship in Norway. The Government also intends to boost the Innovation Norway loan program from NOK 1 billion (about $140 million) to NOK 1.5 billion (about $210mbillion). It says proposals will go the Parliament on November 28 and that the expanded programs will be in place for both 2008 and 2009.