GIEK granted increased limit

Norway’s export credit insurer, GIEK, has been granted an extra NOK10bn (US$1.6bn) exposure limit to benefit Norwegian shipyards and their suppliers.

The new exposure limit will be set at NOK120bn, (US$19.25bn), allowing GEIK to offer its building loan guarantee scheme to include the building of smaller ships and offshore installations such as wind power projects.

The additional funding will come directly from the Norwegian government as the result of suggestions made by GIEK, among other agencies, to increase the capabilities of the country’s shipping industry.

Wenche Nistad, managing director of GIEK, says: “The initiatives imply that GIEK’s mandate has expanded, this will mean a lot for Norwegian competitiveness.”