The Norwegian Government has announced that it will spend NOK 30 billion on a state run export finance scheme to secure the financing of contracts for Norwegian export industry.
Eksportfinans, a Norwegian export credit institution for export financing, has been a joint venture between Norwegian banks and the Norwegian Ministry for Trade and Industry. With a new transitional arrangement already in place Friday, the Government will assume immediate responsibility of the institution in order to secure a competitive offer for Norwegian industries.
The Norway Post reported Friday that Norwegian companies in the export industries have already started to feel the effect of the financial crisis and high interest rates further south in Europe.
"I think this is a historic day for all of us living along the coast," Else-May Botton, Parliamentary Member of the Labor Party (AP), told NRK. She thinks the new arrangement will secure jobs in a difficult time, and hopefully provide business owners with a solid unit that will run well into the future.
Shipowner Stig Remøy in Olympic Shipping, has been waiting for a new solution for quite some time. "The situation has contributed to major uncertainties around contracts worth billions of kroners for the offshore industry along the coast," he told NRK. "It was important for Parliament to come to an agreement that offered a solution."
Remøy emphasized the importance of Government-sponsored export credits in financing the export of capital goods, especially in difficult times. "Without having capital, it is almost impossible to enter the international or European markets," he told NRK.
During the transitional period, Eksportfinans will continue to manage the scheme until a permanent sector solution is in place, by July 1, 2012, at the latest.
(NRK)
Julie Ryland
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