📋 Tender Overview
The government has decided that GIEK can temporarily offer short-term export credit insurance to several countries.Many Norwegian exporters use credit insurance to cover risk against foreign buyers. As more people are experiencing increased uncertainty we are now expanding GIEKs offerings so that it can contribute to a larger part of the credit insurance market if needed says Business Minister Iselin Nyb.With the changes in the state aid rules in connection with the corona crisis the Guarantee Institute for Export Credit GIEK can offer short-term export credit insurance and reinsurance to several countries. The extensions are valid until the end of 2020.Important for seafood exportersCredit insurance is used for credit sales and insures that the seller will be reimbursed part of the sales sum if the customer goes bankrupt or does not want to pay. In Norway the fishing and seafood industry in particular uses credit insurance.The seafood industry is export-oriented with extensive value chains. We are monitoring developments in the industries and hope the measure can help to reduce uncertainty for Norwegian seafood exporters says Fisheries and Seafood Minister Odd Emil Ingebrigtsen.Normally there is a private credit insurance offer for EU countries EFTA countries Australia New Zealand Canada USA and Japan. The EU and the EFTA Surveillance Authority ESA has its own guidelines for export credit insurance that limit the ability of states to offer state-exported export credit insurance to these countries.Due to the corona situation changes have been made to both EU rules and ESA guidelines in this area. The changes that allow states can offer short-term credit insurance to these countries under the terms of the policy.The offer is part of GIEKs export guarantee schemes and is regulated so that GIEK can only offer credit insurance when exporters cannot obtain credit insurance in the private market.
