Institution details

In collaboration with:

Find out more about Finpliance

Export Finance Norway - Eksfin (Eksfin)

Key facts

  • Established in 2020
  • Ownership: Public
Part of the OECD Part of the Berne Union

Latest update: 03/12/2021

Products

  • Buyer credit guarantee
  • Supplier credit loan
  • Supplier credit
  • Letter of credit
  • Other products

Buyer credit guarantee


  • Provides guarantees to lenders providing long-term financing to foreign buyers of Norwegian goods and services 
  • Financing application must be submitted early in the export process, and, if a direct loan is sought, application must be submitted before the commercial contract is signed 
  • Tenor:
    - Standard exports: Ranges from 2 to 10 years
    - Ships: Up to 12 years
    - Project finance: Up to 14 years
    - Renewable energy, drinking water, and drainage projects: Up to 18 years
  • Cover: Up to 85% of the export value; up to 80% of the export value for ships
  • For contracts larger than NOK 50 million, Eksfin must share the risk with a commercial bank
  • Eligibility: Up to 70% of the debt may be covered
  • Fees:
    - Since Eksfin shares risk with lenders, the premium for the guarantee typically equals the bank’s risk premium
    - No application fee
  • Sub-products:
    -Guarantee to a bank that is financing an investment in Norway that will lead to export transactions


Supplier credit loan


  • Provides loans to foreign buyers of Norwegian goods and services
  • Financing is linked to deliveries from companies in Norway or from Norwegian subsidiaries abroad; financing of other efforts that promote Norwegian interests and Norwegian value creation are also considered
  • Interest rates:
    - Fixed-rate CIRR loans
    - Floating rate LIBOR + margin, in compliance with rules on state subsidies
  • Requirement: Buyer must apply for export financing before signing the contract
  • Financed amounts:
    - Up to 85 % of contract value
    - Up to 80% of contract value for ships and ship equipment
  • Tenor:
    - For capital goods: 8.5 years
    - For projects in developing countries: 10 years
    - For ships and ship equipment: 12 years
    - For project finance: 14 years
    - For renewable energy, water supply, and drainage projects: 18 years
  • Local content may be partly supported as part of the financing


Supplier credit


  • Protects Norwegian exporters against non-payment from foreign export sales
  • Cover: Up to 90% of the credit for single or multi-buyer policies
  • Premium: Calculated based on repayment period, buyer’s creditworthiness, and political risk in buyer’s country
  • No application fee
  • Sub-products:
    - Contract guarantee: Protects the exporter against losses during the production period due to foreign buyer failing to fulfill its obligation to purchase; contract guarantees are used when the product is customized and difficult to sell to anyone other than the original purchaser
    - Production guarantee loan: Provides up to 50% cover of a bank loan made to a Norwegian company during the production phase of a specific export contract


Letter of credit


  • Eksfin guarantees confirmed L/Cs associated with Norwegian exports
  • Cover: Up to 50% of the L/C issuing bank’s risk


Other products


  • Investment guarantee
    - Supports Norwegian investments in countries with high political risk
    - Cover: Political risk only; up to 50% of investment or loan
    - Tenor: Up to 20 years
  • Tender guarantee
    - Available to Norwegian companies bidding on contracts in aid-financed projects in developing countries
    - If bid is unsuccessful, up to 50% of tender costs may be reimbursed up to a maximum of NOK 250,000
    - Minimum eligible tender costs are NOK 80,000
    - Eksfin administers this product; financing is provided by Norfund
  • Bond guarantee
    - Covers loss to foreign buyer for non-delivery by a Norwegian exporter
    - Eksfin issues the guarantee to the exporter’s bank or financial institution
    - Cover: Usually 50% of the bank’s risk; for bonds up to NOK 10 million, Eksfin may cover up to 70%  
    - Types of bonds include tender, advance payment, performance, and warranty; Eksfin may provide cover for unfair calling of the bond for an additional fee "
  • Vessel financing
    - Guarantee of debt financing up to 80% of sales contract
    - Cover: Up to 90% of commercial risk; up to 100% of political risk
    - Eligibility: Up to 30% Norwegian content consisting of goods, services, and value creation
    - Tenor: Up to 12 years
    - Eksfin guarantee of loans for second-hand sales of vessels deemed sufficiently tied to Norway; guarantee can exceed retrofit costs
    - Charter party contracts can be supported
    - Guarantees for tender, advance payment, performance, and completion of marine equipment; cover up to 50% of bank’s risk
    - Building loan guarantees to Norwegian shipyards (and including offshore rigs) so the boat builders can obtain competitive financing during the ship construction period; cover up to 50% of loan value; Eksfin charge an upfront fee, a commitment fee, and a risk premium "
  • Power purchase guarantee
    - Guarantees payment associated with the purchase or sale of electric power for major projects
    - Eligibility: Available for Norwegian companies operating in the wood processing, metals, or chemical products sectors and where the buyer’s business as annual energy consumption exceeds 10 GWh over the contract period
    - Energy seller’s guarantee covers non-fulfillment of a power contract by a buyer
    - Guarantee to lenders to cover loan repayment by buyers booked in advance of actual power delivery
    - Tenor: Ranges from 7–20 years for either physical or financial power contracts

Performance highlights

What's new?