02/02/2009
On November 26, 2008, Eksportfinans entered Norwegian into an agreement with the Norwegian Government whereby the Government provides funding to Eksportfinans in order to ensure that Norwegian exports will be able to obtain long- term financing of their projects. The Agreement was approved by the Norwegian Parliament December 19, 2008, by Eksportfinans' General Assembly on January 29, 2009 and by the EFTA Surveillance Authority on January 30, 2009.
Eksportfinans provides financial services to Norwegian businesses involved in the export of goods and services. The company is also the operator of government supported export financing to the Norwegian export industry. Due to the current financial crisis, Eksportfinans has experienced increased difficulty in obtaining long-term financing. In order to remedy this, the Norwegian State has entered into a loan agreement with Eksportfinans under which the State offers to provide loans over a two-year period. The loans are to be used to finance new export credits.The Agreement was subject to the approvals from the Norwegian Parliament, Eksportfinans' General Assembly and the EFTA Surveillance Authority. All three parties have now given their consent and thus the agreement is approved.
Read the press release from ESA here.
The proposition from the Norwegian Parliament can be found her www.regjeringen.no