EMCC European Monitoring Centre on Change

Export Credit Norway

Phase: Anticipation
  • Access to finance
  • Support of companies' growth
  • Support of internationalisation
  • Support of SMEs
Last modified: 01 October, 2020
Име (на собств. език):


Име на английски:

Export Credit Norway


Norwegian and foreign companies buying goods or services from Norwegian exporters.


Main characteristics

Export Credits Norway (ECN) offers financing to large and small companies in Norway and abroad for purchases of capital goods and services from Norwegian exporters. A large part of its portifolio is in the maritime sector and petroleum. 

ECN is a limited liability company wholly owned by the Norwegian government. Its establishment in 2012 is based on a legal act. ECN has about 45 employees. 

ECN finances export contracts ranging from a few million to several billion NOK, across sectors and worldwide. The loans, which comply with the OECD framework on officially supported export credits, are offered with two types of interest rates: CIRR-loans with fixed rate and CIRR-qualified market loans with floating interest rates. The fixed rate is set by OECD. The loans can be up to 85% of the export contracts value. Repayments vary from 2 to 18 years depending on the type of project. 

In September 2020, the government instructed that GIEK and Export Credit Norway are to be merged to one agency, effective from 1 July 2021 at the latest. The goal is to increase efficiency and make the system less complex and easier to navigate for its users. 


  • National funds

Involved actors

National government
The state owns 100% of the company and funds the company.
Cooperates closely with GIEK, the Norwegian Export Credit Guarantee Agency - a public-sector enterprise that reports to the Ministry of Trade, Industry and Fisheries (MTIF). GIEK provides long-term guarantees on behalf of the Norwegian state in order to encourage Norwegian participation in international trade and exports. GIEK provides guarantees on commercial terms for loans, investments and product deliveries.


In 2019, Export Credit Norway issued new loans for NOK 11.4 billion (€1.4 billion as at 31 August 2020), signed new loan agreements for NOK 7.9 billion  (€760 million) and had an outstanding loan amount of NOK 65 billion (€6.25 billion). This was an increase from 2018, due to deliveries of ships and offshore equipment. 

In 2017, Export Credit Norway received 241 applications from companies residuating in 64 countries. The total outstanding loan amount in 2017 was just below NOK 70 billion (€ 7.4 billion). As in 2015, most of the loans were from the shipping industry (44 billion) and oil and gas industry (€20 billion) (Export Credit Norway annual report 2017).

In 2015 the body received 275 applications from 68 different countries. The total outstanding loan amount in 2015 was just above NOK 76 billion (€ 8 billion). Most of the loans had been used in the ship industry (44 billion) and the equipment for the oil and gas industry (27 billion) (Export Credit Norway annual report 2015).


The scheme enables Norwegian exporters to compete on equal terms as other exporters with access to other national export credit schemes. ECN also provides advice and services for companies to expand in international markets. 


A report by Menon Economics (2020) found that export supporting measures in Norway are less extensive and effective in Norway than in Denmark and Sweden, concluding that Norway should increase its activity and funding. Overlapping mandates and low political priority were also identified as problems. An evaluation of national support measures (Deloitte 2019) argued that one single actor should have the roles of today's ECN an GIEK to improve efficiency.  


Element Logic AS, Safelink, AquaOptima
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