Competitive financing from Norway

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1 Competitive financing from Norway Long-term loans to Myanmar projects sourcing from Norwegian suppliers December 2014 Ulla Wangestad, Legal Director, GIEK Ivar Slengesol, Director of Lending Industry and Renewable Energy, Export Credit Norway

2 Export financing: Loans and guarantees from the Norwegian Gov t NFDs oppdragsbrev: «Hovedmålet for Eksportkreditt Norge er å fremme norsk eksport gjennom konkurransedyktig, Lender tilgjengelig og effektiv eksportfinansiering» / banks Loan guarantors / banker Buyer/Borrower The exporter s customer

3 FOR EXPORTERS: Securing your next order FOR BUYERS: Financing your project Offer your customers financing directly linked to your prospective export contract. Reduce your financing risk. You are not party to the loan transaction and will receive full payment on delivery. Generate repeat business based on the availability of Norwegian export financing. Finance your project by obtaining credit for up to 12 years. Choose between competitivelypriced fixed and variable interest rates. Receive financing for up to 85% of the export credit value.

4 General conditions according to OECD provisions for export financing Financing for up to 85 % of the export contract value. GIEK guarantees for up to 90 % of the loan amount. Note: with sovereign risk, 100 % GIEK coverage possible. Norwegian content must account for at least 30 % of the contract value. Local content cannot exceed 30% of the export contract value. Repayment for up to 10 years (developing countries.) Ships: 12 years. Renewable energy and water projects: 18 years Exporter or potential buyer must apply to Export Credit Norway before contract award.

5 Among world s largest financiers of equipment to the offshore oil and gas industry 5

6 Six steps towards export financing 6 Export and buyer sign export contract Exporter or buyer submits loan application before contract award Export Credit Norway issues indicative term sheet GIEK and bank conduct credit assessment, issue guarantee offer Export Credit Norway negotiates loan agreement with buyer Export Credit Norway disburses the loan postdelivery Export Credit Norway administers the loan

7 Attractive interest rates CIRR (fixed) or market-based interest (floating) CIRR, up to 12 years repayment Pre-contract CIRR RATES < 5 y y 9-12 y EUR USD NOK ,0 % 4,5 % 4,0 % 3,5 % 3,0 % Norwegian Kr 2,5 % US Dollar > 8.5 years 2,0 % Euro > 8.5 years 1,5 % 1,0 % 0,5 % 0,0 % sep.09 sep.10 sep.11 sep.12 sep.13 sep.14 Guarantee premium payable to GIEK and bank in addition 7

8 Responsible lending: social and environmental impact; anti-corruption

9 GIEK issues guarantees of behalf of the government - GIEK promotes Norwegian export of goods and services and investment abroad by offering financial guarantees on behalf of the Norwegian state - Guarantees based on the OECD terms and conditions - Since 2004, GIEKs guarantee liabilities has grown by 600 %. Main overall guarantee line currently NOK 145 billion (USD 21 billion) - 85 employees based in Oslo

10 offering a variety of guarantees - Securing Norwegian investments abroad (against political risk) - Export guarantees connected to bid bonds, advance payment bonds, performance bonds Buyer Credit Guarantee most frequently used: - The non-norwegian or off-shore buyer of goods and services needs capital (to pay for the goods/services), GIEK provides the guarantee necessary to secure the loan

11 Export Credit Norway provides the loans Limited liability company established by law in June 2012 Wholly owned by the government represented by the Ministry of Trade, Industry and Fisheries Mission: promote Norwegian exports by offering competitive export financing Outstanding loan volume: NOK 54.4 billion (USD 8.0 billion) as of 30 September 2014 Funding directly from the state treasury 44 employees based in Oslo and Ålesund

12 Nearly three quarters of Export Credit Norway s outstanding loan volume is guaranteed by GIEK 13 % NOK 54.4 bn (USD 8.0 bn) 15 % International banks Norwegian banks GIEK 72 %

13 Export Credit Norway and GIEK look forward to supporting Myanmar projects We offer: Long-term loans and guarantees on attractive terms The comfort of dealing with financiers controlled by the Norwegian government Highly specialised and competent organisations Financing experience from all over the world

14 Thank you! 09/12/

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