GIEK documentation requirements for applicants are consistent with international agreements, Norwegian laws and guidelines.

Our most important requirements:

  • Sufficient Norwegian content in the contract.

  • Exporter is able to deliver.

  • Buyer has sufficient creditworthiness.

  • GIEK can share the risk (with a bank or the exporter).

  • Ethics and sustainability are safeguarded.

GIEK’s consideration of these five points determines whether we can issue a guarantee and what it will cost.

Documentation requirements

Different requirements apply to the various financing types. For project financing there are additional requirements.

GIEK’s participates in ship finance with a number of lending instruments (for more information please visit the Maritime and Offshore tab).

GIEK will not begin processing an application until a minimum of the necessary documentation is received (what is needed is made clear on the application forms). Applicants must also confirm that the parties are acting in accordance with our ethical and public disclosure requirements. At the bottom of each application form there is a link to the relevant declaration. The declarations are also available at the bottom of this page.

A case officer at GIEK will be assigned to the application, and will take contact soon after the application is received. The case officer is the applicant’s contact with GIEK during the application process and will keep the customer updated.

 

GIEK's requirements

GIEK assesses risk in each individual country, and its approach to issuing guarantees in support of exports to different countries varies.

What is meant by risk assessment?

GIEK assesses country risk where appropriate, and in many cases country risk is a decisive factor in premium calculation. During a country assessment, we look at overall payment risk in the country. The assessment includes economic and political factors that affect whether a country can and will respect its international payment obligations. Such factors may include foreign exchange shortages, war, civil war, expropriation, suspension of payments, transfer barriers or trade restrictions (an import or export ban, for example). Other aspects of a country’s ability to pay, including broad economic developments, are also assessed.
 

How does GIEK conduct its risk assessment?

GIEK uses a variety of sources, some of them public and others that are purchased, like rating agency reports. Through cooperation (and an agreement) in the OECD, an econometric model has been developed that assesses about 140 countries. Through that same cooperation GIEK has access to what guarantee institutes in other countries have experienced with regard to payment history in these 140 countries. A common system of country classification has also been created through the cooperation. When necessary, GIEK also conducts more narrowly focused studies of sectors, regions, etc.
 

Disclaimer

These risk assessments concern only ability and willingness to pay in the countries reviewed, not the countries’ political and economic systems or whether recent developments have been constructive or desirable.

Read more about our country views and risk assessments.

Corruption undermines legal business, distorts competition, harms reputation and exposes companies and people for risk. GIEK, as a public enterprise under the Ministry of Trade, Industry and Fisheries, considers anti-corruption an integral part of our social responsibility.

GIEK opposes all forms of corruption. GIEK strive to reduce the risk for corruption and bribes towards GIEK or in transactions GIEK participates in.

GIEK deem anti-corruption as a continuous process. In all projects, GIEK scrutinize the transaction, participants and payments, aiming to reduce the potential for corruption.

GIEK seek to hinder corruption by way of information, data collection and declarations from exporter(s) and eventual co-applicant(s). There are terms against corruption in GIEK’s guarantee agreements, and work for its inclusion in corresponding loan agreements. According to the terms a loan can be terminated if corruption is uncovered. There are similar terms for the reduction or cancellation of guarantee responsibility

Terms to exporters and other applicants:

  1. GIEK shall as soon as possible in the process inform the civil and criminal consequences of corruption, including the Penal Code §§ 387-389, cf. §15. GIEK will if needed advice exporters, and any applicants, about the importance of developing, implementing and documenting procedures and systems to counteract corruption.
  2. GIEK requires exporters, and any other applicants, declare that neither they, nor anyone acting on their behalf in the transaction, have been involved in or will engage in corruption, in the transaction. Guarantees will not be issued without the exporter, and any other applicant, sign such a declaration.
  3. Exporter, and other applicant, must state whether there are other persons or companies acting on their behalf in the transaction. They must state their role and how the fee is calculated and payable.
  4. GIEK requires confirmation from exporter, and other applicant, that neither they nor anyone acting on their behalf in the transaction is on the World Banks, or the regional development banks lists, of companies which are banned because of corruption or other crimes.
  5. GIEK requires information about whether the exporter, and any other applicant or others acting on their behalf in the transaction:
    1. is indicted for corruption  or other financial misconduct, or
    2. the last five years has been convicted of corruption or other financial misconduct in a national court, or
    3. the last five years imposed national administrative measures due to corruption or other financial misconduct.

GIEK asks applicants to submit a full business plan in connection with the processing of guarantee applications.

The business plan should contain the following information:

Information on the buyer company

  • Name, address, company type and date of formation

  • How many shares/interests there are in the company and a list of shareholders/overview of ownership arrangements

  • Share capital/any subordinated loan capital

  • Name/backgrounds of board members and company management

  • Accounts and balance sheets for the past three years

Information on the project

  • Project description

  • Market conditions/agreements if applicable

  • Business strategy

  • Project status and progress schedule

Financing and budget information

  • Estimated capital requirements and funding sources

  • Equity, long-term loans/export credits and operating credit

  • Any co-guarantors and their terms and degree of participation

  • Overview of the security available to GIEK (mortgages, guarantees, etc.)

Guarantee recipient/financing recipient must be creditworthy.

  • Information on main design and features for new vessels
  • Information on intended use of vessel
  • Description of ownership structure
  • Information on market position and marketing
  • Financial statement for the last three years. Revidert regnskap (3 år tilbake) for garantimottaker. Det er et absolutt krav at kjøper leverer historiske reviderte og signerte regnskap på englesk ifm søknaden. At kontantstrømsfremskrivinger for minimum tre år fremover også legges ved.
  • Financial model with forecast including the new vessel(s)
  • Overview of main management and board of directors
  • Copy of complete annual accounts, audited 3 past financial years

  • Description of business model – the company’s products, markets, etc.

  • Updated forecast for current year; budget, forecasts, 3 years ahead

  • Description of existing capital structure, bank relationships

  • Legal structure (if more than one company in the structure)

  • Environmental analysis – depending on the case

 

Applicants will be asked to submit additional documentation, depending on the case.

If cash flow from the Norwegian export is essential to the company’s ability to service debt (as in the case of a new company whose only assets are its Norwegian export product, and whose cash flow depends on it), additional documentation will be requested and GIEK will impose stricter conditions.

The additional information requested may include:

Copy of sales finance plan or contract(s) that will ensure future cash flow.

 

 

 

GIEK supports Norwegian exports and Norwegian investments abroad. Usually, GIEK issues guarantees in connection with contracts where exported product is Norwegian-produced. GIEK generally requires Norwegian goods or services to account for at least 30% of content.

Beyond that, GIEK has the opportunity to issue guarantees in cases that fall outside the usual conditions for export guarantees if financing an export transaction would clearly serve Norwegian interests and create Norwegian value.

Before GIEK can guarantee a long-term loan, it must do a thorough credit assessment of the borrower.

Buyers applying to GIEK for a buyer credit guarantee must upload the following attachments:

  • Buyer’s complete audited accounts for the past 3 years, and

  • Buyer’s forecast (income statement, balance sheet and cash flow) for the current year and 2 years forward.

  • The items of information we need are shown in this Excel template.

Alternatively, if the application concerns project financing, we will require a detailed financial model for the project.

GIEK is committed to integrating environmental and human rights aspects into our risk assessments. Our aim is to provide practical advice that facilitates the management of risk and potential negative impacts in order to decrease the operational, financial, and reputational risks related to specific projects.

GIEK’s policy on the environment and human rights is in line with international commitments and Norwegian governmental policies. GIEKs environmental and human rights due diligence policy is based on the implementation of the OECD’s «Common Approaches on Environmental and Social Due Diligence (2016)» and operationalizing of the UN Guiding Principles on Business and Human Rights. GIEK's Environmental and Human Rights Due Diligience Procedure is available here.

GIEK will evaluate the documentation provided by the client, as well as conduct its own assessment of potential risks and negative impacts related to the transaction in question. Our assessment of projects are based on applicable local law and regulations, and relevant international standards, the most important being the International Financial Corporation (IFC) Performance Standards and Core ILO Labour standards.

Clients should be aware of potential environmental, social and human rights risks within their own operations and within the projects there are involved in. It is expected that they have conducted their own due diligence to identify potential risks and impacts, and have documented how they intend to prevent, mitigate and remediate these.

For industrial, land-based projects and fixed offshore projects an Environmental and Social Impact Assessment (ESIA) and Action Plan (ESAP) are often required.

For maritime projects, ship yard evaluations are required for both construction and hull yards, and include assessments of labour, working conditions, and health and safety. 

Application form declarations

Complete information

We understand and accept that processing of the application will begin after GIEK has received all necessary information from the applicant. The information GIEK requires is made clear in the application form. If the customer chooses to send follow-up information, processing will begin only after this is received.

Corruption

In the application process GIEK requires a declaration that the exporter is aware that it must submit an exporter declaration before the guarantee is issued.

A condition for coverage under GIEK’s guarantee is that the exporter, pursuant to OECD guidelines, and before guarantee issuance, provide a written declaration stating that neither the exporter nor anyone acting on the exporter’s behalf has acted or will act in violation of the prohibition contained in sections 387–389 of the Penal Code (see also section 15). The provisions pertain to corruption in relation to actors in the public and private sectors, and to trading in influence in the public and private sectors as well as complicity in such activity.

If the declaration referred to above cannot be made, an explanation shall be provided in writing in the application. If the exporter has been involved in corruption, documentation must be submitted on corruption-prevention measures that have been put into effect.

The information above will be used by GIEK in processing applications, and for a policy to be issued the exporter is required to certify, before policy issuance, that the information is complete and correct.

If persons affiliated with the exporter’s enterprise, or the enterprise, accepts a penalty for breach of the aforementioned provisions, or liability is determined in a legally enforceable judgment, GIEK will be able to hold the exporter liable for compensation if the conditions for such liability are met.

The same applies if the exporter’s associates in the transaction behave in contravention of the said Penal Code provisions and the exporter knew or must have have known this.

If there are financial ties between companies/individuals on the exporter’s side of the transaction and companies/persons on the buyer’s side, GIEK shall be informed of these.

Control systems:

It is a condition for coverage under GIEK’s guarantee that the exporter understands and accepts the importance of developing, implementing and being able to document satisfactory control systems for combatting corruption.

Corruption indictment/conviction

It is a condition for coverage under GIEK’s guarantee that neither the exporter, nor anyone acting on behalf of the exporter (for example, agents), nor others the exporter is aware of that receive payment or other benefit for performing work or services or that take part in the transaction in other ways:

  • are under indictment for (or charged with) corruption, or

  • have been convicted of corruption in Norway or abroad in the five years prior to the date of this application

  • have been the subject of administrative measures due to corruption in Norway or abroad in the five years prior to the date of this application

World Bank/regional development bank listings

It is a condition for coverage under GIEK’s guarantee that neither the exporter, nor anyone acting on behalf of the exporter (for example, agents), nor others the exporter is aware of that receive payment or other benefit for performing work or services or for some other involvement in the transaction are on the World Bank’s or the regional development banks’ listings of companies that are debarred due to corruption.

Agents

If agents or other persons/firms are used/will be used to act on the exporter’s behalf, or if the exporter knows of others that receive payment or other benefit for performing work or services or for some other involvement in the transaction, the following information shall be reported on the application form:

  • Person/firm (name, business registration number and address)

  • Nature of the assignment/service

  • Remuneration/fees/other benefits

  • Settlement location/place of payment

It is a condition for coverage under GIEK’s guarantee that all payments, commissions or other benefits in the transaction that do not pass directly between buyer and seller relate to the coverage of relevant actions and services and that the size of the payments is proportionate to the value of the action or service provided.

Reporting

GIEK has an obligation, under Norwegian law, to inform the competent authorities if there is well-grounded suspicion of a violation of sections 387–389 of the Penal Code (see also section 15).

Complete information

We understand and accept that processing of the application will begin after GIEK has received all necessary information from the applicant. The information GIEK requires is made clear in the application form. If the customer chooses to send follow-up information, processing will begin only after this is received.

Corruption

We are aware that a condition for coverage under GIEK’s guarantee is that the exporter, pursuant to OECD guidelines, and before guarantee issuance, provide a written declaration stating that neither the exporter nor anyone acting on the exporter’s behalf has acted or will act in violation of the prohibition contained in sections 387–389 of the Penal Code (see also section 15). The provisions pertain to corruption in relation to actors in the public and private sectors, and to trading in influence in the public and private sectors as well as complicity in such activity.

We declare that we have no suspicion of, or familiarity with, corruption among other parties involved in the project.

If there are financial ties between companies/individuals on our side of the transaction and companies/persons on the exporter’s side, GIEK shall be informed of these.

Control systems:

We understand and accept the importance of developing, implementing and being able to document satisfactory control systems for combatting corruption.

Corruption indictment/conviction

We declare that neither we nor others we know of who receive payment or other benefit for performing work or services in the transaction or who take part in some other way:

  • are under indictment for (or charged with) corruption, or

  • have been convicted of corruption in Norway or abroad in the five years prior to the date of this application

  • have been the subject of administrative measures due to corruption in Norway or abroad in the five years prior to the date of this application

World Bank/regional development bank listings

We declare that neither we nor others that we know of who receive payment or other benefit for performing work or services or for some other involvement in the transaction are on the World Bank’s or the regional development banks’ listings of companies that are debarred due to corruption.

PEP – politically exposed persons

We declare that no leading employees, board members or owners are PEPs. If any of these are PEPs, information is provided on the application form.

Reporting

We are aware of GIEK’s obligation, under Norwegian law, to inform the competent authorities if there is well-grounded suspicion of a violation of sections 387–389 of the Penal Code (see also section 15).

 

Consent to public release

GIEK has the right – after issuance of a guarantee policy – to publish the following information at www.giek.no: Name of buyer and associated country, name of exporter, type of product, guaranteed amount and date of issue of the guarantee policy. The terms in this declaration may only be changed or deviated from by written agreement with GIEK.

Complete information

We understand and accept that processing of the application will begin after GIEK has received all necessary information from the applicant. The information GIEK requires is made clear in the application form. If the customer chooses to send follow-up information, processing will begin only after this is received.

Corruption

We hereby declare that:

We are aware that a condition for coverage under GIEK’s guarantee is that the exporter, pursuant to OECD guidelines, and before guarantee issuance, provide a written declaration stating that neither the exporter nor anyone acting on the exporter’s behalf has acted or will act in violation of the prohibition contained in sections 387–389 of the Penal Code (see also section 15), and that we have informed the exporter that such a declaration will be demanded. The provisions pertain to corruption in relation to actors in the public and private sectors, and to trading in influence in the public and private sectors as well as complicity in such activity.

We declare that we have no suspicion of, or familiarity with, corruption among other parties involved in the project.

Control systems:

We declare that we have satisfactory control systems for assessing corruption and other integrity risks.

Corruption indictment/conviction

We declare that to our knowledge none of the parties participating in the transaction:

  • is under indictment for (or charged with) corruption, or

  • has been convicted of corruption in Norway or abroad in the five years prior to the date of this application

  • has been the subject of administrative measures due to corruption in Norway or abroad in the five years prior to the date of this application

Agents

If agents or other persons/firms are used/will be used to act on the exporter’s behalf, or if we know of others that receive payment or other benefit for performing work or services or for some other involvement in the transaction, the following information shall be reported on the application form:

  • Person/firm (name, business registration number and address)

  • Nature of the assignment/service

  • Remuneration/fees/other benefits

  • Settlement location/place of payment

It is a condition for coverage under GIEK’s guarantee that all payments, commissions or other benefits in the transaction that do not pass directly between buyer and seller relate to the coverage of relevant actions and services and that the size of the payments is proportionate to the value of the action or service provided.

World Bank/regional development bank listings

We declare that to our knowledge none of the parties to the transaction is on the World Bank’s or the regional development banks’ listings of companies that are debarred due to corruption.

Reporting

We are aware of GIEK’s obligation, under Norwegian law, to inform the competent authorities if there is well-grounded suspicion of a violation of sections 387–389 of the Penal Code (see also section 15).

Consent to public release

GIEK has the right – after issuance of a guarantee policy – to publish the following information at www.giek.no: Name of buyer and associated country, name of exporter, type of product, guaranteed amount and date of issue of the guarantee policy. The terms in this declaration may only be changed or deviated from by written agreement with GIEK.

Complete information

We understand and accept that processing of the application will begin after GIEK has received all necessary information from the applicant. The information GIEK requires is made clear in the application form. If the customer chooses to send follow-up information, processing will begin only after this is received.

Corruption

The bank hereby declares that:

We have no suspicion of, or familiarity with, corruption among parties involved in the project; see sections 387–389 and section 15 of the Penal Code.

Control systems:

We declare that we have satisfactory control systems for assessing corruption and other integrity risks.

Corruption indictment/conviction

We declare that to our knowledge none of the parties participating in the transaction:

  • is under indictment for (or charged with) corruption, or

  • has been convicted of corruption in Norway or abroad in the five years prior to the date of this application

  • has been the subject of administrative measures due to corruption in Norway or abroad in the five years prior to the date of this application

World Bank/regional development bank listings

We declare that to our knowledge none of the parties to the transaction is on the World Bank’s or the regional development banks’ listings of companies that are debarred due to corruption.

Reporting

We are aware of GIEK’s obligation, under Norwegian law, to inform the competent authorities if there is well-grounded suspicion of a violation of sections 387–389 of the Penal Code (see also section 15).
 

Consent to public release

GIEK has the right – after issuance of a guarantee policy – to publish the following information at www.giek.no: Name of buyer and associated country, name of exporter, type of product, guaranteed amount and date of issue of the guarantee policy. The terms in this declaration may only be changed or deviated from by written agreement with GIEK.

Complete information

We understand and accept that processing of the application will begin after GIEK has received all necessary information from the applicant. The information GIEK requires is made clear in the application form. If the customer chooses to send follow-up information, processing will begin only after this is received.

Corruption

The bank hereby declares that:

We are aware that a condition for coverage under GIEK’s guarantee is that the exporter, pursuant to OECD guidelines, and before guarantee issuance, provide a written declaration stating that neither the exporter nor anyone acting on the exporter’s behalf has acted or will act in violation of the prohibition contained in sections 387–389 of the Penal Code (see also section 15), and that we have informed the exporter that such a declaration will be demanded. The provisions pertain to corruption in relation to actors in the public and private sectors, and to trading in influence in the public and private sectors as well as complicity in such activity.

We declare that we have no suspicion of, or familiarity with, corruption among other parties involved in the project.

Control systems:

We declare that we have satisfactory control systems for assessing corruption and other integrity risks.

Corruption indictment/conviction

We declare that to our knowledge none of the parties participating in the transaction:

  • is under indictment for (or charged with) corruption, or

  • has been convicted of corruption in Norway or abroad in the five years prior to the date of this application

  • has been the subject of administrative measures due to corruption in Norway or abroad in the five years prior to the date of this application

Agents

If agents or other persons/firms are used/will be used to act on the exporter’s behalf, or if the bank knows of others that receive payment or other benefit for performing work or services or for some other involvement in the transaction, the following information shall be reported on the application form:

  • Person/firm (name, business registration number and address)

  • Nature of the assignment/service

  • Remuneration/fees/other benefits

  • Settlement location/place of payment

It is a condition for coverage under GIEK’s guarantee that all payments, commissions or other benefits in the transaction that do not pass directly between buyer and seller relate to the coverage of relevant actions and services and that the size of the payments is proportionate to the value of the action or service provided.

World Bank/regional development bank listings

We declare that to our knowledge none of the parties to the transaction is on the World Bank’s or the regional development banks’ listings of companies that are debarred due to corruption.

Reporting

We are aware of GIEK’s obligation, under Norwegian law, to inform the competent authorities if there is well-grounded suspicion of a violation of sections 387–389 of the Penal Code (see also section 15).

 

Consent to public release

We have informed the exporter that GIEK has the right – after issuance of a guarantee policy – to publish the following information at www.giek.no: Name of buyer and associated country, name of exporter, type of product, guaranteed amount and date of issue of the guarantee policy. The terms in this declaration may only be changed or deviated from by written agreement with GIEK.