GIEK underwrites exports of all types of goods and services.

GIEK underwrites exports to over 150 countries of all types of goods and services ranging from fruit and berries to ships to consultancy services.
The guarantees may encompass a single transaction or a series of transactions and cover not only commercial risk, i.e. bankruptcy on the part of the debtor or non-payment for other reasons, but also political risk, i.e. war, expropriation and actions by the public authorities which prevent payment.

GIEK is an important player on the Norwegian market for short-term customer credit insurance through the subsidiary GIEK Credit Insurance Ltd., primarily servicing exporters who are unable to secure satisfactory offers on the private market.
GIEK offers long term guarantees for export of capital goods to most countries, including emerging markets. GIEK’s guarantees also cover export of ships. Our customers are drawn from all areas of the country and range from small, inexperienced exporters to major industrial corporations.
GIEK's operations follow the general framework laid down by The Storting and the Ministry of Trade and Industry. The guarantees are issued on behalf of the Norwegian government and can be used as security vis-à-vis banks and other financial institutions to facilitate funding. The Director General and a Board of seven directors are responsible for day-to-day operations.
GIEK's business is divided into three separate areas:
- General Scheme,
- Special Resolutions by the Storting
- the Old Portfolio.
GIEK also manages a separate scheme aimed at developing nations on behalf of the Ministry of Foreign Affairs. Each section is a separate accounting entity. top
Norway is a signatory to the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
In December 2000 OECD adopted an Action Statement on Bribery and Officially Supported Export Credits and GIEK is accordingly tightening the rules against corruption in its decision-making process. GIEK consequently demands that exporters applying for a guarantee from GIEK sign a declaration that he has not employed or will employ illegal bribes in connection with current export business. The exporter must furthermore declare that he agrees that he loses the right to compensation and that any compensation paid must be reimbursed with interest and expenses if he has employed illegal bribery. By illegal bribery is meant acts described in Section 128 of the Norwegian Penal Code.
Correspondingly, Giek’s special terms and conditions for export credit guarantees include a provision that an exporter who employs illegal bribery loses the right to compensation. Should he or his lender have received compensation, he is obliged to reimburse the compensation with interest and indemnify GIEK for any expenses.
The special terms and conditions vis-à-vis lenders include a clause that a lender who employs illegal bribery shall lose the right to compensation. If compensation has been paid, he must reimburse the amount of the compensation with interest and indemnify GIEK for any expenses. top

Links ECA's:
CESCE COFACE COSEC DUCROIRE EKF ECGD EDC EKN ERG EXIM EXPORTERS FINNVERA GERLING-NCM GIEK HERMES HKECIC JBIC KEIC MIGA OeKB SACE

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