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    GIEK signs agreement with Kexim

    News // August 2, 2013

    An agreement between Kexim, the Korean Export-Import Bank, and GIEK, the Norwegian Export Credit Agency, is opening for an expansion of the co-operation regarding financing and export guarantees in cases where both Norwegian and Korean suppliers are involved.

    For many years, GIEK has been co-operating with Kexim, in the same way GIEK has co-operated with other Export Credit Agencies.

    "The signing of this agreement confirms our co-operation, and the intention to expand and strengthen it even further," said GIEK's Director Underwriting and Deputy CEO, ōyvind Ajer.

    The co-operation, which is now being strengthened through the agreement, deals with the exchange of information, experience and competence related to the financing of large projects where Korean and Norwegian suppliers are involved.

    "Typically, this may concern cases where Norwegian exporters contribute with equipment to drill ships built at Korean yards. These are large and very expensive ships, and the financing of them often encompasses Kexim as well as GIEK, in addition to banks," said Mr Ajer.

    DNB is one of the banks often contributing to financing. Hence, DNB hosted the signing of the agreement between Kexim and GIEK.

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