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Norway adds $7B to export credit fund

11/25/2008

OSLO, Norway (AP) — The Norwegian government Sunday said it will put aside an additional 50 billion kroner ($7 billion) for the state export credit agency to ease the effect of the global credit crunch on businesses.

The government said it will raise the funds for Garanti-instituttet for eksportkreditt, or GIEK, by 50 billion to 110 billion kroner ($15.4 billion).

GIEK insures Norwegian businesses against losses in connection with exports by stepping in as a guarantor on loans taken by those who buy Norwegian goods or services. It is also an important player on the Norwegian market for short-term customer credit insurance.

"A significantly increased framework for GIEK secures Norwegian business contracts abroad and investments at home," Prime Minister Jens Stoltenberg said in a statement. "This is one of many efforts by the government to meet the setback in the international economy."

GIEK chief Wenche Nistad welcomed the extra money and said it shows the government understands the magnitude of the needs of businesses.

Source: http://www.google.com/hostednews/ap/a