Norway to boost shipbuilding loan guarantee funding to more than $1 billion

The Norwegian Government unveiled a package of measures on Sunday intended to boost export-created jobs by boosting Guarantee Institute for Export Credit (GEIK) by up to NOK 50 billion (about $7 billion) to NOK 110 billion (about $15.3). The government proposes to expand the system of guarantees for building ships to NOK 8 billion (about $1.1 billion), from the current frame of NOK 5 billion (about $698 million). The shipbuilding guarantees covering loans for shipyards for construction or modification of a ship in Norway. The Government also intends to boost the Innovation Norway loan program from NOK 1 billion (about $140 million) to NOK 1.5 billion (about $210mbillion). It says proposals will go the Parliament on November 28 and that the expanded programs will be in place for both 2008 and 2009.

(If your Norwegian is up to it, you can read Sunday's announcement HERE).