Terje Normann is First Vice President of the Industry and Energy division of GIEK, the Norwegian Export Credit Agency. GIEK is a government entity that offers Norwegian sovereign guarantees for foreign buyers of Norwegian exports. Previous professional experience includes corporate banking at the Energy division of DNB, equity sales at Pareto Securities, and the Power Market Section at the Norwegian Ministry of Petroleum and Energy. Mr. Normann has also served as a financial correspondent of the Norwegian online business daily E24. Mr. Normann holds an M.Sc in finance from the University of Pécs, and he is also a CFA charter holder.
GIEK, the Norwegian Export Credit Agency, issues guarantees for Norwegian companies’ export credits on behalf of The Norwegian government. With assistance from GIEK, exporters can offer credit or finance without bearing the entire risk themselves. GIEK secures competitive terms for the industry and promotes the export of Norwegian goods and services and investment abroad.
GIEK is open to all industries, and can provide guarantees for exports to most countries around the world. The guarantees can cover single or multiple transactions, and commercial as well as political risk. GIEK’s customers come from all parts of Norway, and range from small, inexperienced export companies to Norway’s largest industrial groups. In practice, GIEK is the only organization in Norway that can offer cover for long term loans for the export of capital goods to developing countries, newly industrialized countries and former state-trading countries. GIEK also offers guarantees for the export of ships and for building loans given by banks to Norwegian shipyards for the building or refitting of ships.
GIEK’s guarantees can be used as security for Norwegian and international banks and other financial institutions to facilitate funding.