Government proposal: Finnvera’s ability to grant small direct export credits to be improved vientiluottoja
On 1 September 2022, the Government proposed that the Act on State-Subsidised Export and Shipbuilding Credits and Interest Equalisation be amended. The proposal aims to improve the export opportunities of small and medium-sized companies and small export projects by providing companies with better financing for such projects.
Even though the contents of the proposal are largely technical in nature, Finnvera Group will be better placed to grant direct export credits in both small and large capital amounts as a result of the amendments.
According to the proposal, Finnvera could cover the credit risk not only with the export credit guarantee and ship guarantee but also with other measures, if necessary. With regard to hedging against the interest risk, it is proposed that the company could also manage interest risks associated with fixed-rate credits through other arrangements than interest equalisation.
Finnvera has estimated that it will need approximately five additional employees in its organisation due to the prospective changes in its operations. The Act is scheduled to enter into force on 1 November 2022.
Timo-Jaakko Uotila, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 5047 128