The Government decided on a significant increase in export financing to strengthen Finland's competitiveness

Ministry of Economic Affairs and Employment 13.9.2016 15.02
Press release

The Government proposes a significant increase in the authorisation to grant export financing under the Export Guarantee Act. The aim is to make sure that the export financing authorisation and conditions will stay at least on the same level as in the main competing counties, as stated in the Government Programme. Finnvera's export guarantee authorisation is to be raised from 19 billion euros to 27 billion and the export credit financing authorisation and interest equalisation authorisation both from 13 billion euros to 22 billion.

– Sufficient export financing is one of the key conditions for the competitiveness of business life and entrepreneurship, which the Government has pledged to improve by its key project and other actions. Earlier authorisation will not be sufficient if the order portfolio of our main export sectors turns out as we currently expect. This is why we are proposing this significant increase in the financing authorisations, says Olli Rehn, Minister of Economic Affairs.

– Raising the export financing authorisation will have significant positive impacts on our national economy via increased exports and employment in various regions and sectors.

In view of the Finnish exports the three main sectors are the ship-building, telecommunications and forest sectors.

Raising Finnvera's authorisations will not directly lead to increased liabilities. The liabilities will be growing as new decisions on financing and guarantees are being made. Granting export credits to major export projects is subject to the approval of the Ministry of Economic Affairs and Employment. Before that, the matter has to be discussed at the Cabinet Finance Committee.

The decision to increase the export financing authorisation was made at the meeting of the Cabinet Committee on Economic Policy on 13 September 2016.

Inquiries at the Ministry of Economic Affairs and Employment:
Hannu Väänänen, Special Adviser to the Minister of Economic Affairs, tel. +358 50 410 4909
Kari Parkkonen, Senior Government Adviser, tel. +358 50 563 7612