NordenBladet – Swedish National Export Credits Guarantee Board (Swedish: Exportkreditnämnden, EKN) is a Swedish government agency that answers to the Ministry for Foreign Affairs. The agency is located in Stockholm.
Its aim is to promote Swedish exports by issuing guarantees, functioning as insurances, by which the Government of Sweden assumes certain risks. The customers include export companies and banks.
About EKN
EKN, The Swedish Export Credit Agency, is an authority with the task of promoting Swedish exports. We do this by insuring the risk of not being paid in export transactions.
We also insure banks’ lending to both exporting companies and their buyers.
EKN’s guarantees make difficult markets available and enable more secure export transactions. We work with the big global companies as well as the very small ones, and guarantee their export business to over 130 countries.
Long-term guarantor for Swedish exports
EKN was established already in 1933 and has since been a complement to the private export credit insurance market. We have a worldwide network of banks, companies and other countries’ export credit agencies. We also work closely with other export promotion organisations in Sweden.
EKN’s commitment is on behalf of the Swedish state
EKN is funded with the guarantee holders’ premiums that reflect the risk in the transaction. The activities shall be financially self-sustaining over time.
Framework
The government appoints EKN’s Board and Director General. The Minister of Trade is responsible for EKN in the government. EKN’s mandate and mission are governed by regulations. The activities must follow instructions from the government, as stated in the annual letter appropriation.
What they do?
EKN is commissioned by the government to promote Swedish exports and the internationalisation of Swedish companies. We do so by insuring export companies and banks against the risk of non-payment in export transactions, thereby enabling them to conduct more secure export transactions. Our activities are financed by the guarantee holders’ premiums.
We make difficult markets accessible and export transactions possible. Our activities encompass export transactions in 120 different countries, and the companies we help range from small companies to large groups. EKN has existed since 1933, and has a broad network which includes banks, EKN’s counterparts in other countries and other export-promoting organisations.
Business relationships with companies and banks
The nature of our commission means we are both a business partner and a government authority. EKN’s decision to provide a guarantee is based on our businesslike assessment of the risk.
EKN’s commitments are also the Swedish state’s
The premium paid by guarantee holders reflects the risk in the transaction and represents EKN’s provision for loss. In the course of our business we have established a strong financial position, which means we are able to honour our commitments and expand our activities using our own resources. There have been periods in EKN’s history when our reserves did not cover the costs of loss. In these situations, EKN has an unlimited borrowing facility with the Swedish National Debt Office.
Official website: ekn.se
Visiting address: Kungsgatan 36
P.O. Box 3064
SE-103 61 Stockholm
Telephone: +46 8-788 00 00
E-mail: info@ekn.se