Here you will find all news and press releases.
EKN updates country risk classifications for six nations. West African Cape Verde and four Latin American/Caribbean countries are upgraded, while Israel in the Middle East is downgraded due to conflict risks.
EKN updates country risk classifications for six countries
As of 20 September 2024, new functions will be available for Business Accounts in EKN Online. In connection with this, the General Terms and Conditions for EKN Online are also updated.
New functions in EKN Online
EKN has eased requirements for Zambia, abolishing the need for own hard currency earnings and letters of credit for bank risks.
Zambia – country policy change
EKN has closed long-term bank risks for Ethiopia due to financial challenges and a severe hard currency shortage.
EKN tightens Ethiopia policy by closing long-term bank risks
Despite remaining in country risk class 7, Pakistan is showing signs of economic stabilization with selective policy reliefs.
Pakistan's economic outlook shows signs of improvement
Georgia, Montenegro and Oman have new country risk classifications following the latest OECD meeting.
Read more
Today, the 28th meeting of the Conference of the Parties (COP) opens in Dubai.
SEK and EKN explain the importance of attending COP28
Please be informed that revised and updated General Conditions for Counter Guarantees are now available on EKN’s website.
Updated General Conditions for Counter Guarantees
In the 2024 budget bill, the government proposes a special guarantee framework for EKN in the National Debt Office and allocation of funds to appropriations in the state budget for guaranteeing exports to Ukrainian importers.
Special export credit guarantee for Ukraine
EKN appoints Lena Bertilsson as new Director of Business Area for Large Corporates and member of EKN’s executive management. She has extensive experience from export finance and senior positions within several banks, most recently at Swedbank.
Lena Bertilsson new Director of Business Area for Large Corporates at EKN
Please be informed that revised and updated General Terms and Conditions for Buyer Credit Guarantees now are available on EKN’s website.
Updated General Terms and Conditions for Buyer Credit Guarantees
The Export-Import Bank of the United States (EXIM) and the Swedish export credit agency EKN have concluded a reinsurance agreement.
Sweden and US have concluded a reinsurance agreement
Interim Report January-April 2023: During the period EKN issued guarantees worth SEK 48.3 billion (SEK 28.0 billion) – the highest volume ever achieved during a first tertial. EKN’s guarantee offers also reached a record level.
Guarantee volumes at record levels
OECD has presented a principle proposal for the modernization of the international guidelines for export credits, where "green" transactions are rewarded.
Updated guidelines from OECD
EKN’s Annual Report 2022: EKN’s guarantees amounted to SEK 64.8 billion, exceeding SEK 60 billion for the third year in a row.
Third year with high guarantee volume
To secure access to raw materials for Swedish companies, EKN is launching a credit guarantee for imports for the first time. This entails an expansion of EKN’s mission.
New credit guarantee to secure Sweden’s access to raw materials
Interim report Jan-Apr 2022: During the period, the Swedish Export Credit Agency (EKN) issued guarantees for exports to a value of SEK 28 billion. While down on last year’s record, it matched the high level recorded in 2020. Russia’s invasion of Ukraine and the outbreak of war prompted EKN to immediately halt guarantees for export deliveries to Russia, Belarus and Ukraine.
Guarantee volume remains high in the first four months of 2022
Due to Russia's invasion of Ukraine, which took place from several directions, including Belarus, EKN has decided to put the country policy for these three countries under review.
EKN stops guarantees to Russia, Ukraine and Belarus
EKN's 2021 Annual Report: The guarantee volume (excluding temporary support measures) of SEK 77.1 billion was the second highest ever. Guarantees to Africa reached a record high of SEK 20.8 billion.
Guarantees at record highs in 2021
Debate: Money has a great potential to limit climate emissions and drive sustainable development forward. Therefore, SEK and EKN have considerable opportunities to influence investments, writes Swedish Export Credit Corporations’s CEO Magnus Montan and the Swedish Export Credit Agency's Director General Anna-Karin Jatko.
We must discuss the impact of Swedish export on the climate
EKN contributes to the financing of the third and last phase of the world’s largest offshore wind farm. Last year EKN provided guarantees for the financing of the purchases of supplies from Sweden through Hitachi Energy and NKT HV Cables AB for the first two phases.
EKN contributes to the completion of the world’s largest offshore wind farm
Anna-Karin Jatko, Director General, and Marie Aglert, Director of Business Area for Large Corporates, represent EKN at the UN climate change conference COP26 in Glasgow, Scotland.
EKN participates at COP26
The policy clarifies EKN’s approach in export transactions to operations with high negative climate impacts. The new wording is in line with the adaptation that EKN has done in the past years.
EKN’s Sustainability Policy has been updated
Interim Report Jan-Aug 2021: During the period EKN issued guarantee offers totaling SEK 56.7 billion, up 12 percent year-on-year. The guarantee volume amounted to 49.2 billion, the majority of which was attributable to a few large transactions at the front end of the year.
The number of SME-customers continues to increase
EKN has published new country risk analyses of four countries in Africa.
New country risk analyses
EKN is launching a new guarantee for exports that contribute to the climate transition. The Green Export Credit Guarantee, enables exporters and banks to insure up to 100 per cent of the value of a transaction to protect themselves from the risk of non-payment.
EKN launches Green Guarantee to promote climate investments
The Swedish Government has appointed Carina Lundberg Markow, Anna Lundmark Lundbergh, and Dag Juhlin-Dannefeltas as new members of the EKN board. Sven-Eric Söder has been appointed as Chairman of the board.
New members of the EKN board
The Scientific Climate Council, a group of academic experts, will provide advisory support to EKN and SEK to assist aligning the Swedish export finance system with the Paris Agreement’s 1.5°C goal. The climate council is the first of its kind in the world and will focus on issues such as the role of natural gas for the energy transition in low- and middle-income countries.
EKN and SEK establish a scientific climate council
During the period, EKN issued guarantee offers totalling SEK 26.8 billion, up 77 per cent year-on-year. The guarantee volume amounted to a record SEK 38.1 billion, the majority of which was attributable to just a few transactions. The number of SME customers reached a record-high number.
Renewable energy dominated the four-month period
In conjunction with EKN’s decision to withdraw conditional offers for guarantees for exports to Belarus with the buyers RUE Minskenergo and RUE Brestenergo, inaccuracies have been reported in the media. The following information is correct:
Concerning media coverage of EKN’s decision relating to Belarus
EKN has not issued any guarantees and will not do so. Based on a fresh analysis, EKN has concluded that the two projects in Belarus lack the necessary prerequisites to meet human rights requirements in compliance with international regulations. EKN has therefore decided not to issue any export credit guarantees.
EKN withdraws Belarus guarantee offers
Among the worlds' export credit agencies Swedish EKN has been recognized by GTR as Leader in Trade for Sustainability. The award is a testament to the export credit agency’s sustainability achievements throughout the course of 2020.
EKN recognized as Leader in Trade for Sustainability
OECD raises the limit on how much local content in a project that may be covered by export credit agencies. The change reflects the reality of today’s complex global value chains and the multinational sourcing in large infrastructure projects, in particular.
New OECD rules allow EKN to cover more local costs
EKN is currently evaluating and analyzing the situation in two projects in Belarus. EKN has outstanding binding guarantee offers regarding the payment risk in export transactions for these projects - two gas power plants.
Information regarding two export transactions to Belarus
EKN has appointed Nicole Pluntke as new Head of Unit for Infrastructure and Telecom within the Large Corporates business area. Swedish companies are at the forefront of these industries.
New Head of Unit for Infrastructure and Telecom
EKN's 2020 Annual Report: A record-high guarantee volume of SEK 119.1 billion encompassed historic levels for approved regular guarantees granted as well as extensive crisis measures.
Record-high guarantee volume for EKN in 2020
EKN has appointed Kristian Orrbeck as a new Head of Unit for Medtech, Industries and Commodities within the Large Corporates Business Area. The customer team currently handles a large number of transactions, which is expected to increase during 2021.
New Head of Unit for Medtech, Industry and Commodities
EKN’s Interim Report Jan–Aug 2020: EKN’s regular guarantee operations increased 27 per cent to SEK 52.1 billion year-on-year. Temporary crisis measures with working capital credit guarantees for large corporates amounted to SEK 52.1 billion.
Extensive crisis measures and expanded regular operations
An export finance system that contributes to climate transition.
EKN submits report to the Swedish Government
The government has decided to appoint Stefan Sjöquist as new board member of EKN for the coming year (July 1, 2020 – June 30, 2021).
New board member
EKN issued guarantee offers totalling more than SEK 120.7 billion in the first four months of 2020. The more than six-fold increase is due to booming demand for working capital credit guarantees. “They’ve given companies essential assistance for financing working capital during the crisis,” says Anna-Karin Jatko, Director-General of EKN.
Booming demand for EKN’s crisis measures
covering Working Capital Credit Financing for large companies.
Record interest for EKN’s guarantees
A new EU decision now enables EKN to insure short-term risk for export transactions within the EU and to high-income countries, which was previously not permitted.
EKN can now insure export transactions within the EU
On March 24, the World Bank Group and the IMF called upon Official Bilateral Creditors to suspend debt payments for the poorest countries of the world.
Debt service suspension for poorest countries
To support exporting companies.
New and extended guarantees from EKN
The need for EKN is higher in difficult times and the Swedish Government proposes in a bill to the Parliament to increase EKN’s statutory limit. EKN is preparing adjustments and extensions to accommodate the anticipated growth in demand.
The Government proposes an increase in EKN’s guarantee limit
EKN’S ANNUAL REPORT 2019. EKN enjoyed another successful year in 2019, with a record number of deals and a sustained high volume of guarantees. “It is particularly rewarding that more small and medium-sized businesses than ever before made use of EKN’s guarantees,” says Anna-Karin Jatko, Director General at EKN.
Record number of deals for EKN in 2019
EKN's Interim Report January - August 2019. Guarantees for the period amounted to SEK 41.1 billion, which was down slightly on last year's very high level. Guarantees to small and medium-sized companies have continued to increase.
Guarantees and offers remain at high levels
regarding ”non-performing exposures”.
New supplementary condition to the Buyer credit guarantee
The Government has appointed EKN's Board of Directors for the period July 1, 2019 - June 30, 2020. Jan Wäreby is new to the Board. Ingrid Dovlin and Fredrika Gullfot leave their assignments.
EKN welcomes new board member Jan Wäreby
Business activity was high in the first four months of 2019 with EKN issuing more new guarantees and more offers year-on-year. In terms of volumes, guarantees increased 19 per cent and offers 21 per cent. Moreover, the number of small and medium-sized enterprises (SMEs) using EKN continued to grow.
Increase in guaranteed transactions
Guarantees amounted to SEK 56.8 billion and encompassed 2,082 export transactions to 129 countries. The number of SMEs using EKN is rising.
Numerous transactions and high guarantee volumes
A company with exports representing at least 25 per cent of its turnover within 2–3 years of its formation – this is a born global company. But how common is the phenomenon – and what societal effects does it yield? New research shows that we should lower the expectations for born global companies.
Born Globals – myth or reality?
EKN has decided to downgrade Nicaragua from country risk category 6 to country risk category 7. "The political unrest has affected the economic situation in the country in a very negative way," said André Lundvall, Country Risk Analyst at EKN.
EKN downgrades Nicaragua
Blockchain is a technology with the potential to revolutionise international trade. We asked Patrik Zekkar, Head of Trade Finance & Working Capital Management at Nordea, to explain how blockchain technology could make the export business simpler and more secure in the future.
Six issues concerning blockchain and the future of trade
Year-on-year, the volume of guarantees issued by EKN doubled for the period from January to August 2018. At the same time, the guarantee volume for small and medium-sized enterprises increased 26 per cent.
EKN doubles guarantees issued
Karin Wessman has been appointed to the new position of Director of Sustainability at the Swedish Export Credit Agency (EKN). Her previous position was as Sustainability Manager for the agency.
Karin Wessman appointed Director of Sustainability
EKN global outlook 2018: All parts of the world are now contributing to growth in the global economy.
Booming global economy
Prime Design Sweden is the company behind the revolutionary lighting solution Baselight, which can help save lives in the dark, for example, in the event of a natural disaster. The rapidly growing company recently signed an agreement for a large delivery to India. This is the first such transaction to be conducted with the support of EKN’s and Almi’s new joint financing solution.
“The offers from EKN and Almi fit together seamlessly”
For many years, the driving force of Swedish exports has been the physical products exported by Swedish industry.
Growing service export is creating new opportunities for Swedish companies
EKN has decided to downgrade Turkey from country risk category 4 to country risk category 5, due to increased payment risk.
EKN downgrades Turkey
Hans Lindberg has been appointed by the government as chairman of EKN's board of directors. He succeeds Jan Roxendal.
New Chairman of the Board of EKN
The Swedish Export Credit Agency (EKN) has decided to downgrade Zambia from country risk category 6 to category 7, due to increased risk.
EKN downgrades Zambia
During the first four months of 2018, the volume of EKN's guarantees rose by 51 percent to SEK 19.6 billion compared to the corresponding period last year. The number of new transactions amounted to 814, an increase of seven percent. "This clearly shows the need of EKN also in times of economic prosperity," says Anna-Karin Jatko, the Director General of EKN.
Major demand for EKN guarantees
The message that the US now reintroduces trade sanctions against Iran has very negative consequences for Swedish exports. EKN is not directly affected by sanctions, but predicts a sharp decline in business as soon as the payment routes are closed and businesses and banks are deterred from trading.
Blocked payment flows slow down trade with Iran
– with no risk or negative cash flow
How Climeon carried out its export transaction
It is now being made easier for banks to help innovative companies aiming to enter the export market. At the Åre Business Forum the Director General of EKN, Anna-Karin Jatko, announced a new funding solution which covers 80 per cent of the banks’ risk in the export transactions of innovative small and medium-sized companies.
Lower risk, greater exports
EKN adds the heraldic symbol of Sweden – three crowns – to its logo.
EKN changes logo
Following a new analysis, EKN is now changing the country risk category of Belarus from 7 to 6, of Croatia from 5 to 4 and of Oman from 3 to 4.
Belarus and Croatia are upgraded – Oman is downgraded
The USA and President Trump indicating their intention to withdraw from the nuclear energy deal creates concern regarding the possibilities of trade with Iran. At the same time, Swedish exports to Iran continue to increase, and EKN is of the opinion that payments are working well enough for the country’s risk level to improve.
Increase in Swedish exports to Iran
Iran has paid off its debts from the sanction years. The country is nearly free of debt. The oil price has gone up. And there is also healthy growth in sectors other than oil and gas. These factors reduce the risk of trading with Iran. “Iran is, therefore, being upgraded from country risk category 6 to category 5,” says Victor Carstenius, EKN’s country analyst for Iran.
The risk of doing business in Iran is falling
EKN has appointed Peter Tuving as Chief Credit Officer and head of the Risk Advisory and CSR department. He is responsible for the quality assurance, development and streamlining of EKN's credit analysis, sustainability analysis and country analysis.
EKN appoints Chief Credit Officer
Sustainable business is possible even on difficult markets. Sustainability is also beneficial from a commercial perspective. These are the conclusions drawn by Karin Wessman, EKN’s sustainability expert, and the sustainability panel which she moderated at GTR Nordic in Stockholm on 16 November 2017. Karin answers three questions about the panel discussion:
The trade of the future is global
Strong growth in Asia, recovery in Europe and increased demand from North America will contribute to continued growth in global trade over the next year. This creates opportunities for Swedish exports.
Continued growth in global trade in 2018