Loans are given on Commercial Interest Reference Rate (CIRR) terms, where the interest rate is fixed and the re-payment period is from 2 to 18 years. CIRR is a free of charge interest rate option for the borrower in the period from acceptance of the loan until the disbursement of the loan, normally at delivery of the project.
The loan can be drawn down in most convertible currencies related to the project as requested by the borrower, and for up to 85 per cent of the contract amount. Local costs may be financed within a limit of 30 per cent of the export contract value. Security for the loan must be provided by The Norwegian Guarantee Institute for Export Credits (GIEK) and optionally in combination with an A-rated commercial bank, subject to approval by Eksportfinans.