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Export Credit Guarantees

Finnvera seeks to safeguard the competitiveness of Finnish enterprises in export markets by offering them export and project financing at rates comparable to those offered by our main commercial rivals to their export companies. Our clientele comprises both companies and domestic and international banks and financial institutions.

Risks to be covered

For granting export credit guarantees, countries are classified into eight categories. The classification is based on methods used by export credit agencies and on country risk assessment. Various factors affect the determination of the country category: assessment of the country's ability to manage its external liabilities; expectations of the future trend of the country's economy; and political stability and the legislative framework.

Since there may be considerable differences between individual countries, even within the same category, risk-taking is based on Finnvera’s country-specific guarantee policy.

We monitor the economic and political situations of countries and make adjustments to country categories depending on the changes that have occurred. The category of each country is checked at least once a year.

Political risks to be covered

Political risks are related either to the country of a foreign buyer or borrower, or to a third country which can cause the exporter, investor or financier to incur a credit loss. Political risks include restrictions on transfer of the credit currency, rescheduling of debts, expropriation, and war or insurrection.

Sovereign risk is caused by an entity that represents the full faith and credit of State. In most cases this is the Ministry of Finance or the Central Bank.

When Finnvera covers only the political risks involved, the commercial risks associated with the buyer, the borrower or the guarantor are not covered.

Political risks are assessed by continuously following the creditworthiness of the countries with political risk. The term political risk refers to all factors or events which influence the country's economy, internal stability and international relations.

Political risk may materialise as the consequence of a long course of events, or may result from internal or external economic and political shocks. Political risks are assessed according to the following criteria:

Commercial risks to be covered

Commercial risks arise from foreign banks, companies or project companies. Typical commercial risks include the buyer's, borrower's or guarantor's insolvency or unwillingness to pay its debt.

Factors considered assessing of the commercial risks of the transaction include:

  • export transaction/project
  • line of business
  • financing
  • risk-sharing/coverages
  • securities
  • environmental aspects
  • buyer's country
  • other aspects involved, if any

Further information about commercial risks

  • Corporate/buyer risk
  • Project risk
  • Bank risk

  • Bank risk

    Factors considered in assessing bank risks:

    • capital adequacy, asset quality, profitability and liquidity are on an acceptable level in relation to the operating environment in the country
    • quality of the management
    • support from the State or owners
    • Finnvera's maximum exposure is usually limited to 10% of the bank's equity
  • Project risk

    Finnvera's key criteria in assessing the commercial risks typically associated with projects are:

    • A separate or special purpose company (SPC) is set up for the project. Repayment of this SPC debt is based primarily on cash flows generated by the investment in the future.
    • The project must be profitable and its long-term cash-flow indications have to meet the debt servicing costs under all conditions.
    • The project must have a security package that can be shared by Finnvera with other lenders on the pro rata and pari passu basis.
    • The equity portion of the project should be at least 30%.
    • Finnvera's guarantee can provide coverage for a maximum of 50% of all the debt associated with the project.
    • Other export credit agencies and credit institutions should agree to share the risks associated with the project.
    • The maximum investment amount to be covered by Finnvera's share, provided that the risk-sharing principle is in place, is EUR 100 million.
    • The minimum investment covered is usually EUR 10 million. As a prerequisite Finnvera expects that a feasibility study has been conducted for projects of this magnitude.
    • Finnvera can also require additional guarantees from the project's sponsor.

    In order to be able fully to evaluate the commercial viability of investment projects, Finnvera needs the information mentioned i a checklist. This information considerably facilitates the process of handling the application

  • Corporate/buyer risk

    Factors considered in assessing corporate credit risk include:

    • management quality
    • business operations
    • profitability
    • financial position
    • sufficient equity
    • acceptable equity ratio
    • good profitability (operating profit/net profit)
    • positive credit information
    • Finnvera's share of the risk at most 20% of the turnover

Country policy

The country policy described is indicative only. Finnvera reserves the right to set additional conditions regarding any particular country, buyer, or bank as well as change the percentage of cover for a transaction. Finnvera assumes no liability to issue a guarantee to any specific transaction. We recommend that you contact our country policy and export credit guarantee advisers prior to making an offer for financing a transaction with intended guarantee support from Finnvera.

Finnvera's country policy determines

  • Finnvera's risk-taking in the country
  • securities and payment condition requirements
  • the acceptable maximum risk period

Finnvera classifies countries into seven categories. A country's category for short-term and medium/long-term guarantees may be different.

  • Country classification is determined by
    • an assessment of the country's ability to meet its external liabilities
    • expectations of the country's economic development
    • political stability
    • the legislative environment
  • Country categories

    0. excellent credit quality

    1. very good credit quality

    2. good credit quality

    3. adequate credit quality

    4. decreased credit quality

    5. questionable credit quality

    6. poor credit quality

    7. very poor credit quality

  • Country classification influences
    • the level of the guarantee premium
    • the security requirements
    • Finnvera's country policy

International co-operation

A number of international rules and agreements regulate export credit guarantee activities. The purpose of the rules is to make sure that countries do not compete by means of officially supported export credit terms. Close international co-operation is of vital importance to Finnvera in order to adhere to and to develop the regulatory framework.
International export credit co-operation between nations is carried out in the OECD and the EU. The OECD Arrangement on Officially Supported Export Credits is the most important international agreement regulating export credit operations. The EU rules strive to create a level playing field for all exporters in the EU countries.

The Berne Union is the international professional association of export credit agencies, which provides a forum for extensive exchange of information and promotes sound principles of export credit and investment guarantee activities.

OECD

The OECD groups 30 member countries sharing a commitment to democratic government and the market economy.

With active relationships with some 70 other countries, NGOs and civil society, it has a global reach. Best known for its publications and its statistics, its work covers economic and social issues from macroeconomics, to trade, education, development and science and innovation.

  • Sustainable lending to the low-income countries

    The World Bank and International Monetary Fund are pursuing policies to help low income countries to achieve their Millennium Development Goals (MDGs) without creating future debt problems. The aim is to prevent renewed indebtedness of these countries after the debt forgiveness and debt reduction that have been implemented in the last few years.

    The member countries of the OECD Export Credit Group are the main financiers of the international financial institutions. The creditor countries have been invited to carry their responsibility to ensure that the indebtedness remains at a sustainable level. Therefore the OECD has agreed Principles and Guidelines on how to promote sustainable lending practises in the provision of official export credits to low-income countries.

    In practise this means that Finnvera and other export credit agencies of the OECD countries need to take into account the restrictions that IMF and IBRD set as regards new debt to public sector borrowers. Many low income countries can only exceptionally utilize export credits with market terms for their public sector projects.

    Finnvera’s country risk advisers will provide further information on Finnvera’s risk-taking in export transactions to the low-income countries.

    Country-classification-and-map

    The Principles and Guidelines to promote sustainable lending as well as the up-to-date list of low-income countries is available at the OECD website.

  • Anti-Bribery Measures

    The OECD Working Party on Export Credits and Credit Guarantees adopted an Action Statement on Bribery and Officially Supported Export Credits in December 2000. A new OECD Recommendation OECD Council Recommendation on Bribery and Officially Supported Export Credits has been adopted by the OECD Council in December 2006 to strengthen the measures for combating bribery in international business transactions.

    As the official Finnish Export Credit Agency (ECA) Finnvera is committed to implement the measures required by the Recommendation. Finnvera requires the exporter and the lender as beneficiary of the guarantee to sign an anti-bribery declaration. The exporter shall also commit to refund Finnvera the possible indemnification if bribery has been proven.

    Finnvera requires anti-bribery declarations to be signed also in connection with short term export transactions.

    Main requirements of the Recommendation

    • The Official ECA shall
      (i) inform the exporter and the lender about the legal consequences of bribery in international business transactions under its national legal system (Chapter 16, sections 13, 14 and 20 of the Finnish Penal Code), and
      (ii)encourage the exporter and the lender to develop, apply and document appropriate anti-bribery management control systems.
    • If there is credible evidence that bribery was involved in the award of the export contract, the ECA shall refuse credit, cover and other support.
    • If there is credible evidence that bribery was involved, the ECA shall inform the relevant national authorities promptly.
    • If bribery has been proven after credit, cover or other support has been approved, the ECA shall take appropriate actions, such as denial of indemnification, or refund of sums provided.
    • The exporter and the lender shall sign an anti-bribery declaration stating that neither they, nor anyone acting on their behalf, have been engaged or will engage in bribery in the export transaction.
    • The exporter and the lender shall confirm that they have not been listed on the publicly available debarment lists of the following international financial institutions: World Bank Group, African Development Bank, Asian Development Bank, European Bank for Reconstruction and Development, and Inter-American Development Bank.

    The following debarments lists of World Bank Group and European Bank for Reconstruction and Development are publicly available.

    Attachments:
    OECD Council Recommendation 
    Anti-Bribery Declaration of the Exporter 
    Anti-Bribery Declaration of the Guarantee Holder

  • MNE Guidelines

    Finnvera wishes to call the OECD Guidelines for Multinational Enterprises to the attention of guarantee applicants.

    The guidelines provide principles and standards for responsible business conduct. The main themes included in the guidelines are human rights, sustainable development, supply chain responsibility, disclosure of information, employment and industrial relations, the environment, anti-bribery efforts, consumer interests, science and technology, competition, and taxation. The guidelines have been drafted with multinational enterprises in mind, but they are suitable recommendations for all types of companies.

    The OECD National Contact Point in each country promotes the guidelines and acts as a discussion forum relating to the issues in the guidelines.

    Further information about the OECD National Contact Point in Finland:

    OECD National Contact Points (NCPs) in all countries:

  • Project finance

    As project financing came increasingly to be used, it was noted that the rigidity of the OECD rules prevented occassionally ECAs from covering project risks.

    In May 1998, the participants agreed on new, more flexible guidelines for project finance operations. According to the Project Finance Agreement, the repayment schedule of a genuine project (the project cash flow is adequate to cover the repayment of the loan and the project assets are sufficient collateral) can be more flexible (can reflect the project cash flows) than in a normal export credit transaction.

    The maximum repayment period of a project finance transaction is 14 years with a maximum average weighted life (AWL) of 7,25 years. As regards High-Income OECD-countries, project finance flexibilities can be applied only when combined ECA support is less than 50% of the loan syndication. This applies until the end of 2016.

    The repayment profile of a project finance transaction must fulfil the following conditions:

    • the first repayment of principal must be made no later than 2 years from the starting point of credit
    • the first repayment of principal must be for not les than 2 % of the total principal sum
    • the first repayment of interest must be made within 6 months from the starting point of credit; after that the interest can be repaid in annual instalments
    • no single or series of repayments of principal within any 6 month period shall be more than 25% of the total principal
  • Arrangement on Export Credits

    The major Western industrialised nations adhere to the Arrangement on Officially Supported Export Credits when they provide officially supported export credits. Finnvera plc is an official Export Credit Agency, ECA, and thus all credits guaranteed by Finnvera must adhere to rules, laid down in the OECD Arrangement on Export Credits.

    The EU has carried into effect the rules of the OECD Arrangement on Export Credits as a decision binding on all EU Member states.

    Participating countries

    The parties to the OECD Arrangement on Officially Supported Export Credits are Australia, South Korea, Canada, Japan, Norway, Switzerland, New Zealand, USA and the EU.

    What does the OECD Arrangement on Export Credits deal

    The OECD Arrangement on Export Credits applies to all officially supported export credits having a repayment period of two years or more. Military equipment, agricultural goods and untied development aid are not covered by the agreement. There are separate rules for ships, aircrafts, rail infrastructure, power plants, renewable energy, climate change mitigation and adaptation and water projects. The main rules of the arrangement define

    • the maximum credit periods
    • the minimum interest rates
    • the cash payment requirements
    • the repayment conditions and
    • the minimum premium rates.

    Minimum interest rate requirement

    The minimum interest rate requirement applies when the credit receives official financing support in one way or another. In Finland this means interest equalisation or export credits, which are administrated by Finnish Export Credit Ltd. If the credit is granted on market terms and the only form of official support is the Export Credit Guarantee issued by Finnvera, the OECD Arrangement on Export Credits does not regulate the interest rate.

    Maximum credit period

    • group I, "relatively rich countries", usually 5 years (8.5 years exceptionally in some cases)
    • group II, "relatively poor countries", 10 years
    • project finance; 14 years (when the project is in a high-income OECD-country, the official export credit support comprises less than 50% of the loan syndication; this rule will be valid until the end of 2015)
    • renewable energies and water projects, 18 years
    • climate change mitigation or adaptation, 15 or 18 years

    Interest rate

    • market rate of interest or
    • CIRR (Commercial Interest Reference Rate), if interest equalisation is involved

    Cash payment

    • at least 15% of the contract price

    Repayment

    • in equal instalments not less frequently than every six months from the starting point of credit (normally the delivery of the goods)

    You can print the Arrangement on Export Credits, premium rules and information on OECD's country classification from OECD's web pages.

  • Environment

    Finnvera follows the OECD Recommendation on Common Approaches for Officially Supported Export Credits and Environmental and Social Due  Diligence. You may find the link below. On the basis of the said document, Finnvera has its own Environmental Policy of which you will find information on the menu under “Policy for reviewing environmental and social impacts”.

    Links:

European Union

The European Union Directive aimed at harmonising medium/long-term guarantee activities came into force in June 1998. The Directive strives to provide equal guarantee terms throughout the EU and thus equal competition possibilities for export products, where the related finance terms do not constitute a competitive edge. The Directive encompasses rules for guarantee conditions, guarantee premiums, country policy and notification procedures. As to guarantee premiums and country policy, the Directive observes the OECD's Premium Agreement.

An updated EU communication based on the EU competition rules concerning short-term (risk period less than 2 years) export credit guarantee activities came into force in the beginning of year 2013. Previous version of the communication has been effective since 1997. The communication denies official export credit agencies from cover marketable risks, which are risks that private insurance companies are willing to cover. According to the Communication, Finnvera cannot grant guarantees with a risk period less than 2 years (manufacturing period + repayment period) to the following markets:

  • EU countries (Austria, Bulgaria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, France, Germany, Greece, Hungary, Italy, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom)
  • Australia, Canada, Iceland, Japan, New Zealand, Norway, Switzerland, USA

Exceptions to EU communication's principles:

In the case of these so-called “marketable risk countries”, the EU rules on transactions with a risk period of under two years only apply to conventional credit insurance for covering buyer risks, not guarantees for bank risks. If the payment method is a letter of credit and the guarantee used is a Letter of Credit Guarantee or some other guarantee where the risk applies to a bank, Finnvera may, under the risk-sharing principle, consider granting a guarantee for said countries.

  • Special permission to insure short-term exports

    On 15 December 2015 the European Commission granted Finnvera permission to insure short-term exports to the above-mentioned countries in the following cases, where the Commission sees a market failure:

    1. when the applicant is an SME¹ with a total annual export turnover of at most two million euros;OR
    2. when credit insurance is sought for a single export transaction which has a risk period of at least 181 days and at most two years.

    The permission is valid until the end of 2020. The permission does not concern Greece.

    All export companies operating in Finland can apply for Finnvera’s credit insurance. Finnvera assesses each buyer’s creditworthiness according to its normal risk appraisal practice. Insurance can only be considered when the buyer is financially sound and where the exporter meets the above condition 1 OR where the transaction meets the above condition 2. Another precondition for an insurance is that a private credit insurer has been unable to offer sufficient insurance cover for the transaction. Finnvera always requests the buyer’s credit history. The guarantee application is turned down if, for instance, the buyer has had considerable payment delays or if the buyer’s financial indicators are poor.

    Exporters primarily seek insurance cover for their export projects from credit insurers operating in Finland.

    Contact details for credit insurers:

    Atradius Credit Insurance N.V.
    www.atradius.fi 
    credit insurance: tel. (09) 6811 2422
    asiakaspalvelu.fi(at)atradius.com

    Euler Hermes Luottovakuutus 
    www.eulerhermes.fi 
    credit insurance: tel. 010 850 8500
    info.fi(at)eulerhermes.com

    Tryg Garanti 
    www.tryggaranti.fi 
    Puhelin: +358 (0)20 7805 790 
    post(at)tryggaranti.fi

    If a credit insurer is unable to cover the export transaction, the exporter may apply for insurance cover from Finnvera. Before the guarantee application is processed, the exporter must notify Finnvera that the exporter has applied for insurance from private insurers. On the application form, the exporter must provide information showing that the transaction meets the conditions for the temporary permission. If insurance cover is sought under condition 1, the exporter must be an SME, as defined by the EU, and provide information on its annual export turnover (which may not exceed two million euros). When condition 2 is applied, the exporter must specify the nature of the transaction. If necessary, Finnvera’s representative contacts the applicant and asks for additional information.

    Applications for export credit guarantees are processed at the Large Corporates Unit of Finnvera in Helsinki. Please send the application to luottovakuutus (at) finnvera.fi or use the Online Service.

    Application forms can be found on following product pages

    ¹ As defined by the EU:
    http://ec.europa.eu/growth/smes/business-friendly-environment/sme-definition/index_en.htm

Berne Union

Finnvera is a member of the Berne Union (International Union of Credit and Investment Insurers). Berne Union is the international association for export credit and investment insurance worldwide, with over 50 members from over 40 countries.

BU aims at developing export credit and investment insurance activities mainly based on extensive professional exchange of information among its members.

The BU members have committed to guiding principles reflecting their way to conduct their business and pursue the purpose of the BU. More information about the Berne Union and the Guiding principles can be found from the association’s website.

www.berneunion.org.uk

Co-operation agreements

Co-operation between guarantee agencies becomes significant in situations where export companies have production operations in more than one country and when an export project includes deliveries from exporters in different countries.

Finnvera has concluded co-operation agreements with various guarantee agencies. These agreements form the basis for co-operation in individual projects, but they are not a necessary condition for co-operation - Finnvera may be involved in mutual projects although such a bilateral agreement does not exist.

The simplest method for involvement in projects including exports from many countries is to include the foreign deliveries in the guarantee issued by Finnvera.

Joint guarantee and reinsurance arrangements

Joint guarantee and reinsurance arrangements are practical in large-scale projects or projects involving risky markets.

In a joint guarantee, each agency covers its own national share according to their guarantee terms, and co-operation takes place mainly in the form of exchanging information.

In a reinsurance arrangement, the principal insurer is the guarantee agency in the country from where the largest share of exported share is supplied. The main insurer creates a guarantee contract for the project as a whole, and then draws up a reinsurance contract with the guarantee agency in the subcontractor's country. The subcontractor's guarantee agency usually accepts the guarantee terms of the main insurer to a large extent.

Finnvera has co-operation or reinsurance agreements with the following organisations:

Finnish interest

The concept of “Finnish interest” brings flexibility to Finnvera’s requirements of Finnish origin in relation to goods exported. In export credit guarantees, Finnish interest exists when Finnish content (= direct Finnish share) is significant. In medium/long term export credit guarantees, significant Finnish content is at least 33 %, however in country categories 0 – 2 at least 10 %.

Finnish content is calculated from the Finnvera guaranteed loan amount taking into account the percentage of cover.

If Finnish content is insufficient, other criteria are used to determine whether there is sufficient Finnish interest, eg. exporter is a corporation registered in Finland, and a considerable proportion of the total supplies in the project has been manufactured in Finland or is based on Finnish planning or know-how, or the export transaction involves other significant benefits to economic development in Finland. In such cases Finnvera assesses the significance of Finnish interest in the given transactions.

In short term transactions Finnvera pays attention to Finnish content, but there is no requirement for Finnish content.

Policy for reviewing the environmental and social impacts of projects

When financing exports, Finnvera considers environmental and social impacts as part of the overall risk assessment of the projects financed.

In January 2013, Finnvera’s Export Financing updated its policy concerning the review of projects.
Annexes:

OECD Common Approaches

Principles

The following principles guide Finnvera’s export financing in environmental and social issues:

  • Environmental impacts as part of the overall risk assessment of projectsWhen export credit guarantees are granted and their terms and conditions are confirmed, attention is paid, among other things, to environmental and social impacts as part of the overall risk assessment of the project.
  • Cooperation among export credit agencies in environmental and social issuesFinnvera contributes actively to discussions between export credit agencies (ECAs) and participates in working groups seeking common approaches to environmental and social issues. Finnvera supports international efforts to create common rules for export credit agencies so that exporters from all countries would be ensured a level playing field in this respect.Finnvera adheres to the Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence adopted by the Organisation for Economic Co-operation and Development (OECD).
  • Other International agreements and frameworksThe OECD Recommendation is also grounded in the following international agreements and frameworks: the UN Guiding Principles on Business and Human Rights; the ILO Declaration on Fundamental Principles and Rights at Work; the UN Framework Convention on Climate Change; and the OECD Guidelines for Multinational Enterprises.
  • Continuous improvementFinnvera’s policy for reviewing the environmental and social impacts of projects is under constant development. International competition factors, the development of environmental and social issues pertaining to export financing, and Finnvera’s own experiences are taken into account in planning. Finnvera trains its personnel to identify environmental and social aspects and to assess the related risks. Relevant information and lessons from individual projects are exchanged among experts within Finnvera.

Attachments: OECD Common Approaches

  • International trends

    On 28 June 2012, the Council of the Organisation for Economic Co-operation and Development (OECD) adopted the revised Recommendation on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (the ”Common Approaches”).

    The Recommendation replaced the 2007 Revised Council Recommendation on Common Approaches on the Environment and Officially Supported Export Credits, which had also been in use at Finnvera. The OECD Working Party on Export Credits and Credit Guarantees will review the current Recommendation by the end of June 2015.

    The Recommendation of 2007 was revised in 2012 as follows:

    • The assessment of major expansions to existing industrial operations and new projects is carried out thoroughly, as before. By definition, a project covers all components that are physically and technically integrated with it. Other construction essential for the project (associated facilities) is considered in the assessment but does not affect the classification of the project.
    • The standards used for the assessment list the environmental and social impacts that are considered in the project review.
      • Environmental impacts may be associated with factors such as: atmospheric emissions, including greenhouse gas emissions; waste water; solid waste; hazardous waste; noise and vibration; and significant use of natural resources.
      • Social impacts may be associated with factors such as: labour rights and working conditions; community health and safety and security; land acquisition and involuntary resettlement; the rights of indigenous peoples; cultural heritage; and project-specific human rights factors, such as forced labour, child labour and occupational health and safety situations posing a threat to human life.
    • The project under review is compared against the national legal requirements in the host country and against the relevant international standard. The project must always meet the national standards in the host country. If the international standard selected is stricter than the requirements in the host country’s legislation, the project must also comply with the standard.
    • The relevant international standard means the updated standards and sector-specific guidelines of the IFC/the World Bank Group or, if some regional development bank is involved in the financing, the standards of such a development bank. More stringent, internationally recognised norms, such as the European Union standards, may also be selected as a benchmark. IFC Performance Standards, which are used by the IFC and the Equator Principles banks, are applied in the review of project finance undertakings.
    • In Category A project finance undertakings and, when necessary, in other projects, the borrower’s obligations include the monitoring of environmental and social issues as well as requirements set for implementation measures (Action Plan).
    • The OECD expert group develops common approaches and exchanges information on project review. This exchange of information concerns, among other things, the use of international standards and their potential for flexibility, the greenhouse gas emissions of projects, and the review of human rights issues as part of the project review. Reporting to the OECD Secretariat is developed with respect to social aspects and the review of greenhouse gas emissions of projects.

    The environmental policy of Finnvera’s Export Financing, which was updated in 2008, has been revised by taking into account the new OECD Recommendation on Common Approaches.

    In recent years, other financial institutions have also assumed more responsibility for the environmental and social impacts of the projects they finance. Many international financial institutions and development banks (e.g. the World Bank, EBRD, NIB) have for years implemented an active project review policy in environmental and social issues.

  • Act and Decree on the State’s Export Credit Guarantees

    The Act on the State’s Export Credit Guarantees, which entered into force on 1 July 2001, introduces the environmental perspective to Finnvera’s operating principles as follows (Act on the State’s Export Credit Guarantees, Section 7):

    The following factors shall be taken into account when export credit guarantees are granted and when the terms and conditions of the guarantees are confirmed:

    1. the international rules and regulations applied to export credit guarantees, which are binding on Finland;
    2. international competition factors;
    3. the environmental impact of the project to be guaranteed, as part of the overall risk assessment of the project.

    Sustainable development means responsibility

    In keeping with the Government Decree, Finnvera takes the principle of sustainable development into account in export credit guarantee activities, as well as complying with internationally accepted principles and procedures for reviewing environmental and social impacts.

    The project review policy for export financing, confirmed by Finnvera’s Board of Directors on 19 December 2012, takes the above principles into consideration. When implementing the project review policy for export financing, Finnvera acts in line with its competitors.

Scope of application

In line with the OECD Recommendation, this policy applies to all export financing products provided by Finnvera where the accompanying credit has a repayment term of two years or more.

This policy excludes guarantees handled by the Export Financing and pertaining to shipyards and shipping companies, Environmental Guarantees, Finnvera Guarantees, Finance Guarantees and Bond Guarantees, as well as guarantees pertaining to military equipment or agricultural commodities.

Raw Material Guarantees are included in the scope of the policy. Raw Material Guarantees are granted by virtue of the Act on State Guarantees for Ensuring the Supply of Basic Raw Materials. For Raw Material Guarantees, environmental and social issues are determined separately for each project.

In a reinsurance situation where Finnvera agrees on reinsurance with the original insurer, Finnvera’s project review can be conducted on the basis of the original insurer’s assessment.

In general, Finnvera’s project review encompasses the whole project even when export financing is granted only for a part of the project or for an individual delivery of equipment.

Project-specific information searches are conducted to determine any environmental and social risks associated with Credit Risk Guarantees that are applied for to cover pre-delivery risks. Whenever necessary, applicants for export financing are asked to provide additional information.

The concessional credits granted by the Ministry for Foreign Affairs are always accompanied by Finnvera’s export credit guarantees. However, the Ministry’s Department for Development Policy is responsible for the review of the environmental and social impacts of these projects and for the related costs. The Ministry for Foreign Affairs determines the object and scope of the review required.

Process for reviewing environmental and social impacts

Screening, classification and review of projects

The purpose of screening is to identify the applications falling within the scope of Finnvera’s project review. The application is reviewed if it pertains to a project. The level of potentially negative and positive environmental and social impacts is identified during the screening and classification of projects. This information is then used to determine the appropriate scope of review and the project category.

  • Classification

    The project is classified into one of three project categories on the basis of the application for export financing and other background information:

    A: A project that may have significant adverse environmental and/or social impacts that may be irreversible and may extend broader than the actual project site. In practice, new production facilities and major expansions of production facilities in sensitive sectors and projects that are located in sensitive areas or in their immediate vicinity.

    - for example, a pulp mill, a mine and a large power plant

    B: A project that may have moderately adverse environmental and/or social impacts that are less significant and easier to control than those of Category A projects.

    - for example, a paper mill or expansion of a power plant, a new hospital or a mobile telephone plant

    C: A project that has minimal or no adverse environmental and/or social impacts.

    - for example, building of a mobile telephone network in a non-sensitive area.

    The limits for capacity and production, specified in Annex I to the OECD Recommendation, are used as a guideline when a project is placed in Category A. When the Annex is not detailed enough, a project can be classified using Annex 1 of Council Directive 85/337/EEC on the assessment of the effects of certain public and private projects on the environment (amended by Council Directive 97/11/EC).

    Annexes: OECD Common Approaches

  • Screening

    Applications for export financing are screened on the basis of the information provided on the application form. If the application is not included within the scope of Finnvera’s policy for reviewing the environmental and social impacts of projects (see the policy’s scope of application), it is not placed into any project category and does not require further processing with respect to environmental or social issues.

    An information search to determine potential environmental and social risks is conducted for applications where Finnvera’s risk is at most 10 million euros and the project associated with the financing is not located in a sensitive area or does not have an adverse impact on a sensitive area. Unless decided otherwise, the application is given the designation “non-project”.

    For applications where Finnvera’s risk exceeds 10 million euros and applications where the associated project is located in a sensitive area or can have an adverse impact on a sensitive area, the application and other information are used to determine whether the application is associated with a project that requires classification. A potential project is searched for by posing questions such as:

    • Is the export delivery associated with the building of a new production facility?
    • Is the export delivery associated with the modernization or expansion of an existing facility?
      • How much will the capacity change?
      • How much will the level of emissions and effluents change?
      • Will the use of raw materials or natural resources change?
    • Does the export delivery pertain to operations located in or near sensitive areas?
    • Is the natural environment altered?
    • Does the export delivery pertain to operations that have negative or positive social impacts (see Definitions)?
    • Is the delivery only a ‘spare parts delivery’?

    The building of a new production facility is a project. Other examples of projects include major expansions to existing production facilities that increase, for example, capacity, emissions, the use of raw materials or natural resources, or undertakings that lead to significant social impacts. Measures taken in or near sensitive areas are projects.

    However, replacement investments or deliveries of machines and equipment associated with existing operations are not projects provided that they do not involve a change described in the previous paragraph. Nor do spare parts deliveries meet the criteria for a project. Individual mobile stand-alone installations that themselves cause no environmental impacts are not projects (see also Screening, Finnvera’s risk at most 10 million euros).

    When applications for export financing are screened as “non-projects”, the following is determined before the financing decision: the sector of industry for the export delivery; the location of the site; and any other information associated with environmental and/or social impacts that is used for a rough assessment of the risks related to the operation of the facility.

  • Review of environmental and social impacts

    Finnvera’s project review examines the level of the project’s environmental and social impacts. The review also pays attention to the impacts of associated facilities (see Definitions).

    In general, Finnvera’s project review encompasses the whole project even when export financing is granted only for a part of the project or for an individual delivery of equipment that is associated with a project. In justified cases, a rough review is conducted on all operations directly linked with the project (e.g. an old industrial plant) if the operations are deemed to involve significant environmental and/or social risks or consequent credit risks.

    The project category given by Finnvera determines the level of the background studies required by the project:

    A: The applicant shall provide Finnvera with an Environmental and Social Impact Assessment (ESIA) report as well as other information pertaining to the project, such as any action plans that may have been made. The ESIA report must address the issues mentioned in Annex II of the OECD Recommendation. Apart from assessing environmental and social impacts, the ESIA report includes the process for consulting the local population and other relevant bodies and the Environmental and Social Management Plan for the operations.

    B: The project review is based on the ESIA or other reports compiled on the project, the answers to individual questions concerning environmental and social impacts and, if necessary, further studies conducted by outside experts.

    C: No background studies are needed. However, in individual cases, for instance the validity of the environmental permit may be checked.

    The owner of the project company and/or the main supplier for the project and/or the project sponsor and/or the exporter is responsible for ensuring that the background studies required by the project category are made or commissioned. The applicant for export financing is responsible for supplying the information to Finnvera. When collecting background information, Finnvera also checks any statements and reports that are available through the National Contact Point (NCP) of the OECD Guidelines for Multinational Enterprises.

    The level of the project’s environmental and social impacts is benchmarked against the requirements laid down in local legislation and in the international standards in force. The benchmarking is primarily based on the World Bank Group’s technical environmental standards and ten Safeguard Policies¹ that are relevant for the project. Alternatively, the benchmarking may be based on the eight Performance Standards of the IFC² when this is justified due to a large project size or due to that the transactions share characteristics with project finance, or when other participating financial institutions use them.

    If the project is carried out using project finance, the benchmarking is made on the basis of the aspects that are essential for the project among the eight IFC Performance Standards. If a major multilateral financial institution³ participates in the financing of the project, the standards of the institution in question can be used for benchmarking the level of environmental and social impacts.

    A more stringent standard than those listed above, such as European Union standards, can also be used for benchmarking the level of the project’s environmental and social impacts.

    The project must meet the requirements of local legislation and the requirements of the international standards used in the assessment of the project if these are stricter than local legislation.

    In the main, if a project is carried out within the EU in accordance with the requirements of EU legislation, Finnvera’s assessment of the project is more concise than normally. The same is done in individual cases if the project is carried out in the territory of some other country in accordance with that country’s legislation when this legislation is comparable to that of the EU. However, the assessments and reviews conducted and any environmental permits granted must be submitted to Finnvera, if necessary.

    Annexes: OECD Common Approaches

    ¹ The World Bank’s ten Safeguard Policies are: Environmental Assessment (OP 4.01); Natural Habitats (OP 4.04); Pest Management (OP 4.09); Indigenous Peoples (OP 4.10); Physical Cultural Resources (OP 4.11); Involuntary Resettlement (OP 4.12); Forests (OP 4.36); Safety of Dams (OP 4.37); International Waterways (OP 7.50); and Disputed Areas (OP 7.60).

    ² The eight Performance Standards of the IFC are: Assessment and Management of Environmental and Social Risks and Impacts; Labor and Working Conditions; Resource Efficiency and Pollution Prevention; Community Health and Safety and Security; Land Acquisition and Involuntary Resettlement; Biodiversity Conservation and Sustainable Management of Living Natural Resources; Indigenous Peoples; and Cultural Heritage.

    ³ The major multilateral financial institutions are: the African Development Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the Inter-American Development Bank, the International Bank for Reconstruction and Development, the International Finance Corporation, and the Multilateral Investment Guarantee Agency.

Disclosure of information

Finnvera encourages parties who apply for export financing and carry out projects, whenever possible, to make available information about the environmental and social impacts of projects and about the monitoring of these impacts.

A prerequisite for granting financing for Category A projects is that the information on environmental and social impacts is published 30 days before Finnvera signs the agreement on export financing. The relevant parties are requested to give their consent to publication.

In Category A projects, the international ESIA practice generally requires that information on environmental and social aspects is disclosed locally. Finnvera’s website contains a link to the Internet address where the ESIA report or its summary can be accessed. The scope of the information disclosed varies, depending on the project. It may also be agreed that the information is given in some other manner.

In addition, the following basic data on the project are published on our website:

  • the name and location of the project;
  • a description of the project; and
  • the project category (A).

Feedback given by stakeholders is collated and its contents can be reviewed in the event that the feedback brings out some new, important aspect of the project. If necessary, it may be agreed that any questions posed by stakeholders are passed on, for instance, to the party applying for export financing.

In addition, in line with the OECD Recommendation, at least once a year Finnvera makes available to the public information on projects classified in Category A and Category B for which it has made a commitment during the year. This includes information on environmental and/or social aspects, information on the background material and international standards used for the review, and the contact information for the export credit agency. The information made available on Category A projects is the same as in the above case of advance publication, supplemented with more detailed information on export financing. A brief summary is drawn up of the main environmental and social aspects of Category B projects. For both Category A and Category B projects, the relevant parties are requested to give their permission to disclose the information.

The requirement for disclosure of information may be waived for exceptional reasons (see the OECD Recommendation).

Links: Guaranteed transactions / Projects in category A

  • Definitions

    Environmental and Social Impact Assessment (ESIA) identifies, describes and assesses the environmental and/or social impacts of the project. Environmental and Social Impact Assessment includes a procedure for determining and assessing the environmental and/or social impacts of certain projects and for consulting the authorities and people whose circumstances or interests may be affected by the project⁴.

    Environmental impacts refer to the direct or indirect impacts on the environment arising from the construction and operation of the project⁵.

    Export deliveries for existing operations are not projects provided that the purpose is not to carry out significant expansion of a production facility that would increase emissions or the exploitation of natural resources.

    Export financing products mean export credit guarantees (Buyer Credit Guarantee, Credit Risk Guarantee, Export Receivables Guarantee, Letter of Credit Guarantee, Bank Risk Guarantee, Investment Guarantee, Bond Guarantee, Finance Guarantee), Raw Material Guarantee, interest equalisation and the funding of export credits.

    Final commitment (as used in the OECD Recommendation) to the export credit guarantee takes place on the day when Finnvera signs the guarantee agreement.

    Other construction essential for the project (“associated facilities”) is construction that would not be implemented without the project and that is vital for the operation of the project. The party implementing, operating or managing the construction is the project owner, sponsor or some other body.

    Project means the realisation of a construction, facility or design, and other interference with the natural environment or landscape, including the exploitation of natural resources in the ground⁶ . New facilities and major expansions or modifications of existing facilities are projects. A project encompasses all functions that are physically and technically integrated with it. The party implementing, operating or managing the project is the project owner or sponsor.

    Project category is a category issued by Finnvera that defines the project’s potential environmental and/or social impacts and the amount of background information required, as well as the scope of the review carried out by Finnvera and the need to publish information on the project.

    Repayment term means the repayment term referred to in the OECD Recommendation.

    Sensitive area is an area that is particularly vulnerable to adverse environmental and/or social impacts. Examples of sensitive areas are given in Annex I to the OECD Recommendation, under item 29.

    Sensitive sector is a sector that is apt to cause significant adverse environmental and/or social impacts; see the OECD Recommendation, Annex I.

    Social impacts refer to the project’s impacts on local communities and on persons involved in the construction and operation of the project. In this connection, social impacts include the human rights aspects associated with the project.

    AnnexesOECD Common Approaches

     Source: Act on Environmental Impact Assessment Procedure, 10 June 1994/468

     Environmental impacts may be associated, for instance, with the following factors: atmospheric emissions, including greenhouse gas emissions; waste water; solid waste; hazardous waste; noise and vibration; and significant use of natural resources.

     Source: Council Directive 85/337/EEC on the assessment of the effects of certain public and private projects on the environment (amended by Council Directive 97/11/EC).

    ⁷ Social impacts may be associated, for instance, with the following factors: labour rights and working conditions; community health and safety and security; land acquisition and involuntary resettlement; rights of indigenous peoples; cultural heritage; and project-specific human rights factors, such as forced labour, child labour and occupational health and safety situations posing a threat to human life.

  • Monitoring and reporting

    In Category A project financing undertakings and, if necessary, in other projects, the borrower’s obligations include the monitoring of environmental and social issues as well as requirements for implementation measures (action plan). If other export credit agencies are involved in the project, information on environmental and social issues is exchanged with them. The goal is, through negotiation, to establish a common policy and requirement level for any agreement terms that may be set.

    For all Category A project financing undertakings and, if necessary, other projects, Finnvera expects to receive reports on the monitoring of the project’s environmental and social aspects during the repayment term of the loan.

    Finnvera’s Board of Directors is given statistical summaries of the financing projects supported in each project category and for each calendar year. Whenever necessary, the Board of Directors also receives reports on other environmental and social aspects of projects.

    Reports on the environmental and social aspects of Category A and B projects are submitted to the OECD Working Party on Export Credits and Credit Guarantees every six months.

Guaranteed transactions

Finnvera publishes basic information on medium-term and long-term (two years or over two years) transactions when the principal guaranteed by Finnvera is over EUR 10 million or when a project is in categroy A (having potentially significant adverse environmental and/or social impacts).

The information includes:

  • Exporter
  • Guarantee holder/ Lender
  • Borrower
  • Buyer
  • Buyer's country
  • Exported goods/ Project
  • Guaranteed principal amount
  • Credit period
  • Project classification
  • Source of environmental and/or social impact information (projects in category A)
  • The date of publication of environmental and/or social information

According to the OECD’s Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence Finnvera also publishes environmental and/or social impact information on category A projects before the guarantee agreement is signed. This information can be found from page Guarantee offers for projects in category A.

The practices as regards publishing information have been renewed and adopted in January 2013. Consequently, the information published in previous years can differ from the information published since 2013.

  • Year 2016

    Guarantee Holder: Nordea Bank Finland Plc
    Lender: European Investment Bank
    Buyer/Borrower: Finnlines Plc
    Project: Environmental Technology Investment Programme
    Buyer’s country: Finland
    Credit amount: EUR 50 million
    Credit period: 10 years
    Percentage of cover: 80%
    Information published: 29 June 2016

    Exporters: Andritz Oy, Andritz AG, Siemens AG
    Guarantee Holder: Nordea Bank Finland Plc
    Lender: Finnish Export Credit Ltd
    Arrangers: Nordea Bank Finland Plc, BNP Paribas Fortis SA/NV, HSBC Bank, USA, N.A.
    Buyer: Fibria-MS Celulose Sul Mato Grossense Ltda
    Buyer's country: Brazil
    Guarantor: Fibria Celulose S.A., Brazil
    Export transaction/Goods: Equipment and services for a pulp mill
    Credit amount: EUR 383,9 million or its equivalent in USD
    Credit period: 8 years
    Project classification: A
    Source of environmental and social impact information (projects in category A):
    Basic information as well as information on environmental and social impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: March 16, 2016.
    Rima parte 1.pdf
    Rima parte 2.pdf
    International standards applied in benchmarking: IFC Performance Standards and relevant EHS Guidelines
    Contact point: environment (at) finnvera.fi
    Information published: 28 June 2016

    Exporter: Nokia Solutions and Networks Oy
    Guarantee Holder: Commerzbank AG
    Borrower: Sberbank of Russia
    Buyer: PJSC MegaFon
    Exported Goods/Project: Telecommunications equipment and services
    Buyer’s country: Russian Federation
    Guaranteed amount: EUR 66.5 million
    Credit period: 8.5 years
    Environmental classification: C
    Information published: 1 March 2016

  • Year 2015

    Exporter: Nokia Solutions and Networks do Brasil Telecomunicações Ltda. and Nokia Solutions and Networks do Brasil Serviços Ltda.
    Guarantee Holder: KfW IPEX-Bank GmbH
    Borrower: TIM Celular S.A.
    Buyer: The Borrower
    Guarantor: TIM Participações S.A.
    Exported Goods/Project: Telecommunications equipment and services
    Buyer’s country: Brazil
    Guaranteed amount: USD 142.5 million
    Credit period: 8.5 years
    Environmental classification: C
    Information published: 15 January 2016

    Exporter: Nokia Solutions and Networks Oy
    Guarantee Holder: Banco Santander, S.A.
    Lenders: Banco Santander, S.A. and Crédit Agricole Corporate and Investment Bank
    Arrangers: Banco Santander, S.A. and Crédit Agricole Corporate and Investment Bank
    Arranger of Interest Equalisation: Finnish Export Credit Ltd
    Buyers: Telefónica S.A. and its subsidiaries globally
    Exported Goods/Project: Telecommunications equipment and services
    Buyer’s country: Spain and the subsidiaries of Telefónica S.A. globally
    Credit amount: EUR 500 million
    Credit period: 8.5 years
    Percentage of cover: 95%
    Environmental classification: C
    Information published: 22 December 2015

    Exporter: Nokia Solutions and Networks Oy and Nokia Solutions and Networks Canada Inc.
    Guarantee Holder: The Toronto-Dominion Bank, Canada
    Borrower: Wind Mobile Corp.
    Export transaction: 3G and LTE mobile broadband equipment and services
    Buyer's country: Canada
    Total amount of debt financing: CAD 425 million
    Credit period: 6 years
    Credit amount covered by Finnvera: CAD 150 million
    Percentage of cover: 100 %
    Environmental and social classification: C
    Information published: 21 December 2015

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: The Hongkong and Shanghai Banking Corporation Limited, Hong Kong
    Borrower: Bangladesh Power Development Board, Bangladesh
    Export transaction/Goods: 12 Wärtsilä 20V32 engines
    Country of Export transaction: Bangladesh
    Guaranteed amount: MUSD 46.9
    Credit period: 2+10 years
    Project classification: B
    Environmental Information: Construction of a HFO fueled power plant (107 MW) and a transmission line next to an existing line. Main items of the environmental review were emissions to air, ambient air quality and waste water management.
    International standards applied in benchmarking: IFC Performance Standards and relevant EHS Guidelines.
    Contact point: environment (at) finnvera.fi
    Information published: 15 December 2015

    Exporter: Nokia Solutions and Networks Oy, and Nokia Solutions and Networks Iletisim A.S.
    Guarantee Holder: Société Générale
    Borrower: Türk Telekomünikasyon Anonim Şirketi
    Buyers: The Borrower, Avea Iletisim Hitzmetleri Anonim Şirketi and TTNET Anonim Şirketi
    Exported Goods/Project: Telecommunications equipment and services 
    Buyer’s country: Turkey
    Guaranteed amount: Approximately EUR 56 million
    Credit period: 8.5 years
    Environmental classification: C
    Information published: 16 November 2015

    Exporter: Nokia Solutions and Networks Oy / Nokia Solutions and Networks Italia S.p.A.
    Guarantee Holder: UniCredit Bank Austria AG
    Buyer: Telecom Italia S.p.A.
    Exported Goods/Project: Telecommunications equipment and services 
    Buyer’s country: Italy
    Guaranteed amount: Approximately EUR 108 million
    Credit period: 8 years
    Environmental classification: C
    Information published:14 October 2015

    Guarantee Holder: Nordea Bank Finland Plc
    Lenders: Danske Bank A/S, DNB Bank ASA, Nordea Bank Finland Plc, Pohjola Bank plc, Skandinaviska Enskilda Banken AS (publ) and Swedbank AB (publ)
    Borrower: Metsä Fibre Oy 
    Borrower’s country: Finland
    Suppliers: Andritz Oy, Valmet Technologies Oy
    Project: A bioproduct mill in Äänekoski  
    Credit amount: MEUR 400
    Credit period: 8.5 years
    Percentage of cover: 80%
    Information published: 2.10.2015

    Exporter: Outotec (Finland) Oy
    Guarantee Holder: ING Bank N.V.
    Lenders: ING Bank and Bayerische Landesbank
    Buyer: Eti Bakir A.S.
    Buyer’s country: Turkey
    Export transaction/project: Equipment and related services to a roasting plant, calcine leaching plant and solvent extraction plant in Mazidagi, Turkey 
    Credit amount: EUR 79.8m 
    Credit period: 10 years
    Project classification: A
    Source of environmental and social impact information (projects in category A): Basic information as well as information on environmental and social impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: June 5, 2014.
    Esia Report (PDF) 
    Esia Annexes (PDF) 
    International standards applied in benchmarking: IFC Performance Standards and relevant EHS Guidelines
    Contact point: environment (at) finnvera.fi
    Information published: 20 July 2015

    Exporter: Outotec (Finland) Oy
    Guarantee Holder: ING Bank N.V.
    Lenders: ING Bank and Bayerische Landesbank
    Buyer: Eti Bakir A.S.
    Buyer’s country: Turkey
    Export transaction/project: Equipment and related services to a copper smelter modernisation and sulphuric acid plant in Samsun, Turkey
    Credit amount: EUR 31.7m 
    Credit period: 10 years
    Project classification: B
    Environmental Information: Modernisation of a copper smelter increasing the production capacity by circa 150%. The main items of Finnvera’s environmental and social review were emissions to air and discharge of the cooling water heat energy to the Black Sea. The project improves the energy efficiency of the plant and reduces the emissions to the air.
    International standards applied in benchmarking: IFC Performance Standards and relevant EHS Guidelines
    Contact point: environment (at) finnvera.fi
    Information published: 20 July 2015

    Exporter: Nokia Solutions and Networks Oy and subsidiaries
    Guarantee holder: UniCredit Bank Austria AG
    Lender: UniCredit Bank Austria AG
    Arranger: UniCredit Bank Austria AG
    Buyer: PJSC MegaFon
    Export transaction/Goods: Telecommunications equipment and services
    Guaranteed amount: EUR 142,5 million
    Credit period: 8,5 years
    Environmental and social classification: C
    Information published: 16 July 2015

    Guarantee Holder: Nordea Bank Finland Plc
    Lenders: Nordea Bank Finland Plc, Pohjola Bank Plc
    Borrower: Manga Terminal Oy
    Guarantor: Manga LNG Oy
    Sponsors: Outokumpu Oyj, SSAB Europe Oy, Skangass Oy and EPV Energia Oy
    EPC Supplier: Wärtsilä Projects Oy
    Project: LNG import terminal in Tornio 
    Country: Finland
    Credit amount: Approximately MEUR 65
    Credit period: 8.5 years
    Percentage of cover: 50 %
    Information published: 11 May 2015

    Exporters: Andritz Oy, Valmet Technologies Oy, Siemens AG
    Guarantee Holder: HSBC Bank USA, N.A.
    Lender: Finnish Export Credit Ltd, HSBC Bank USA, N.A.
    Arrangers: HSBC Bank USA, N.A.
    Buyer: Klabin S.A.
    Buyer's country: Brazil
    Export transaction/Goods: Equipment and services for a pulp mill 
    Credit amount: EUR 345,5 million or its equivalent in USD
    Credit period: 2 + 10 years
    Project classification: A
    Source of environmental and social impact information (projects in category A)
    Basic information as well as information on environmental and social impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: July 11, 2014.
    Volume I - Caracterização (PDF)
    Anexo I_Layout (PDF)
    Anexo II_Fluxograma (PDF)
    ART (PDF)
    Volume II - Tomo I_Meio Físico (PDF)
    Volume II - Tomo II_Meio Biótico (PDF)
    Volume II - Tomo III_Meio Socioeconômico (PDF)
    Volume III_Avaliação de Impactos (PDF)
    Volume IV_Estudos Complementares (PDF)
    Volume V_Laudos (PDF)
    PBA (PDF)  
    International standards applied in benchmarking: IFC Performance Standards and relevant EHS Guidelines
    Contact point: environment (at) finnvera.fi
    Information published: 15 April 2015

  • Year 2014

    Exporter: Almaco Group Oy 
    Guarantee Holder: KfW IPEX-Bank GmbH
    Arrangers: KfW IPEX-Bank GmbH and ABN AMRO Bank N.V., Singapore Branch
    Bookrunner and Agent: ABN AMRO Bank N.V., Singapore Branch
    Coordinator: ABN AMRO Bank N.V., Oslo Branch
    Borrower: Axis Nova Singapore Pte. Ltd., Singapore
    Export transaction/Goods: Accommodation units
    Country of Export transaction: Singapore
    Guaranteed amount: MUSD 17.6
    Credit period: 10 years
    Project classification: C
    Information published: 11 June 2014

    Exporter: Konecranes Finland Corporation
    Guarantee Holder: Deutsche Bank AG, London Branch
    Lender: Finnish Export Credit Ltd
    Arrangers: Deutsche Bank AG, London Branch, and Credit Suisse AG
    Buyer: PT Pelabuhan Indonesia III (Persero)
    Buyer's country: Indonesia
    Exported goods/Project: Container handling equipment
    Guaranteed amount: Approximately USD 121.2 million
    Credit period: 5 years
    Project classification: A
    Environmental and social impact information on project in category A:

    PT. Konindo Timur Utama & PT. ITS Kemitraan – JO:
    PT. Pelabuhan Indonesia III (Persero), Executive Summary, Tanjung Perak Port Development in Lamong Bay, 2010, 25 pages (PDF)
    PT. Pelabuhan Indonesia III (Persero), Environmental Impact statement (EIS), Tanjung Perak Port Development in Lamong Bay, Part 1, 2010, 142 pages (PDF)
    PT. Pelabuhan Indonesia III (Persero), Environmental Impact statement (EIS), Tanjung Perak Port Development in Lamong Bay, Part 2, 2010, 97 pages (PDF)
    PT. Pelabuhan Indonesia III (Persero), Environmental Management Plan (EMP), 2010, 43 pages (PDF)
    PT. Pelabuhan Indonesia III (Persero), Environmental Observation Plan (EOP), 2010, 39 pages (PDF)

    Center for Research and Community Outreach (LPPM):
    PT. Pelabuhan Indonesia III (Persero), Addendum to EIS, EIM-EIO Documents, Tanjung Perak Port Development in Lamong Bay, 2012, 305 pages (PDF)

    Basic information as well as information on environmental and social impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 24 May 2013.
    International standards applied in benchmarking: IFC Performance Standards and relevant EHS Guidelines
    Contact point: environment(at)finnvera.fi
    Information published: 12 May 2014

    Exporter: Wärtsilä Finland Oy 
    Guarantee Holder: Standard Chartered Bank 
    Lender: Finnish Export Credit Ltd
    Arranger: Standard Chartered Bank
    Buyer: PT Perusahaan Listrik Negara (Persero)
    Buyer's country: Indonesia
    Export transaction/Goods: gas fired generating sets, ancillary equipment and related services 
    Guaranteed amount: Approximately EUR 70 million
    Credit period: repayment in 12 years
    Environmental classification: A
    Environmental impact information on projects in category A

    Environmental Impact Assessment document (ZIP)
    Environment Monitoring Plan (ZIP)
    Environmental Management Plan (ZIP)

    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 16 September 2013
    Information published: 28.4.2014

    Exporter: Wärtsilä Finland Oy 
    Guarantee Holder: Standard Chartered Bank 
    Lender: Finnish Export Credit Ltd
    Arranger: Standard Chartered Bank
    Buyer: PT Perusahaan Listrik Negara (Persero)
    Buyer's country: Indonesia
    Export transaction/Goods: gas fired generating sets, ancillary equipment and related services 
    Guaranteed amount: EUR 90 million 
    Credit period: repayment in 12 years
    Environmental classification: A
    Environmental impact information on projects in category A : 

    EIA study (ZIP)
    Environmental Management and Monitoring Plan (ZIP)

    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 27 September 2013
    Information published: 28 April 2014

    Exporter: Nokia Solutions and Networks Branch Operations Oy
    Guarantee Holder: Deutsche Bank AG
    Lender: Finnish Export Credit Ltd
    Arrangers: Deutsche Bank AG, Crédit Agricole CIB and Société Générale
    Buyer: Etihad Etisalat Co Plc (Mobily)
    Buyer’s country: Kingdom of Saudi Arabia
    Export transaction/Goods: telecommunication equipment and services
    Guaranteed amount: MUSD 266
    Credit period: 8.5 years
    Project classification: C
    Information published: 12 March 2014

    Exporters: Valmet Power Oy and Valmet Technologies Oy
    Guarantee Holder: Nordea Bank Finland Plc
    Lender: Finnish Export Credit Ltd
    Arrangers: Nordea Bank Finland Plc and Banco Santander S.A.
    Buyer: CMPC Celulose Riograndense Ltda
    Guarantor: Empresas CMPC S.A.
    Buyer's country: Brazil
    Export transaction/Goods: Equipment and services for a pulp mill 
    Credit amount: USD 220 million
    Credit period: 2 + 10 years
    Project classification: A
    Source of environmental and social impact information (projects in category A):

    EIA Line 2 (ZIP)
    Rima Line 2 (ZIP)
    EIA Plantation Baixo Jacui (ZIP)
    RIMA Plantation Baixo Jacui (PDF)
    EIA Plantation Camaqua (ZIP)
    EIA Plantation Santa Maria (ZIP)
    EIA Plantation Vacacai (ZIP)
    RIMA Plantation Vacacai (ZIP)

    Basic information as well as information on environmental and social impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: November 19, 2013.
    International standards applied in benchmarking: IFC Performance Standards and relevant EHS Guidelines
    Contact point: environment(at)finnvera.fi
    Information published: 7 March 2014

    Exporter: Nokia Solutions and Networks Oy and subsidiaries
    Guarantee Holder: Société Générale
    Lender: Finnish Export Credit Ltd
    Buyer: OJSC MegaFon
    Exported Goods/Project: Cellular telecommunications equipment, software and services 
    Buyer’s country: Russia
    Guaranteed amount: USD 142.5 million
    Credit period: 8.5 years
    Project classification: C
    Information published: 25 February 2014

  • Year 2013

    Exporter: Wärtsilä Finland Oy, Finland and Wärtsilä India Limited, India
    Guarantee Holder: ING Bank N.V., the Netherlands
    Buyer: Mangalore Chemicals and Fertilizers Limited, India
    Buyer’s country: India
    Export transaction/Goods: dual fuel power plant engines, spare parts as well as installation and commissioning services
    Credit amount: approximately EUR 9 million
    Credit period: repayment in 7 years
    Environmental classification: C
    Information published: 13 January 2014

    Exporter: Amipac  Oy
    Guarantee Holder: The Royal Bank of Scotland plc 
    Lender: Finnish Export Credit Ltd
    Buyer:  Arla Foods Ltd.
    Buyer’s country: United Kingdom 
    Borrower: Arla Foods Finance A/S
    Export transaction/Goods: Trolley Systems 
    Credit amount: approximately EUR 13,5 million
    Credit period: 8 years
    Environmental classification: B
    Environmental information: Scope of Finnvera´s environmental review was the construction of a dairy. Main items of the review were increased traffic, impacts to the landscape. The dairy-project is planned to have low GHG-emissions.
    Information published: 12 December 2013

    Exporter: MW Power Oy, Finland
    Guarantee Holder: Danske Bank A/S, Denmark
    Buyer: Uni Viridas d.o.o., Croatia
    Buyer’s country: Croatia
    Borrower: BankPozitif Kredi ve Kalkinma Bankasi A.S., Turkey
    Export transaction/Goods: a biomass fired power plant including subsoil works
    Credit amount:  approximately EUR 24 million
    Credit period: repayment in 14 years
    Environmental classification: B
    Environmental information: scope of Finnvera’s environmental review was a biomass fired power plant. Main items of the environmental review were emissions to air and water, noise and the status of forest certification in the forest areas supplying biomass.
    Information published: 5 December 2013

    Exporter: Nokia Solutions and Networks Oy and subsidiaries
    Guarantee Holder: Nordea Bank Finland Plc
    Buyer: Telecom Italia S.p.A.
    Exported Goods/Project: Cellular telecommunications equipment, software and services 
    Buyer’s country: Italy
    Guaranteed amount: EUR 99.9 million
    Credit period: 8.5 years
    Environmental classification: C
    Information published: 17 October 2013

    Exporter: Nokia Siemens Networks Oy
    Guarantee Holder: Banco Bilbao Vizcaya Argentaria, S.A.
    Lender: Finnish Export Credit Ltd
    Arrangers: Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A. and Barclays Bank plc.
    Buyer: Telefónica’s subsidiaries in Spain, elsewhere in Europe and Latin America
    Exported Goods/Project: Telecommunications equipment and services 
    Buyer’s country: Spain, Europe and Latin American operations
    Guaranteed amount: USD 733,752,620.55
    Credit period: 8.5 years
    Environmental classification: C
    Information published: 1 October 2013

    Exporter: Metso Power Oy 
    Guarantee Holder: UniCredit Bank Austria AG 
    Buyer: JSC Arkhangelsk Pulp and Paper Mill
    Buyer’s country: Russia
    Export transaction/Goods: Pulp and paper mill machinery, equipment and services
    Guaranteed amount: Approximately EUR 12.8 million
    Credit period: 1 + 7 years
    Environmental classification: -
    Information published: 1 October 2013

    Exporter: Nokia Solutions and Networks
    Guarantee Holder: Deutsche Bank AG
    Lender: Finnish Export Credit Ltd
    Arrangers: Deutsche Bank AG and Crédit Agricole CIB
    Buyer: Etihad Etisalat Co Plc (”Mobily”)
    Buyer's country: The Kingdom of Saudi Arabia
    Export transaction/Goods: telecommunication equipment and services
    Guaranteed amount: USD 325 million
    Credit period: 1 + 8.5 years
    Environmental classification: C
    Information published: 8 August, 2013

    Exporters: Metso Paper Inc., Metso Power Oy
    Guarantee Holder: BNP Paribas Fortis SA/NV (formerly known as Fortis Bank SA/NV)
    Lender: Finnish Export Credit Ltd
    Arrangers: BNP Paribas Fortis SA/NV (formerly known as Fortis Bank SA/NV), Nordea Bank Finland Plc, Socie-té Generale
    Buyer: Suzano Papel e Celulose S.A.
    Buyer's country: Brazil
    Export transaction/Goods: Equipment and services for a single line pulp mill
    Guaranteed amount: EUR 267 million counter value in USD
    Credit period: 9.5 years door-to-door
    Environmental classification: A
    Environmental impact information on projects in category A : 

    Environmental and Social Gap Assessment of Maranhão Project - Suzano Papel e Celulose & Action Plan (PDF) 
    Summary of the project (PDF)

    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 28 December 2012. 
    Information published: 5.6.2013

    Exporter: Pesmel Oy
    Guarantee Holder: Nordea Bank Finland Plc
    Buyer: JSW Steel Ltd.
    Buyer's country: India
    Exported goods/project: Yard management systems for a cold rolling steel mill
    Guaranteed amount: Approximately EUR 13,8 million 
    Credit period: 10 years
    Environmental classification: B
    Environmental information: Scope of Finnvera's environmental review was a conveyor and storage system for the products of a steel plant’s cold rolling mill. Main items of the environmental review were the plant's emissions to air and water, noise and waste management.
    Information published: 24 May 2013

    Exporter: Metso Paper Oy
    Guarantee Holder: ING Bank, a Branch of ING-DiBa AG, Germany
    Buyer: Kipas Kagit Sanayi Isletmeleri A.S.
    Buyer's country: Turkey
    Exported goods/project: Delivery of containerboard machinery
    Guaranteed amount: Approximately EUR 74 million
    Credit period: 9 years
    Environmental classification: B
    Environmental information: Scope of Finnvera’s environmental review was a board mill based on
    recycled fiber and a coal fired power plant. Main items of the environmental review were the mill’s emis-sions to air and water, noise, waste management and sourcing of recycled paper to the mill.
    Information published: 17 May 2013

    Exporters: Andritz Oy, Metso Paper Inc. and TM System Finland Oy
    Guarantee Holder: DZ BANK AG Deutsche Zentral-Genossenschaftsbank
    Buyer: OJSC Ilim Group
    Buyer's country: Russian Federation
    Exported goods/project: Pulp and paper mill machinery, equipment and services
    Guaranteed amount: Approximately USD 28,7 million
    Credit period: 5 years
    Environmental classification: non-project
    Information published: 17 May 2013

    Exporters: Andritz Oy, Metso Paper Oy
    Guarantee Holder: Banco Santander S.A.
    Lenders: Finnish Export Credit, Santander Brasil Establecimiento Financiero de Crédito S.A.
    Buyer: Eldorado Brasil Celulose S.A.
    Buyer's country: Brazil
    Export transaction/Goods: Equipment and services for a single line pulp mill
    Guaranteed amount: USD 263.9 million
    Credit period: 10 years
    Environmental classification: A
    Environmental impact information on projects in category A: Environmental information (ZIPX, 27M)

    Basic information as well information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 6 July 2012 

    Information published: 12 February 2013

  • Year 2012

    Exporter: Outotec (Finland) Oy
    Guarantee Holder: HSBC Bank Plc
    Buyer: Paranapanema S.A.
    Buyer’s country: Brazil
    Export transaction/Goods: Copper smelting and refinery equipment and services
    Equipment-related credit amount:  EUR 16,733,633 equivalent in USD
    Credit period: 7 years
    Environmental classification: B
    Environmental information: Modernization of the copper smelter and refinery increasing the production capacity by circa 20 %. The main items of Finnvera's environmental review were emissions to air and water. The project improves the energy efficiency of the plant.
    Information published: 15 February 2013

    Exporter: Arctech Helsinki Shipyard Oy
    Guarantee Holder and Lender: ING Bank N.V.
    Borrower: OAO Sovcomflot JSC
    Buyer: OAO Sovcomflot JSC
    Buyer's country: Russia
    Exported goods/Project: two ice-breaking multipurpose vessels
    Guaranteed amount: MUSD 128
    Credit period: 12 years
    Environmental classification: -
    Information published: 14 December 2012

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder and Lender: KBC Bank Deutschland AG
    Borrower: PTA Bank (Eastern and Southern African Trade and Development Bank)
    Buyer: Ndola Energy Company Ltd
    Buyer’s country: Zambia
    Exported goods/Project: Delivery and erection of generating sets
    Guaranteed amount: EUR 18 million
    Credit period: 7 years
    Environmental classification: B
    Environmental information: Scope of Finnvera´s environmental review was the construction of an engine power plant fuelled by heavy fuel oil. Main items of the environmental review were emissions to air, noise, waste management and environmental monitoring of the power plant operation.
    Information published: 2 January 2013

    Exporter: Nokia Siemens Networks Oy
    Lender: Finnish Export Credit Ltd
    Arrangers: Crédit Agricole Corporate and Investment Bank, Helsinki Branch, and Société Générale
    Buyer: OJSC MegaFon
    Buyer´s country: Russia
    Exported goods/Project: Telecommunications equipment and services
    Guaranteed amount: USD 110 million
    Credit period: 8.5 years
    Environmental classification: C
    Information published: 10 December 2012

    Exporter: Nokia Siemens Networks Oy and subsidiaries
    Name of Guarantee Holder: Nordea Bank Finland Plc
    Name of Buyer: Telecom Italia S.p.A.
    Export transaction: Cellular telecommunications equipment, software and services
    Country of Export Transaction: Italy
    Credit Amount: EUR 60,4 million
    Credit Period: 8,5 years
    Environmental classification: C
    Information published: 10 December 2012

    Exporter: STX Finland Oy
    Guarantee Holder: Citibank
    Buyer: TUI Cruises GmbH
    Buyer's Country: Germany
    Exported goods/Project: Cruise ship
    Guaranteed amount: MEUR 350
    Credit period: 12 years
    Environmental classification: -
    Information published: 5 November 2012

    Exporter: Nokia Siemens Networks Oy and Nokia Siemens Networks Pvt. Ltd.
    Guarantee Holder: Crédit Agricole Corporate and Investment Bank, Helsinki Branch
    Buyer: Idea Cellular Limited
    Buyer´s country: India
    Exported goods/Project: Telecommunications equipment and services
    Guaranteed amount: USD 100 million
    Credit period: 10 years
    Environmental classification: C
    Information published: 9 November 2012

    Exporter: Outotec Finland Oy
    Guarantee Holder and Lender: HSBC Bank plc
    Borrower: Gazprombank OJSC
    Buyer: ZAO Mikheevsky Gorno-obogatitelny Kombinat
    Buyer's country: The Russian Federation
    Export transaction/Goods: Concentrator plant equipment and services
    Guaranteed amount: EUR 53,7 million
    Credit period: 2+7 years
    Environmental classification: A
    Environmental impact information on projects in category A: Environmental information (ZIPX, 35M)

    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed.Date of publication: 20 April 2012. 

    Information published: 26 October 2012

    Exporter:
    Guarantee Holder and Lender
    Borrower
    Buyer
    Buyer's country
    Export transaction/Goods
    Guaranteed amount
    Credit period
    Environmental classification
    Environmental impact information on projects in category A:Environmental information (ZIPX, 35M)
    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 20 April 2012.
    Information published: 26 October 2012

    Exporter
    Guarantee Holder
    Lender
    Buyer
    Buyer's country
    Export transaction/Goods
    Guaranteed amount
    Credit period
    Environmental classification

    Exporters: Andritz Oy, Finnpneumatic Oy Ltd., Metso Paper Oy and TM System Finland Oy
    Guarantee Holder: DZ BANK AG Deutsche Zentral-Genossenschaftsbank
    Buyer: OJSC Ilim Group
    Buyer's country: Russian Federation
    Exported goods/project: Pulp and paper mill machinery, equipment and services
    Guaranteed amount: Approximately USD 36,5 million
    Credit period: 5 years
    Environmental classification: non-project
    Information published: 15 June 2012

    Exporter: ABB (Hong Kong) Ltd, ABB AB
    Guarantee Holder: Crédit Agricole Corporate and Investment Bank, Seoul Branch
    Buyer: Hyundai Steel Company
    Buyer's country: South Korea
    Exported goods/Project: motors and drive units / integrated steel mill project
    Guaranteed amount: EUR 16,5 million
    Credit period: 7 years and 11 months
    Environmental classification: A
    Environmental impact information on projects in category A: Environmental Impact Assesment (PDF)

    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 8.11.2011

    Information pubshelid: 18 May 2012

    Exporter: Nokia Siemens Networks Oy and subsidiaries
    Name of Guarantee Holder: Nordea Bank Finland Plc
    Name of Buyer: Telecom Italia S.p.A.
    Export transaction: Cellular telecommunications equipment software and services
    Country of Export Transaction: Italy
    Credit Amount: EUR 59.339.525
    Credit Period: 8,5 years
    Environmental classification: C
    Information published: 3 February 2012

  • Year 2011

    Exporter: Nokia Siemens Networks Oy and Nokia Siemens Networks India Pvt. Ltd.
    Guarantee Holder: Crédit Agricole Corporate and Investment Bank, Helsinki Branch
    Borrower: Idea Cellular Limited
    Exported goods/Project: Telecommunications equipment and services
    Guaranteed amount: USD 140 million
    Credit period: 8,5 years
    Environmental classification: C
    Information published: 7 September 2012

    Exporter: Nokia Siemens Networks Oy 
    Guarantee Holder: Citibank International plc
    Borrower: Türk Telekomünikasyon A.Ş.
    Exported goods/Project: Telecommunication equipment and services 
    Guaranteed amount: EUR 46.8 million 
    Credit period: 7 years 
    Environmental classification: C
    Information published: 4 January 2012

    Exporter: Nokia Siemens Networks Oy and subsidiaries
    Guarantee Holder: Société Générale
    Lenders: Banco Bilbao Vizcaya Argentaria, S.A., Niederlassung Deutschland; Société Générale
    Buyer: Telefónica’s subsidiaries in Spain, elsewhere in Europe and Latin America
    Exported Goods/Project: Telecommunications equipment, hardware, software and local services
    Buyer's country: Spain, Europe and Latin American operations
    Guaranteed amount: USD 375.855.473,20
    Credit period: 8,5 years
    Environmental classification: C
    Information published: 3 November 2011

    Exporters: 
    Guarantee Holder:
    Buyer:
    Buyer's country:
    Exported goods/Project:
    Guaranteed amount:
    Credit period:
    Environmental information:ESIA Environmental and Social Impact Assessment 24B1355-E0009, Bratsk Pulp Mill Rebuild Project, Ilim Group by Pöyry Finland Oy August 11, 2010 (PDF), Date of publication: 9.9.2010
    Information published: 25 October 2011

    Exporter: Andritz Oy and Pöyry Finland Oy
    Guarantee Holder: Fortis Bank SA/NV
    Lender: Finnish Export Credit Ltd
    Buyer: Celulosa y Energía Punta Pereira S.A.
    Destination of Export transaction: Uruguay
    Exported goods/Project: Delivery of pulp mill equipment 
    Guaranteed amount: USD 900 million
    Credit period: 12 years
    Environmental classification: A
    Environmental information:http://www.iadb.org/en/projects/project,1303.html?id=UR-L1068 
    Information published: 3 October 2011

    Exporter: STX Finland Oy
    Guarantee Holder: BNP Paribas Fortis
    Buyer: TUI Cruises GmbH
    Buyer's Country: Germany
    Exported goods/Project: Cruise ship
    Guaranteed amount: MEUR 350
    Credit period: 12 years
    Environmental classification: -
    Information published: 27 September 2011

    Exporter: Metso Paper Oy
    Guarantee Holder: KfW IPEX-Bank GmbH
    Buyer: Greenpac Mill LLC
    Destination of Export transaction: USA
    Exported goods/Project: Delivery of linerboard machine 
    Guaranteed amount: USD 80 million
    Credit period: 10 years
    Environmental classification: B
    Environmental information: Supply of a linerboard production machine which uses recycled pulp fibre as raw material. The most essential environmental tasks in the project are waste water discharges, emissions to air (incl. odour emissions), waste, noise and increase of transportation traffic. Use of recycled pulp burdens less the environment than use of virgin pulp.
    Information published: 18 August 2011

    Exporter: WinWind Oy
    Guarantee Holder: Triodos Bank N.V.
    Lenders: Triodos Bank N.V. and Crédit Coopératif
    Buyer's country: France
    Export transaction/Goods: six 3 MW wind turbines to wind parks located in Northern France in the towns of Fiefs and Sains Les Pernes. The hub height of the turbines is 88m and the rotor diameter is 103m. 
    Guaranteed amount: EUR 23 million
    Credit period: 12 years
    Environmental classification: B
    Environmental information: Supply of six 3 MWe wind turbines. Wind turbines change landscape and create noise which may disturb the residents in the vicinity. In addition, rotor blades cause a risk of collision for birds and bats. Wind turbines create electric energy without green house gas emissions, which slows down the cli-mate change.
    Information published: 18 August 2011

    Exporter: Andritz Oy
    Guarantee Holder: Nordea Bank Finland Plc
    Lender: Finnish Export Credit Ltd
    Buyer: JK Paper Ltd
    Destination of Export transaction: India
    Exported goods/Project: Delivery of pulp mill equipment 
    Guaranteed amount: EUR 27 million
    Credit period: 10 years
    Environmental classification: B
    Environmental information: Scope of Finnvera's environmental review was the extension and modernization of a pulp and paper mill. Main items of the environmental review were the mill's emissions to air and water, noise, waste management and sustainability of pulp wood supply. The project involves emission reductions.
    Information published: 16 June 2011

    Exporter: Wärtsilä Finland Oy
    Buyer: Rasa Enerji Üretim A.Ş.
    Buyer's country: Turkey
    Exported goods/Project: supply, delivery and start up of gas fired engines 
    Credit amount: EUR 26 million
    Credit period: repayment in 8 years
    Environmental classification: B
    Environmental information: Scope of Finnvera´s environmental review was the construction of an engine power plant fuelled by gas. Main items of the environmental review were emissions to air, noise and waste water management.
    Information published: 27 April 2011

  • Year 2010

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: The Bank of Nova Scotia, Canada and The Bank of Nova Scotia Jamaica Limited, Jamaica
    Buyer: West Kingston Power Partners, Jamaica
    Buyer's country: Jamaica
    Exported goods/Project: a power generating facility
    Guaranteed amount: USD 20 million
    Credit period: 2+10 years
    Environmental classification: B
    Environmental information: Scope of Finnvera´s environmental review was the construction of an engine power plant fuelled by heavy fuel oil. Main items of the environmental review were emissions to air and water, noise and environmental management and monitoring of the power plant operation.
    Information published: 7 February 2011

    Exporter: STX Finland plc
    Guarantee Holder: Skandinaviska Enskilda Banken AB
    Buyer: Royal Caribbean Cruises LTD
    Buyer's country: USA
    Exported goods/Project: Cruiseship
    Guaranteed amount: 1.074 MUSD
    Credit period: 12 years
    Environmental classification: -
    Information published: 18 January 2011

    Exporter: Metso Power Oy and CJSC Metso Automation
    Guarantee Holder: DZ BANK AG Deutsche Zentral-Genossenschaftsbank
    Buyer: OJSC Ilim Group
    Buyer's country: Russian Federation
    Exported goods/Project: Recovery boiler and related services
    Guaranteed amount: Approximately USD 64 million
    Credit period: 5 years
    Environmental classification: non-project
    Information published: 17 January 2011

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: Nordea Bank Finland Plc
    Borrower: Banco de Reservas de la Republica Dominicana
    Lenders: Nordea Bank Finland Plc and Wells Fargo Bank, N.A.
    Buyer's country: Dominican Republic 
    Exported goods/Project: Expansion of a power plant 
    Guaranteed amount: USD 23 million
    Credit period: 6 years
    Environmental classification: B
    Environmental information: Scope of Finnvera´s environmental review was the extension of an engine power plant fuelled by heavy fuel oil. Main items of the environmental review were emissions to air and noise.
    Information published: 5 January 2011

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: Standard Chartered Bank
    Lender: Finnish Export Credit Ltd
    Buyer: Seaboard Corporation
    Destination of Export transaction: Dominican Republic   
    Exported goods/Project: power barge 
    Guaranteed amount: USD 102,6 million
    Credit period: 10 years
    Environmental classification: B
    Environmental information: Scope of Finnvera´s environmental review was the construction of an engine power plant barge fuelled by gas/ heavy fuel oil. The power plant will replace two old power plants. Main items of the environmental review were emissions to air, noise, safety of fuel transports, management of oily sludge wastes and occupational health and safety aspects.
    Information published: 5 January 2011

    Exporter: Nokia Siemens Networks Oy 
    Guarantee Holder: HSBC Bank Plc
    Name of Mandated Lead Arrangers: Citibank, N.A., Credit Suisse AG, The Hongkong and Shanghai Banking Corporation Ltd
    Borrower: PT Telekomunikasi Selular
    Buyer's Country: Indonesia
    Exported goods/Project: Telecommunication equipment and services 
    Guaranteed amount: Approximately USD 263,7 million 
    Credit period: 5 years 
    Environmental classification: C
    Information published: 17.12.2010

    Exporter: Nokia Siemens Networks Oy 
    Guarantee Holder: Crédit Agricole Corporate and Investment Bank Helsinki Branch
    Borrower: Türk Telekomünikasyon A.S.
    Exported goods/Project: Telecommunication equipment and services 
    Guaranteed amount: Approximately EUR 27,1 million 
    Credit period: 7 years 
    Environmental classification: C
    Information published: 9.8.2010

    Exporter: Nokia Siemens Networks Oy
    Guarantee Holder: Nordea Bank Finland Plc
    Buyer: Emirates Integrated Telecommunications Company PJSC
    Buyer's country: United Arab Emirates 
    Exported goods/Project: Telecommunications equipment and services
    Guaranteed amount: Approximately USD 268,8 million
    Credit period: 5 years
    Environmental classification: C 
    Information published: 14.7.2010

    Concessional credit - Ministry for Foreign Affairs of Finland is responsible for the project evaluation, see also: Ministry for Foreign Affairs 
    Exporter: MT Höjgaard a/s, Denmark
    Guarantee Holder: BNP Paribas
    Buyer: Hai Phong Bridge Projects Management Department 
    Buyer's country: Vietnam
    Exported goods/Project: Construction of highway bridge
    Guaranteed amount: EUR 22,772,340
    Credit period: 14 years 
    Environmental classification: -
    Information published: 22.6.2010

    Exporter: Nokia Siemens Networks Japan Corporation 
    Guarantee Holder: Mizuho Corporate Bank, Ltd.
    Buyer: Softbank Mobile Corporation
    Buyer's country: Japan
    Exported goods/Project: Telecommunication equipment and services 
    Guaranteed amount: Approximately JPY 21.87 billion 
    Credit period: 7 years 
    Environmental classification: C
    Information published: 8.6.2010

    Buyer's country: Russian Federation
    Exported goods / Project: Ore mining and processing
    Environmental classification: A
    Environmental impact information on project in category A:
    Feasibility study for Albazino-Amursk Gold Project (PDF)
    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. 
    Information on environmental impacts published: 12.11.2009
    Information published: 4.3.2010

  • Year 2009

    Exporter: Nokia Siemens Networks Oy 
    Guarantee Holder: HSBC Bank Plc 
    Buyer: Idea Cellular Limited 
    Buyer's country: India 
    Exported goods/Project: Telecommunication equipment and services 
    Guaranteed amount: USD 260 million 
    Credit period: 8.5 years 
    Environmental classification: C
    Information published: 7.1.2009

    Exporter: Nokia Siemens Networks Oy 
    Guarantee Holder: Commerzbank Aktiengesellschaft 
    Buyer: Bakcell 
    Buyer's country: Azerbaijan 
    Exported goods/Project: Telecommunication equipment and services 
    Guaranteed amount: Approximately EUR 23,6 million 
    Credit period: 5 years 
    Environmental classification: C
    Information published: 31.12.2009

    Exporter: Nokia Siemens Networks Oy
    Guarantee Holder: HSBC Bank plc
    Mandated Lead Arrangers: HSBC Bank plc, The Toronto-Dominion Bank
    Mandated Arrangers: Credit Suisse AG, Sumitomo Mitsui Banking Corporation of Canada
    Buyer: Vidéotron Ltée
    Buyer's country: Canada
    Exported goods/Project: Telecommunications equipment and services
    Cuaranteed amount: CAD equivalent of USD 100 million
    Credit period: up to 8.5 years 
    Environmental classification: C 
    Information published: 9.12.2009

    Exporter: Andritz Oy, Metso Power Oy
    Guarantee Holder: BNP Paribas, London Branch
    Mandated Lead Arrangers: BNP Paribas and HSBC Bank plc
    Buyer: VCP-MS Celulose Sul Mato-Grossense Ltda.
    Buyer's country: Brazil
    Exported goods/Project: Equipment for a pulp mill 
    Cuaranteed amount: Approximately USD 164 million
    Credit period: 8,5 years
    Environmental classification: A
    Environmental impact information on projects in category A:
    Complementação EIA-RIMA Três Lagoas.pdf 
    RIMA completo sem figuras.pdf
    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Information on environmental impacts published: 29.5.2009
    Information published: 4.9.2009

    Exporter: Various exporters
    Guarantee Holder: BNP Paribas
    Buyer: TP-NVP Singapore Pte.Ltd
    Buyer's country: Singapore
    Exported goods/Project: Various equipment and services for a new pipelay vessel
    Guaranteed amount: USD 88 million
    Credit period: 8,5 years
    Environmental classification: - 
    Information published: 21.8.2009

    Exporter: Kalmar Industries Oy Ab
    Guarantee Holder: Barclays Bank PLC
    Buyer: Transnet Limited
    Buyer's country: South Africa
    Exported goods/Project: Container handling equipment for Durban, Ngqura and Cape Town ports
    Guaranteed amount: Approximately ZAR 915 million
    Credit period: Up to 10 years
    Environmental classification: Ngqura A, others non-project
    Environmental impact information on projects in category A: EIR Ngqura Port Construction

    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 25.11.2008

    Information published: 18.6.2009

    Exporter: STX Finland Cruise Line Oy
    Guarantee Holder: BNP Paribas
    Buyer: Royal Caribbean Cruise Lines 
    Buyer's country: USA
    Exported goods/Project: Passanger Cruise Vessel 
    Guaranteed amount: approximately EUR 998 million
    Credit period: 12 years
    Environmental classification: -
    Information published: 8.6.2009

    Exporter: Nokia Siemens Networks Oy
    Guarantee Holder: Calyon Bank Helsinki Branch
    Buyer: Smart Communications Inc.
    Buyer's country: The Philippines
    Exported goods/Project: Telecommunications equipment and related services
    Cuaranteed amount: USD 50 million
    Credit period: 5 years 
    Environmental classification: C 
    Information published: 5.6.2009

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: WestLB AG
    Buyer: Rasa Enerji Üretim A.S.
    Buyer's country: Turkey
    Exported goods/Project: Engine-generator sets
    Guaranteed amount: approximately EUR 19 million
    Credit period: 6 years
    Environmental classification: B 
    Information published: 20.5.2009

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: WestLB AG
    Buyer: Aksa Enerji Üretim A.Ş
    Buyer's country: Turkey
    Exported goods/Project: Engine-generator sets to a power plant
    Guaranteed amount: Maximum EUR 13 millions
    Credit period: 7 years
    Environmental classification: B 
    Information published: 30.3.2009

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: WestLB AG
    Buyer: Aksa Enerji Üretim A.Ş
    Buyer's country: Turkey
    Exported goods/Project: Engine-generator sets to a power plant
    Guaranteed amount: Maximum EUR 13 millions
    Credit period: 7 years
    Environmental classification: B 
    Information published: 30.3.2009

    Exporter: Konecranes Heavy Lifting Oy 
    Guarantee Holder: Credit Suisse
    Buyer: OOO Leasing Company Uralsib
    Buyer's country: Russia
    Exported goods/Project: Container cranes to the port of St. Petersburg
    Guaranteed amount: approximately EUR 38 millions
    Credit period: 4 years 
    Environmental classification: B
    Environmental information: Scope of Finnvera's environmental review was the construction of a modern container terminal to which the cranes are destined to. The environmental review included both construction and operation phases of the container terminal. The container terminal is built as an extension to an existing harbour. Main items of the environmental review were: emissions to air and water, noise, waste management, environmental aspects and impacts related to dredging and other construction works.
    Information published: 30.3.2009

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: HSBC Bank
    Buyer: Tridinad & Tobago Electricity Commission 
    Buyer's country: Tridinad and Tobago 
    Exported goods/Project: Power plant
    Guaranteed amount: USD 67,5 million
    Credit period: 12 years 
    Environmental classification: B 
    Information published: 27.3.2009

    Exporter: Sisu Auto Trucks Oy
    Guarantee Holder: Skandinaviska Enskilda Banken AB (publ), Sweden
    Buyer: OJSC Ilim Group
    Buyer's country: Russian Federation
    Exported goods/Project: Timber trucks and trailers
    Guaranteed amount: Approximately USD 24,6 million
    Credit period: 5 years
    Environmental classification: non-project
    Information published: 19.1.2009

  • Year 2008

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: Calyon Bank Helsinki Branch
    Buyer: Office National de l'Electricité 
    Buyer's country: Morocco
    Exported goods/Project: Power plant
    Cuaranteed amount: EUR 61,2 million
    Credit period: 10 years 
    Environmental classification: B 
    Information published: 1.12.2008

    Exporter: Wärtsilä Finland Oy
    Guarantee Holder: BNP Paribas
    Purchaser: Al Qatrana Cement PSC
    Purchaser's country: The Kingdom of Jordan
    Guarantor: Arabian Cement Company
    Exported goods/Project: Power plant
    Total amount of Murabaha facilities: USD 113 million
    Murabaha facilities covered by Finnvera: USD 43 million
    Maturity: 7 years 
    Environmental classification: B 
    Information published: 27.11.2008

    Exporter: Andritz Oy
    Guarantee Holder: UniCredit Bank Austria AG
    Buyer: Mondi Syktyvkar OAO
    Buyer's country: Russian Federation
    Exported goods/Project: Equipment to a pulp and paper mill
    Guaranteed amount: Approximately EUR 113 million
    Environmental classification: B
    Environmental information: Modernization and expansion project of a pulp and paper mill. Main items of the environmental review by Finnvera were sustainability of wood sourcing, emissions to air and water and waste management. The project involves eg. significant emission reductions.

    Exporter: ABB
    Guarantee Holder: HSBC Bank plc
    Buyer: Hyundai Steel Company
    Buyer's country:
    Exported goods/Project
    Guaranteed amount
    Credit period
    Environmental classification
    Environmental impact information on projects in category A:Download PDF file
    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication
    Information published: 12.9.2008

    Exporter: Aker Yards Oy
    Guarantee Holder: Fortis Bank S.A./N.V.
    Buyer: P&O Ferries
    Buyer's country: United Kingdom
    Exported goods/Project: car-passanger ferry
    Total amount of financing: EUR 142 million
    Guaranteed amount: EUR 135 million
    Credit period: 12 years 
    Environmental classification: -
    Information published: 11.9.2008

    Exporter: Aker Yards Oy
    Guarantee Holder: Calyon
    Buyer: P&O Ferries
    Buyer's country: United Kingdom
    Exported goods/ Project: car-passanger ferry
    Total amount of financing: EUR 142 million
    Guaranteed amount: EUR 135 million
    Credit period: 12 years
    Environmental classification: - 
    Information published: 11.9.2008

    Exporters: Andritz Oy, ABB Oy
    Guarantee Holder: Australia and New Zealand Banking Group Limited
    Buyer: Visy Pulp & Paper Pty. Ltd.
    Buyer's country: Australia
    Exported goods/Project: Equipment to a pulp and paper mill
    Guaranteed amount: Approximately USD 127 million
    Environmental classification: A
    Environmental impact information on projects in category A

    Environmental Assessment (pdf) 
    Revised Air Emissions Assessment (pdf) 
    Air Dispersion Modelling (pdf) 
    Updated Water Balance (pdf)
    http://www.planning.nsw.gov.au/asp/06_0159.asp 

    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication
    Information published: 7.8.2008

    Exporter: Aker Yards Oy
    Guarantee holder: Nordea Bank Finland plc
    Lender: Various financial institutions as commercial lenders and Eksportfinans ASA as ECA lender
    Buyer: Royal Caribbean Cruises Ltd
    Buyer's country: USA
    Exported goods/Project: Passanger Cruise Vessel
    Total amount of financing: USD 530 million 
    Guaranteed principal amount: USD 300 million
    Credit period: 7 years
    Environmental classification: -
    Information published: 6.5.2008

  • Year 2007

    Exporter: GE Healthcare Projects Ltd, Finland
    Guarantee holder/Lender: BNP Paribas London Branch, Great Britain
    Buyer: Ministry of Health and Social Services, Namibia
    Buyer's country: Namibia
    Exported goods/Project: Medical equipment
    Guaranteed principal amount: EUR 13,428,211.90
    Environmental classification: -
    Information published: 7.6.2007

    Country of the project: India
    Industry sector: Steel industry
    Project/Exported goods: Steel Plant Project/Process Cranes
    Environmental classification: A
    Environmental impact information on project in category A:
    The EIA-report is available on request from: finnvera@finnvera.fi

    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 25.4.2006

    Information published: 7.6.2007

    Exporter: Raute Corporation

    Guarantee Holder /Lender: COMMERZBANK Aktiengesellschaft

    Borrower: Joint-Stock Commercial Bank - Bank of Moscow
    Buyer: OOO "Vjatskij Fanernyi Kombinat"
    Buyer's country: Russian Federation
    Export transaction/Goods: Machines and lines for plywood mill
    Credit principal amount: EUR 25,733,427.14
    Credit period: 6 years
    Environmental classification: B
    Information published: 30.4.2007

    Exporters: Andritz Oy
    Buyer: Botnia S.A.
    Buyer's country: Uruguay
    Project/Exported goods: Equipment to a pulp mill
    Guaranteed amount: USD 230,000,000
    Environmental classification: A
    Environmental impact information on projects in category A:Environmental study 
    Additional material to the environmental study 
    Information published: 12.3.2007

    Investor: Oy Metsä-Botnia Ab
    Country of the project: Uruguay
    Project: Pulp Mill
    Primary insurer: Multilateral Investment Guarantee Agency
    Amount of reininsurance: USD 100,000,000
    Environmental classification: A
    Environmental impact information on projects in category A:Environmental study 
    Additional material to the environmental study 
    Basic information as well as information on environmental impacts were published at least 30 days before the guarantee agreement was signed. Date of publication: 31.5.2005

  • Year 2006

    Exporters: Andritz Oy, Kvaerner Power Oy, Metso Paper Pori Oy
    Guarantee holder: Société Générale
    Lenders: BNP Paribas and Société Générale
    Buyer: Suzano Papel e Celulose S.A.
    Buyer's country: Brazil
    Project/Exported goods: Equipment and services to a pulp mill
    Guaranteed amount: USD 120,000,000
    Environmental classification: A
    Information published: 18.12.2006

    Exporter: Nokia Corporation
    Guarantee holder: Standard Chartered Bank
    Lender: Finnish Export Credit Ltd
    Buyer's country: Thailand
    Project/Exported goods: Telecommunications equipment and services
    Guaranteed amount: USD 119,000,000
    Environmental classification: C
    Information published: 12.12.2006

    Exporter: Nokia Corporation
    Guarantee holder/ Finnvera agent: Calyon Bank, Helsinki Branch
    Lender(s): Citibank International Plc / ING Bank N.V. and others
    Buyer: OJSC MegaFon
    Buyer's country: Russia
    Project/Exported goods: Telecommunications equipment and services
    Guaranteed amount: EUR 109 million
    Environmental classification: C
    Information published: 12.12.2006

    Exporter: Kalmar Industries Oy Ab
    Lender: HSBC Bank plc
    Buyer: The Port Authority
    Buyer's country: Jamaica
    Project/Exported goods: Container handling equipment
    Environmental classification: Non-project
    Information published: 13.7.2006

    Exporter: Aker Finnyards Oy
    Guarantee Holder: Nordea Bank Finland plc
    Lender: Nordea Bank Finland plc
    Buyer: AS Tallink Grupp
    Buyer's country: Estonia
    Project/Exported goods: High Speed Ropax Ferry
    Guaranteed amount: EUR 70,400,000
    Environmental classification: -
    Information published: 28.6.2006

    Exporter: Metso Paper Inc.
    Guarantee holder: KfW
    Buyer: Modern Karton Sanayli Ve Ticaret A.S.
    Buyer's country: Turkey
    Project/exported transaction: Paper machine
    Guaranteed amount: up to EUR 100.000.000
    Environmental classification: B

    Exporter: Andritz Oy
    Lender: ABN AMRO N.V., Stockholm Branch
    Buyer's country: Sweden
    Project/Exported goods: Recovery boiler
    Guaranteed amount: EUR 19,040,000
    Environmental classification: Non-project, replacement investment
    Information published: 8.2.2006

Projects in category A

According to the OECD’s Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence Finnvera shall publish environmental and social impact information on category A projects, which possibly may have significant adverse environmental and/or social impacts. The information shall be published when the guarantee still is an offer, at least 30 calendar days before Finnvera signs the financing agreement. After the agreement has entered into force the information is transferred with the relevant parties’ consent to the Guaranteed Transactions -page.

Offers regarding projects in category A to report.

Buyer's country: Rwanda
Exported goods/Project: Construction of a peat fuelled power plant and needed infrastructure
Project classification: A
Information published: 21 January 2016
Environmental and/or social impact information on Project in category A:
PEAT power plant ES material (ZIP)

Buyer's country: United Kingdom
Exported goods/Project: Biomass fuelled power plant
Project classification: A
Information published: 16 November 2015
Environmental and/or social impact information on Project in category A:
Tees Renewable Energy Plant (ZIP) 
https://www.redcar-cleveland.gov.uk/Planning.nsf/WebList/C641E406F7C60EC1802579300043F2B6?OpenDocument

Buyer's country: Australia
Exported goods/Project: Container handling equipment
Project classification: A
Information published: 19 August 2015
Environmental and/or social impact information on Project in category A:
http://portcapacity.portofmelbourne.com/pages/home.asp

Buyer's country: Bangladesh
Exported goods/Project: gas fired generating sets, ancillary equipment and related services
Project classification: A
Information published: 22 June 2015
Environmental and/or social impact information on Project in category A:
Ashuganj 200 MW Power Plant, Environmental and social compliance review (PDF)

Buyer’s country: Russian Federation
Exported goods/Project: Container handling equipment
Project classification: A
Information published: 17 November 2014
Environmental and/or social impact information on project in category A:
Том 8.1 Инв 8572к.pdf

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