Looking for a specific product?

Make a search for products & suppliers, articles & news.

Norway first in the world to review loans to developing countries

Earlier today, Mr Holmås surprised the anti-debt movement by announcing that the Government is to review poor countries’ debts to Norway. This work, which will be assigned on the basis of an international tender, will be started this autumn and is to be completed in early summer 2013.

Minister of International Development Heikki Holmås commented, “Norway is the first country in the world to review its loans to developing countries, in line with the UN Guiding Principles on foreign debt and human rights. This means that Norway is setting the gold standard in this area.”  

“Norway will continue to be a responsible lender. We hope this work will inspire other lenders to initiate similar reviews and thus become better lenders too,” said Mr Holmås. Issues that are covered by the concept “responsible lending” include considering the debtor country’s priorities rather than focusing on the creditor’s export interests, and considering the capacity of poor countries to pay back loans. Openness is also important.

Norway is at the forefront of international efforts to train a spotlight on responsible lending and borrowing. Norway provided funding for the UN project to draw up international criteria for responsible lending. These were launched in Doha in April this year. The Government’s aim and the Storting’s decision to carry out a review of Norway’s loans to developing countries must be seen in the context of this broader effort. This initiative is also linked to Norway’s efforts to promote financial transparency.

“Responsible lending and reviewing loans to developing countries have been on the international agenda for several decades. But until now, no such review has been undertaken. Norway’s review of its loans will draw attention to the issue of responsible lending in the international arena,” said Mr Holmås.

 

Related news

Latest news

DNV GL launches certification framework and recommended practice for Carbon Capture and Storage (CCS)

The recommended practice DNVGL-RP-F104 Design and operation of carbon dioxide pipelines, 

DNV GL launches new JDP to test biodegradable lubricants

The test programme will investigate such aspects as hydrodynamic oil film formation,

ROV contracts in Brazil

The new contracts and contract extensions give 1 630 days of ROV services...

Steinsvik Secures a Contract for its First Concrete Barge

Steinsvik’s well-known steel barge design is now complemented by a new and innovative concrete barge design.

Searching for the best biological solutions

AKVA group’s biologists play a key role to ensure that the company’s technology not only meets fish welfare requirements, but also provides the best possible conditions for the fish.

Elisabeth Maråk Støle appointed managing director of Forskningsselskapet SørVest AS

Elisabeth Maråk Støle will take up her position on 1 April 2018 at the latest.

TIME SCALE

We are building chambers for tomatoes to grow in space. The aim is to give food to astronauts going to Mars.

From university to heavy industry: A slow transition

It is nearly winter holiday,

Doria awarded as “best large patrol boat 2017”

Doria is equipped with Servogear Ecoflow Propulsor.