Looking for a specific product?

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

Norway first to review loans to developing countries

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, says Minister of International Development Heikki Holmås.

- This means that Norway is setting the gold standard in this area, Holmås says.

He said the Government's work to review poorer countries’ debts to Norway will be assigned on the basis of an international tender, will be started this autumn and is to be completed in early summer 2013.

“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,” The Norwegian Minister said.

Related news

Latest news

New transformer station for one of the world’s longest subsea power cables

The challenge is to have a system that is easily accessible.

Introducing SAL R1a Easy Tank

Innovation up to speed – Introducing SAL R1a Easy Tank.

Speed logs for 100 years

This is the story of the Consilium speed logs, helping you navigate for more than 100 years.

IAEA Mission says Research Reactor Operator in Norway is Committed to Safety

A team of eight reactor experts from the International Atomic Energy Agency (IAEA) has for one week undergone the safety of the JEEP II research reactor at Kjeller. The expert group concludes that IFE strongly emphasizes s...

New Research Center for Environment-friendly Energy

The new FME center is dedicated to development of materials, components and technology for use of batteries and hydrogen in zero emission transport systems. It will be a special focus on the maritime sector.

The Netherlands re-join the Halden Reactor Project

The Netherlands signed the Halden Agreement on December 1st and will formally become the 20th member country in the Halden Reactor Project (HRP) after the formal acceptance from the Halden Board during their Paris meeting ...

First phase of DNV GL led offshore cable and pipeline operations equipment joint industry project completed

The data analysed during phase 1 has identified and recorded various processes...

The end of the paper chase: DNV GL to roll out electronic certificates across entire fleet

Certificates are published on DNV GL’s customer portal immediately after an onboard survey is completed,

New Integrated Solution Set to Redefine DP Reference Systems

DPS i2 and DPS i4 utilise KONGSBERG's unique motion gyro compass (MGCTM) and motion reference unit (MRUTM) technology.