Norway adds $200 million to stimulus pot

OSLO, Norway – The Norwegian government said Friday it was providing 1.35 billion kroner ($200 million) in extra funds to the national industrial development fund to help dampen the impact of the global financial crisis.

The latest economic stimulus measure by the oil-rich Nordic country will allow the fund — called Innovation Norway — to take greater risks in funding business projects and to also help larger companies, instead of mainly small- to medium-sized ones.

“The package will help dampen the effects of the financial unrest in the short term, and strengthen innovation and restructuring in the long term,” said Minister of Trade and Industry Sylvia Brustad.

The additional funds include 880 million kroner for loans and guarantees, and 470 million kroner in extra funds to help larger companies.

Norway on Monday announced a 20 billion kroner ($2.95 billion) stimulus package of tax cuts and increased government spending. On Feb. 9, the government plans to unveil additional measures to strengthen the lending capacity of the country’s banks. Ahead of that, top managers of Norway’s largest banks on Thursday promised not to accept personal pay raises in 2009 as a gesture of moderation and cooperation.

Author: Associated Press

Source: CNBC

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