Norway offers firms $10 billion as coronavirus threatens economy

Norway offers firms $10 billion as coronavirus threatens economy

Norway offers firms $10 billion as coronavirus threatens economyNorway offers firms $10 billion as coronavirus threatens economy

OSLO (Reuters) – Norway will offer companies at least 100 billion Norwegian crowns ($9.7 billion) in funding in the form of guarantees for loans and bond issues to support the economy during the coronavirus outbreak, the government said on Sunday.

“The government will do what’s needed and spend the necessary funds to secure the Norwegian economy and support Norwegian businesses, big and small,” Prime Minister Erna Solberg said.

The support package was divided into loan guarantees of 50 billion crowns to small and medium sized businesses seeking bank loans, and the same amount in the form of government guarantees to large firms issuing corporate bonds.

In addition, payments of payroll taxes will be postponed, the government added.

Further measures for industries that have been particularly hard hit will also be presented at a later time, Finance Minister Jan Tore Sanner said.

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