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Norway to establish two new funds for industry, households
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08:22, February 09, 2009

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The Norwegian government announced Sunday it had proposed to establish two new funds to ease the access to loans for companies and households, and contribute to stabilize the financial market.

"These two new funds will be with a total capital of one hundred billion kroner (about 14.8 billion U.S. dollars This is important in order to launch good industrial projects that will uphold existing jobs and create new jobs," Norway's Prime Minister Jens Stoltenberg said in a statement.

A Norwegian State Finance Fund with a capital of 50 billion (about 7.4 billion U.S. dollars) will be established as separate entity. Norwegian banks are financially sound at present, but they need to strengthen their core capital in order to counter a weaker economy and enhance their competitiveness, according to the statement.

The statement pointed out that the government also proposed to establish a Norwegian State Bond Fund with a capital of 50 billion(about 7.4 billion U.S. dollars This will make it possible for industrial companies to get funding not only directly from banks, but also in a strengthened bond market. The State Bond Fund will be administered by Folketrygdfondet.

"Norway has already done much to improve the situation. The measures presented now come in addition to the comprehensive measures that have already been introduced," the statement added.

Source: Xinhua

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