Norway makes ground-breaking decision to cancel illegitimate ECA debt

(EURODAD, Brussels, 3 October 2006) Norway's Government has, in effect, admitted that it's lending to 5 developing countries for the purchase of Norwegian ships between 1976 and 1980 was irresponsible and motivated by domestic concerns, rather than the development needs of the countries involved. It is hoped that the Norwegian announcement will now prompt other creditor countries to open public and serious enquiries into their export credit lending policies and practices.