About

We accelerate the transition of our societies

NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. We finance projects that improve productivity and benefit the environment of the Nordic-Baltic region. The Bank is headquartered in Helsinki with a regional hub in Riga.

DISBURSED LOANS • SINCE 1976
EUR76+billion
Work community • 31 Dec 2024
257employees
authorised capital • 31 Dec 2024
EUR8,369million

Funding

We acquire the fund for our lending by borrowing on the international capital markets.

Investors

Lending

We provide long-term financing that improves productivity and benefits the environment.

Financing

Financing the Future

Our vision is a prosperous and sustainable Nordic–Baltic region.

Our impact

Ownership and capital

NIB was established on 4 December 1975 through an intergovernmental treaty between Denmark, Finland, Iceland, Norway and Sweden.
On 1 January 2005, Estonia, Latvia and Lithuania became members of the Bank.

NIB’s authorised capital amounts to approximately EUR 8,369 million. Our member countries have subscribed the authorised capital according to a distribution key based on the eight member countries’ gross national income.

The authorised capital consists of paid-in capital and callable capital. About 10.10% of the subscribed authorised capital stock is paid in. The remainder of the authorised capital consists of callable capital, which is subject to call if the Board of Directors deems it necessary. In addition to the paid-in and callable capital, the Bank has various reserves.

Authorised capital

Member Country	Rating*	Authorised Capital	Country's Share
Denmark	Aaa/AAA	1,763,074,493.79€	21.1%
Estonia	A1/A+	76,651,259.81€	0.9%
Finland	Aa1/AA+	1,482,690,785.19€	17.7%
Iceland	A1/A+	79,132,913.42€	0.9%
Latvia	A3/A	111,830,807.21€	1.3%
Lithuania	A2/A	163,231,714.80€	2.0%
Norway	Aaa/AAA	1,799,704,941.30€	21.5%
Sweden	Aaa/AAA	2,892,527,558.59€	34.6%
Total		8,368,844,474.11€	100.0%

*Credit ratings by Moody’s and S&P Global Ratings as of 31 December 2024

Governance

Each member country designates a governor for the Bank’s Board of Governors, which is the supreme decision-making body. The Control Committee monitors that NIB’s operations are conducted in accordance with the Statutes. The Board of Directors makes policy decisions concerning the operations and approves the financial transactions proposed by NIB’s President.

NIB’s President is responsible for the conduct of the current operations of the Bank. The President is supported by the Executive Committee; the Asset, Liability & Risk Committee; the Mandate, Credit & Compliance Committee; and the Business and Technology Committee.

Board of Governors

Each member country is represented on NIB’s Board of Governors by a government minister.

Board of Directors

The Board of Directors is composed of eight directors and eight alternates appointed by each member country.

President and CEO

NIB’s President guides the Bank’s operations and chairs the Executive Committee. The Board of Directors appoints the President.

Executive Committee

The Executive Committee is an advisory body to the President. It deals with policy and management issues.

Control Committee

The Nordic Council and the Parliaments of Estonia, Latvia and Lithuania appoint one member from each country.

Our history

1975
On 4 December, representatives of Denmark, Finland, Iceland, Norway and Sweden sign the agreement for the establishment of NIB.
1976
Operations begin in August to promote economic growth and cooperation between the Nordic countries.

Bert Lindström (Sweden) becomes the first president of NIB.

How NIB came to be
1977
NIB is introduced on the international capital market with a eurodollar loan of USD 40 million.
1981
NIB moves into its new office at Unioninkatu 30, Helsinki.
1982
NIB is awarded the top credit rating, AAA/Aaa, for its long-term bonds.
1983
NIB agrees on its first project investment loan outside the membership area.
1984
Authorised capital doubles to SDR 800 million, loan authorisation to SDR 2,000 million. NIB employs 51 persons.
1986
Jannik Lindbæk (Norway) becomes NIB’s president.
1989
The Nordic Development Fund (NDF) is established. NIB starts focusing on environmental projects.

NDF website
1990
The Nordic Environment Finance Corporation (NEFCO) is established a special unit within NIB. NEFCO separated from NIB in 1993.

Nefco website
1992
NIB participates in the Baltic Investment Programme, set up by the Nordic countries with the aim of helping to build up the private sector in the Baltic countries.
1993
NIB moves into the office building at Fabianinkatu 34, Helsinki. NIB purchased the property in 1996, and it serves as NIB’s main headquarters to this date.
1994
Project investment loans outside the member countries are paid to the private sector for the first time.

Jón Sigurðsson (Iceland) becomes NIB’s president.
1997
New loan facility established for environmental investment loans to projects on the areas adjacent to the member countries.
1999
A new Agreement on NIB and a headquarters agreement acknowledge the Bank’s multilateral status. NIB’s authorised capital is raised to EUR 4,000 million.
2004
NIB expands loan facilities for projects outside the member countries and for environmental projects.
2005
Estonia, Latvia and Lithuania become members of NIB. The authorised capital is increased to EUR 4,142 million.

Johnny Åkerholm (Finland) becomes NIB’s president.

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2006
NIB renews its strategy and introduces the mandate to sharpen the focus on the sustainable growth of the member countries.
2008
NIB allocates EUR 1,500 million for lending facilities earmarked for climate change mitigation and the improvement of the Baltic Sea environment.
2011
NIB issues its first green bond under the new Environmental Bond framework.

NIB’s authorised capital is increased to EUR 6,142 million.
2012
Henrik Normann (Denmark) becomes NIB’s president.

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2014
The Board of Directors conducts a comprehensive review of NIB’s strategy. The Bank issues its inaugural benchmark environmental bond.
2015
NIB establishes an Arctic lending facility.
2016
A special lending facility is allocated to invest in green bonds issued by companies and municipalities in the member countries.
2018
NIB renews its mandate rating framework with a focus on improving productivity and the environment in the member countries.
2020
NIB updates its Statutes to strengthen the Bank’s operations and ensure continued adherence to sound banking principles.

The Bank launches coronavirus response by issuing NIB Response Bonds and providing swift loans to alleviate the effects of the pandemic.

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2021
André Küüsvek (Estonia) becomes NIB’s president.

NIB reviews its strategy to further accelerate delivery of the Bank’s mission.

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2023
NIB opens a regional office in Riga to bring the Bank closer to its Baltic stakeholders.

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2024
Governors invite NIB to strengthen regional resilience. NIB answers the call by reviewing its Sustainability Policy to allow security and resilience investments.

NIB signs a host country agreement with Latvia.

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2025
NIB celebrates 50 years since the establishment and 20 years of the Baltic membership at the Bank.

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ABOUT

Legal framework and policy documents

NIB is governed by its constituent documents. Our activities are guided by a number of policies, guidelines and instructions adopted by the Board of Directors or the President.

ABOUT

Integrity & Compliance

As an international institution entrusted with public funds, NIB strives to carry out its operations with the highest integrity and in compliance with best practices and its own legal framework.