Baltic countries join Nordic Investment Bank 2005

Representatives of the Nordic and Baltic countries’ governments have today, on Wednesday, 11 February 2004 in Helsinki, signed a new Agreement on the Nordic Investment Bank (NIB), effecting the membership of Estonia, Latvia and Lithuania in the Bank.

At the meeting of Nordic Prime Ministers in June 2003, the five heads of government agreed in principle to invite the three countries to become members of NIB. The negotiations, conducted under the auspices of the Nordic and Baltic Ministers of Finance and Economy, were completed at the turn of the year. The negotiating parties have agreed on a new Agreement and new Statutes for the Bank. After national ratification during 2004 the three Baltic countries are expected to become members of NIB from 1 January 2005.

According to the Agreement Estonia, Latvia and Lithuania will become members of NIB on an equal footing with the present five members, Denmark, Finland, Iceland, Norway and Sweden. All members will have the same rights and obligations as under the current NIB Agreement.

The eight countries’ Ministers of Finance and Economy point out that the enlargement of NIB is a milestone in the history of cooperation between the Nordic countries and Estonia, Latvia and Lithuania. NIB provides the eight countries with a common international financial institution promoting their economic growth through cross-border investments.

– Businesses and institutions show their viability by adapting to and coping with changes around them. NIB has been able to show that kind of capacity hitherto and will continue to do so, by virtue of its financial and institutional strength. The Baltic Sea region as a whole has a great potential as a future growth area. Baltic NIB membership will promote the development of the region, which in itself is a matter of great interest to Nordic and Baltic countries alike, says Mr Geir H. Haarde, Icelandic Minister of Finance and Chairman of the Nordic Ministers of Finance and Economy.