Board of Governors: NIB well equipped to support Nordic-Baltic region

At its annual meeting today in Reykjavik, Iceland, the Board of Governors stressed that the Nordic Investment Bank is well equipped to support borrowers in the Nordic-Baltic region. The supply of long-term financing will remain constrained due to uncertainty in financial markets and regulatory changes. Investment activity is still expected to be subdued but many companies will face significant refinancing needs.

“With its solidity and last year’s capital increase, the 35-year old NIB is well equipped to support the Nordic-Baltic region by financing projects that contribute to competitiveness and the environment. The financial crisis is not over and there will be major refinancing needs in NIB’s member countries. Therefore, the Board of Governors welcomes NIB’s decision to establish a temporary lending facility for this purpose and to step up its lending activities in 2012,” says Ms Oddný G. Harðardóttir, Finance Minister of Iceland, who chaired the board meeting.

The year 2012 will mark the change of presidency at NIB. In April, Mr Henrik Normann will succeed Johnny Åkerholm, who has been President and CEO of NIB since April 2005.

“The Board of Governors would like to thank Mr Johnny Åkerholm for his contribution. In the last few years, the Bank has made excellent progress in focusing its activities with high mandate compliance. In addition, NIB sharpened the focus of activities in non-member countries. Henrik Normann will inherit a solid institution, which plays a prominent role in the region’s economy,” Ms Harðardóttir concludes.

At the meeting in Reykjavik, the Board of Governors approved NIB’s annual accounts for 2011. NIB’s profit amounted to EUR 194 million. The profit will be transferred to the General Credit Risk Fund as a part of equity.

The Board of Governors, in which the member countries are represented at the ministerial level, appointed the Governor for Lithuania as its Chairman for the period from 1 June 2012 to 31 May 2013.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Mr Johnny Åkerholm, NIB President and CEO, at +358 10 618 001,

Mr Jukka Ahonen, Director, Head of Communications, at +358 10 618 0295,