NIB opens public consultation on defence financing

The Nordic Investment Bank’s Board of Directors today approved the start of a 30-day public consultation on changes to the NIB Sustainability Policy Exclusion List. The proposed revision permits NIB to finance conventional weapons and ammunition, while excluding producers of controversial weapons.

This decision follows a request by the Nordic and Baltic owner governments. In March 2024 the governments asked NIB to focus on mobilising finance for climate and nature, productivity and innovation, as well as consider ways to support security and resilience. Consequently, NIB updated its Sustainability Policy and Exclusion List in July 2024 to allow financing for defence-related projects, excluding manufacturers of weapons and ammunition.

The current consultation is a further step and proposes to permit NIB to finance conventional weapons and ammunition, while excluding producers of controversial weapons. The objective is to further strengthen the security and defense capabilities in the region.

André Küüsvek, President & CEO says: “In response to the geopolitical developments and the growing demand for defence investments in our region, our Board of Directors has decided that NIB can start financing conventional weapons and ammunition. Our mission to provide long-term sustainable finance to improve productivity and benefit the environment in the Nordic-Baltic region remains core to NIB.”

Luca De Lorenzo, Vice President, Head of Sustainability & Mandate says: “Security is a necessity for prosperous and sustainable societies, and we remain committed to ensuring that NIB’s Sustainability Policy reflects societal developments and aligns with the needs of our member region.”

We invite stakeholders to review and comment on the revised Sustainability Policy Exclusion List starting today. Stakeholders are encouraged to submit comments to info@nib.int by 14.00 EEST on 12 July 2025. NIB will consider the contributions and may decide to draft an amended Exclusion List for a separate approval by the Board of Directors.

NIB is the international financial institution of Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances 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. NIB has the highest possible credit rating, AAA/Aaa, with S&P Global Ratings and Moody’s.

Luca De Lorenzo, Vice-President, Head of Sustainability & Mandate, +358 10 618 0297, luca.delorenzo@nib.int
Jukka Ahonen, Senior Director, Head of Communications, +358 10 618 0295, jukka.ahonen@nib.int