NIB supports municipal projects in Iceland 

NIB and Lánasjóður sveitarfélaga ohf. (Municipality Credit Iceland) have signed a 7-year ISK 3.5 billion (EUR 23.8 million) loan facility to finance municipal projects in Iceland. 

The Municipality Credit Iceland Plc. (MCI) focuses on providing funding on favourable terms to Icelandic municipalities. In recent years, MCI has lent to projects such as schools, day-cares, sport facilities, district heating, social housing and waste collection. 

All funds from NIB’s loans will be on-lent to projects that are aligned with NIB’s mandate. The projects will aim to enhance regional productivity, improve human capital and support long-term growth.  

“This loan gives NIB the opportunity to finance such municipal projects in Iceland that would otherwise be too small for direct lending”, André Küüsvek, NIB President and CEO said.  

Established in 1967, Municipality Credit Iceland Plc. has a role to provide credit to Icelandic municipalities, their organizations, and companies. It is fully owned by all 62 municipalities is Iceland, and lending is restricted to entities wholly owned by municipalities or jointly with the State Treasury.  

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. 

For further information, please contact 

Joakim Häger, Senior Banker, +358 10 618 0439, joakim.hager@nib.int 

Tommy Hellström, Communications Officer, +358 10 618 0214, tommy.hellstrom@nib.int