NIB Nordic Investment Bank

Article

28 Jun 2010

Member countries increase NIB’s capital base


The Board of Governors has decided to increase the authorised capital of the Nordic Investment Bank by EUR 2 billion.

“There are reasons to believe that the demand for long-term financing will remain high in the coming years; also when the current crisis is over. With the increased capital NIB is better equipped to continue its important activity in helping the Nordic and Baltic countries to support competitiveness and protect the environment,” says Johnny Åkerholm, President and CEO of NIB.

The capital increase will be allocated to the unpaid portion of the authorised capital stock. Following the subscription, the Bank’s authorised capital will amount to EUR 6,142 million (currently EUR 4,142 million). The capital increase will enter into force once the necessary national procedures in the member countries have been completed. Please see NIB’s capital structure after the new subscription here.

The Bank will further enhance its focus on activities supporting the mandate.

Within the energy sector, the emphasis will be on renewable energy forms, energy efficiency, increased integration and security of supply. On the environmental front, financing will be directed towards mitigation and adaptation to climate change as well as towards the protection of the marine environment, particularly the Baltic Sea. Within transport, logistics and communications NIB will target transport corridors in the Nordic and Baltic area, logistics systems and the new generation of communications. Innovation will also be supported by investments in R&D in both the private and public sectors.

In 2009, the share of these focus sectors rose to 76% of disbursements, and a further increase is envisaged for 2010.

The next assessment of the Bank’s capital requirement is scheduled for 2015.

NIB in brief

NIB was set up in 1975 as a vehicle for its member countries to effectively mobilize capital in the international financial markets and distribute it in the economies of member countries. From the Bank’s original purpose – to promote economic cross-border cooperation and integration among member countries – its mission has evolved into today’s mandate of supporting competitiveness and the environment.

NIB provides long-term financing in the form of loans and guarantees based on sound banking principles for activities in which NIB can add value and complement other financing sources. The Bank has gradually grown into a financial institution with a balance sheet of EUR 22.4 billion and a loan portfolio of EUR 13.8 billion. An all-time high in annual disbursements was registered in 2008, with total disbursements reaching EUR 2.5 billion. In 2009, disbursements were capped at EUR 2 billion because of the capital constraint.

The Nordic Investment Bank 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:

Johnny Åkerholm, President and CEO, tel. +358 10 618 001,

Harro Pitkänen, Senior Director, Head of Business Development & Control, tel. +358 10 618 0246,

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