Governors emphasise NIB’s role in recession

At its annual meeting in Mariefred, Sweden, on 26 May 2009, the Board of Governors stressed the role of NIB in the current economic circumstances where recession is affecting the Nordic and Baltic countries. They emphasised the importance of maintaining access to financing for all actors in the economy.

“Under these circumstances, NIB should play an important role, complementing the various national efforts in mitigating the effects of the recession on output and employment, by mobilising resources from the international capital markets and distributing them to companies and projects in the member countries. The owners expressed their strong support for the Bank and its activities,” says Anders Borg, Finance Minister of Sweden, who chaired the Board meeting.

By continuing its important work within its area of expertise, the Bank will also promote development in areas vital for long-term competitiveness and sustainability. These areas include innovation, renewable energy and energy efficiency as well as other measures for achieving greenhouse gas emission reductions, protection of the marine environment and sustainable transport solutions.

The Governors noted with appreciation the Bank’s work in 2008 in line with its mandate to strengthen the competitiveness of its member countries and enhance the environment. They also expressed satisfaction with the active involvement of the Bank in the preparation of the EU Baltic Sea Strategy and in the Northern Dimension cooperation, including the establishment of the new partnership in transport and logistics. The rapid utilisation of the Bank’s new lending facility targeting climate change mitigation and adaptation and the continued engagement of the Bank in supporting the realisation of the HELCOM Baltic Sea Action Plan were welcomed.

At the meeting, the Board of Governors approved NIB’s annual accounts for 2008. No dividends will be made available to the Bank’s member countries. The Governors noted with appreciation NIB’s increased volume of lending in 2008. Loans agreed increased to EUR 2,707 million, compared to EUR 2,214 million during the previous year,  with the major part in the Bank’s focus sectors: energy; the environment; transport, logistics and communications; and innovation—but also with a substantial portion supporting corporate investment in other areas.

The Board of Governors, in which the member countries are represented at the ministerial level, appointed the Governor for Sweden as its Chairman for the period 1 June 2009 to 31 May 2010.

NIB is a multilateral financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. 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, President & CEO, at +358 10 618 001,

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