7 Sep 2015
NIB allocates EUR 500m for Arctic lending facility
NIB is launching an Arctic Financing Facility with a framework of up to EUR 500 million in loans for projects in the High North.
“NIB’s member countries are paying increased attention to the sustainable development of the Arctic region. Launching the new facility reflects the priorities of the Bank’s member countries”, says Henrik Normann, NIB President & CEO.
“The High North needs investments, for example, in the energy sector, transport, and SMEs with a very good understanding of the region’s special environmental circumstances. We hope that the new facility will provide the kind of input necessary to address the pressing needs of the region.”
The financing of Arctic projects will be developed as part of Bank’s ongoing lending activities. NIB will provide financing for investments to support the Arctic strategies launched by the Bank’s member countries. The most likely types of projects eligible for NIB financing would be in the construction of railways, roads, and ports, as well as the development of renewable and biomass power generation and transmission capacity.
NIB has a long experience in financing projects in the Arctic region. NIB is also participating in two Northern Dimension partnerships—the environmental partnership (NDEP) and the partnership on transport and logistics (NDPTL)—which are developing project pipelines in their respective areas, with a strong focus on the Arctic region.
The new Arctic Financing Facility will focus on selected priority investments to be identified.
NIB is an international 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 Jukka Ahonen, Head of Communications, at +358 10 618 0295,