NIB Governors, President of the Republic of Estonia Alar Karis and NIB President & CEO André Küüsvek. Photo: Raul Mee, source: NIB

22 Mar 2024

NIB Governors approve annual results and dividends, invite to strengthen resilience

On 22 March, the Board of Governors of NIB held its annual meeting in Tallinn. The Governors approved the Bank’s annual accounts for 2023 and a payment of EUR 63 million as dividends to the Nordic and Baltic owner countries. The Board, consisting of member country ministers of finance, industry and economic affairs, also offered guidance for NIB’s priorities towards a sustainable, innovative and resilient Nordic-Baltic region.

In 2023, NIB maintained strong disbursement levels and paid out EUR 3.4 billion in loans. Continued demand for the Bank’s long-term financing enabled NIB to prioritise high-impact projects, with a large share of lending going to research and development, renewable energy generation, or electricity networks.

NIB’s net profit increased by 80% from EUR 139.3 million in 2022 to EUR 250.7 million in 2023. The strong financial results allow the Bank to distribute EUR 63 million as dividends to its Nordic and Baltic countries.

“The dividend payment is a testament to NIB’s financial strength despite a turbulent economic environment. It also underlines the Bank’s ability to add value not only through leveraging investments in the region but also by bringing the capital back to the state budgets,” says Mart Võrklaev, Chair of the Board of Governors of NIB and Minister of Finance of Estonia.

The meeting in Tallinn is the first in person since Vilnius 2013. In the current circumstances, NIB Governors used the opportunity to discuss how the Bank can best assist them.

Three themes—climate and nature, productivity and innovation, security and resilience—were identified as the most critical focus areas. The Governors released a statement to express their support for these priorities in guiding NIB’s operations.

“NIB has acted as an efficient financing vehicle, aligning its activities with the policy priorities of its owner countries since its foundation almost 50 years ago. By adapting to new challenges and focusing on additionality, NIB’s financing can further improve prosperity and cooperation within the region,” the Governors write in their statement.

Statement by the Governors of the Nordic Investment Bank

“For NIB to maximise its contribution to a sustainable and prosperous Nordic-Baltic region, it is essential to stay in close dialogue with our owners to be responsive to their changing needs. By setting a common direction, we can address the most urgent issues without losing sight of longstanding challenges,” says André Küüsvek, President and CEO of NIB.

In light of the Board of Governors meeting, NIB also arranged a “Stronger together – the new geopolitical reality and its impact on the Nordic-Baltic region” seminar to bring together NIB’s decision-making bodies and distinguished speakers—President of Estonia Alar Karis, Secretary General of the Nordic Council of Ministers Karen Ellemann, President & CEO of Ericsson Börje Ekholm—for discussions.

The Governors support for NIB’s focus on the green transition, innovation, and resilience complements the Bank’s long-term commitments made in 2023.

Last year, NIB launched a Climate Strategy connecting its financing activities and operations to science-based targets that support member countries’ decarbonisation efforts. Moreover, the Bank’s Board of Directors approved NIB’s long-term targets for maintaining a strong financial position, achieving sustainability goals, and fostering diversity, engagement and leadership.

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:
André Küüsvek, President and CEO, at +358 10 618 001,
Jukka Ahonen, Head of Communications, at +358 10 618 0295,