NIB signs MoU with TDB

NIB has signed a bilateral Memorandum of Understanding (MoU) with the Eastern and Southern African Trade and Development Bank (TDB) to formalise close cooperation.

NIB and TDB are interested to cooperate in financing of selected projects in TDB’s member state countries in sectors such as transportation, energy and social infrastructure that benefit the environment and have Nordic and Baltic participation. The Banks wish to promote their partnership among NIB’s Nordic-Baltic member countries to highlight opportunities for investment and financing with TDB in Eastern and Southern Africa.

The MoU, signed by President Emeritus and TDB Group MD Admassu Tadesse and NIB President and CEO André Küüsvek, provides a framework for cooperation on eligible transactions.

“TDB is pleased to formalize relations with NIB, with which it shares common aspirations with regards to the financing of triple bottom-line impact. With Denmark’s Investment Fund for Developing Countries (IFU) having joined TDB as a shareholder in 2019, via this agreement, we are keen to expand our working relations with Nordic-Baltic countries, with which we foresee important potential to drive economic, social and environmental development in our region,” says Admassu Tadesse, TDB President Emeritus and Group MD.

“We are happy to cooperate with TDB on financing companies and projects of mutual interest in Eastern and Southern Africa. This MoU will guide how we cooperate on eligible transactions that may contribute towards maintaining stable and sustainable economic growth, promote environmental benefits and further the economic and trade cooperation. For NIB, it is especially important that all potential projects contribute to our mandate of financing projects that improve productivity and benefit the environment, and that we involve our Nordic and Baltic member countries,” says André Küüsvek, President and CEO of NIB.

TDB is a multilateral, treaty-based, investment-grade development finance institution, with 41 sovereign and institutional shareholders. TDB serves 22 economies in its region, with the mandate to finance and foster trade, regional economic integration, and sustainable development. TDB is part of the TDB Group, which also comprises TDF (the Trade and Development Fund), ESATF (the Eastern and Southern African Trade Fund), TCI (TDB Captive Insurance), and the TDB Academy.

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 that improve productivity of the Nordic and Baltic countries and benefit 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:

Mr Heikki Cantell, General Counsel, at +358 10 6180 0390, heikki.cantell@nib.int
Mr Jukka Ahonen, Senior Director, Head of Communications, at +358 10 618 0295, jukka.ahonen@nib.int