3 Jul 2020
EUR 60 million
Financial institutions and SMEs
|Date of agreement:||27 Jun 2017|
|Amount in USD:||USD 75 million|
|Amount in EUR:||EUR 66.55 million|
|NACE sector / loan type:||Loan programme|
|Business area:||Financial institutions and SMEs|
The financing provided under this loan programme will be onlent to small and medium-sized enterprises (SMEs) in Iceland for investments and environmental projects. The funds will be allocated to projects that fulfil NIB’s mission.
Landsbankinn is well equipped to onlend the funds, as corporates command 63% of its total loan portfolio and most of the corporate clients are SMEs. Fisheries, tourism and real estate are the largest sectors represented in the bank’s portfolio.
The previous loan programme with Landsbankinn, signed in 2015, has been fully allocated to SME investments in Iceland.
Landsbankinn hf. is the largest universal bank in Iceland. It was established in 2008 and is majority-owned by the National Treasury of Iceland.
The loan programme is set to alleviate credit constraints for SMEs and facilitate their productivity growth. The loan allocations are expected to fulfil the eligibility criteria for loans and loan programmes to SMEs and small mid-caps.
Each allocation of funds under the loan programme will be made in accordance with NIB’s Sustainability Policy and Guidelines.