14 Dec 2020
EUR 56.10 million
NIB has established cooperation with international financial institutions such as the Asian Development Bank, African Development Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, Inter-American Development Bank, as well as the IBRD, IDA, and IFC within the World Bank Group.
Furthermore, NIB has cooperation agreements with three regional multilateral banks: the Black Sea Trade & Development Bank, the Central American Bank for Economic Integration CABEI and the Development Bank of Latin America CAF. Through these institutions, NIB can operate also in countries where it has no agreement on financial cooperation.
At the high-level meeting of the EIB's Management Committee and NIB's Executive Committee, discussing joint commitments and cooperation on climate and environmental finance. From left: EIB President Werner Hoyer and NIB President & CEO Henrik Normann.
NIB cooperates with other international financial institutions and organisations to develop sound, coordinated and effective ways of promoting sustainable finance. In this context, the Bank participates in a number of international and regional forums to develop common standards and principles for greening the financial system.
Satellite image of algal bloom in the Baltic Sea. Photo: ESA Earth Online
In addition to financing projects directly with larger companies, NIB channels financing to small and medium-sized enterprises (SMEs) through financial intermediaries. Loan programmes with intermediaries broaden the geography of NIB's operations, as they allow the Bank to reach companies with specific knowledge of national and regional markets.
In NIB's member countries, commercial banks usually act as intermediaries. Outside the member countries, NIB cooperates with financial intermediaries, mainly state-owned development banks, and with governmental intermediaries, such as ministries of finance and economy.
Together, the three financial institutions located in Helsinki, Finland,—NIB, the Nordic Development Fund and Nordic Environment Finance Corporation—form the Nordic Finance Group.
NDF is the joint development finance institution of the five Nordic countries and facilitates climate change investments primarily in low-income countries.
Visit NDF's website
NEFCO is an international financial institution established by the Nordic countries to increase environmental awareness in Eastern and Central Europe by providing financing to small and medium-sized environmental projects.
Visit NEFCO's website
The Northern Dimension (ND) is an instrument of cooperation between four equal partners, the European Union, Russia, Norway and Iceland. Geographically, the ND covers Northwest Russia, the Baltic Sea and the Arctic regions, including the Barents region. The USA and Canada hold observer status in the ND.
The Northern Dimension policy aims to support stability, welfare and sustainable development in the region by means of practical cooperation. The ND is an instrument through which the European Union, Russia, Norway and Iceland cooperate in selected fields, such as the environment, nuclear safety or social welfare and health care issues.
The Northern Dimension also addresses questions that specifically conern the northern areas, such as the vulernable Arctic environment and matters related to indigenous peoples.
The main regional organisations active in the Northern Dimension are the Council of the Baltic Sea States, the Barents Euro Arctic Council, the Arctic Council and the Nordic Council of Ministers.
NIB is a partner in the Northern Dimension Environmental Partnership (NDEP), which is a cooperative effort to coordinate and support the financing of urgent environmental investments in north-western regions of Russia. The partnership combines the expertise and resources of the European Commission, the Russian Federation, the EBRD, the EIB, NIB and the World Bank.
The NDEP promotes sustainable solutions in wastewater treatment, solid waste management, energy and water supply, as well as the treatment of nuclear waste.
The Northern Dimension Partnership on Transportation and Logistics (NDPTL) was established in October 2009. The current members of the NDPTL are Belarus, Denmark, Estonia, Finland, Germany, Latvia, Lithuania, Norway, Poland, Russia, Sweden and the European Commission.
NDPTL endeavours to accelerate the implementation of major infrastructure projects within the Northern Dimension region, serving as a regional forum for transport and logistics issues and complementing the work of cooperation structures already in existence, with project financing to stem from national budgets, the EU, international financial institutions and relevant national financial institutions.
A secretariat for the partnership was set up within NIB in Helsinki in February 2011 with the objective of providing administrative and technical support to the Steering Committee and High-Level Meetings in their task of monitoring the implementation of the Partnership.
The objectives of the Partnership are detailed in the Memorandum of Understanding signed in Naples on 21 October 2009 on a ministerial level by eleven countries and the European Commission.
Read more on projects supported by the NDPTL Support Fund here.