3 Aug 2020
EUR 60 million
Industries and services
Signing the agreement for the establishment of NIB on 4 December 1975, from the left: Minister of Justice Kristian Gestrin, Finland; Minister of Finance Kjell-Olof Feldt, Sweden; Foreign Minister Ivar Nørgaard, Denmark; Church and Education Minister Bjartmar Gjerde, Norway; and Iceland’s Ambassador to Denmark, Sigurður Bjarnason.
Operations begin in August, after Denmark, Finland, Iceland, Norway and Sweden decided in 1975 to set up the Nordic Investment Bank to promote economic growth and cooperation between the Nordic countries. Bert Lindström (Sweden) becomes the first president of NIB.
Lending operations start when NIB signs its first loan agreement. As regards borrowing, NIB is introduced on the international capital market with a eurodollar loan of USD 40 million.
NIB moves into its new office at Unioninkatu 30, Helsinki.
NIB is awarded the top credit rating, AAA/Aaa, for its long-term bonds.
NIB agrees on its first project investment loan outside the membership area.
Authorised capital doubles to SDR 800 million, loan authorisation to SDR 2,000 million. NIB employs 51 persons.
Jannik Lindbæk (Norway) becomes NIB’s president.
The Nordic Development Fund is established. NIB starts focusing on environmental projects.
The Nordic Environment Finance Corporation, NEFCO, is established a special unit within NIB (separates from NIB in 1993).
NIB's management team in the late 1970s.
NIB's office building on Fabianinkatu in Helsinki
NIB participates in the Baltic Investment Programme, set up by the Nordic countries with the aim of helping to build up the private sector in the Baltic countries.
NIB moves into the office building at Fabianinkatu 34, Helsinki (purchases the property in 1996).
Project investment loans outside the member countries are paid to the private sector for the first time. Jón Sigurðsson (Iceland) becomes NIB’s president.
New loan facility established for environmental investment loans to projects on the areas adjacent to the member countries.
A new Agreement on NIB and a headquarters agreement acknowledge the Bank’s multilateral status. NIB’s authorised capital is raised to EUR 4,000 million.
NIB joins the Northern Dimension Environmental Partnership (NDEP).
NIB expands loan facilities for projects outside the member countries and for environmental projects.
Estonia, Latvia and Lithuania become members of NIB. Johnny Åkerholm (Finland) becomes NIB’s president. The authorised capital is increased to EUR 4,142 million.
Vilnius, the capital of Lithuania
The share of renewable energy projects in NIB's lending becomes more significant with the new focus on sustainable growth in the member countries.
NIB renews its strategy and introduces the mandate to sharpen the focus on the sustainable growth of the member countries.
NIB allocates EUR 1,500 million for lending facilities earmarked for climate change mitigation and the improvement of the Baltic Sea environment.
NIB issues its first green bond.
NIB’s authorised capital is increased to EUR 6,142 million. NIB Environmental Bond framework is introduced.
Henrik Normann (Denmark) becomes NIB’s president.
The Board of Directors conducts a comprehensive review of NIB’s strategy. The Bank issues its inaugural benchmark environmental bond.
NIB establishes an Arctic lending facility.
A special lending facility is allocated to invest in green bonds issued by companies and municipalities in the member countries.
NIB renews its mandate rating framework with a focus on improving productivity and the environment in the member countries.
NIB updates its Statutes to strengthen the Bank’s operations and ensure continued adherence to sound banking principles.
NIB logo building from the first NIB Day arranged for the Bank's staff members in 2014.