History

During its more than 40 years of operations, NIB has financed over 2,300 investment projects around the world, thereby contributing to business cooperation, investing activity and the prosperity of the member countries.

 

Establishing NIB in 1975

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.

1976

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.

Read more about how NIB came into being in an article by Bengt Dennis

1977

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.

1981

NIB moves into its new office at Unioninkatu 30, Helsinki.

1982

NIB is awarded the top credit rating, AAA/Aaa, for its long-term bonds.

 

1983

NIB agrees on its first project investment loan outside the membership area.

1984

Authorised capital doubles to SDR 800 million, loan authorisation to SDR 2,000 million. NIB employs 51 persons.

1986

Jannik Lindbæk (Norway) becomes NIB’s president.

1989

The Nordic Development Fund is established. NIB starts focusing on environmental projects.

1990

The Nordic Environment Finance Corporation, NEFCO, is established a special unit within NIB (separates from NIB in 1993).

 

NIB personnel in 1977

NIB's management team in the late 1970s.

 

 

NIB office building on Fabianinkatu 34

NIB's office building on Fabianinkatu in Helsinki

 

1992

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.

1993

NIB moves into the office building at Fabianinkatu 34, Helsinki (purchases the property in 1996).

1994

Project investment loans outside the member countries are paid to the private sector for the first time. Jón Sigurðsson (Iceland) becomes NIB’s president.

1997

New loan facility established for environmental investment loans to projects on the areas adjacent to the member countries.

 

 

 

1999

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.

2001

NIB joins the Northern Dimension Environmental Partnership (NDEP).

2004

NIB expands loan facilities for projects outside the member countries and for environmental projects.

2005

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.

Baltic countries

Vilnius, the capital of Lithuania

 

 

Renewable energy

The share of renewable energy projects in NIB's lending becomes more significant with the new focus on sustainable growth in the member countries.

2006

NIB renews its strategy and introduces the mandate to sharpen the focus on the sustainable growth of the member countries.

2008

NIB allocates EUR 1,500 million for lending facilities earmarked for climate change mitigation and the improvement of the Baltic Sea environment.

2010

NIB issues its first green bond.

2011

NIB’s authorised capital is increased to EUR 6,142 million. NIB Environmental Bond framework is introduced.

2012

Henrik Normann (Denmark) becomes NIB’s president.

 

 

2014

The Board of Directors conducts a comprehensive review of NIB’s strategy. The Bank issues its inaugural benchmark environmental bond.

2015

NIB establishes an Arctic lending facility.

2016

A special lending facility is allocated to invest in green bonds issued by companies and municipalities in the member countries.

2018

NIB renews its mandate rating framework with a focus on improving productivity and the environment in the member countries.

NIB logo building

NIB logo building from the first NIB Day arranged for the Bank's staff members in 2014.