25 Oct 2018
EUR 14.65 million
Energy and environment
The Nordic Investment Bank (NIB) has signed a framework agreement on financial cooperation with the Republic of Georgia. The agreement will enable NIB, as an international financial institution (IFI), to fund investment projects in the country.
The framework agreement will enhance cooperation with Georgia in NIB's Nordic and Baltic member countries. The Bank provides loans for projects that contribute to the development of infrastructure, energy, telecommunications and environmental improvements, as well as to other projects of shared interest.
“Georgia has seen rapid economic growth, and the country has undergone significant structural reforms over the past several years. We hope that NIB’s cooperation with the Republic of Georgia will attract and enable more Nordic and Baltic companies to enter this market,” says Henrik Normann, NIB’s President & CEO.
Most IFIs can finance projects only inside their membership region, but framework agreements give NIB a unique possibility to reach out to countries outside the boundaries of its home region. This certainly benefits both the country in question and companies in NIB’s member countries.
“Georgia’s genuine interest in cooperating with the Nordics and Baltics and their experience of framework agreements with other IFIs, including NEFCO, contributed to the smooth initiation of this agreement,” says Heikki Cantell, General Counsel and Head of Legal at NIB.
NIB has active agreements with 42 countries around the world—38 framework agreements
and four memorandums of understanding. NIB can finance project outside its membership region only when a framework agreement has been signed with a country that recognises NIB’s status as an international financial institution.
Nikoloz Gagua, Georgia’s Minister of Finance, and Henrik Normann, NIB’s President and CEO, signed the framework agreement in Tbilisi on 4 July 2018.