17 Dec 2018
EUR 10 million
Infrastructure, transportation and telecom
NIB and Iceland’s Landsbankinn hf. have signed a third loan programme to finance small and medium-sized enterprises (SMEs) and environmental projects in Iceland.
The USD 75 million (EUR 64 million) loan programme will finance SMEs in various sectors. Among them are the fishing industry, real estate and tourism. The loan programme is set to alleviate credit constraints for SMEs and facilitate productivity gains in Iceland. The loan agreement between NIB and Landsbankinn has a maturity of seven years.
The first facility with Landsbankinn was agreed in 2015 and the second in 2017. Both facilities are fully allocated in accordance with NIB’s mission to finance projects that improve productivity and benefit the environment in its member countries.
“The cooperation between NIB and Landsbankinn has proven to be very successful. Together with Landsbankinn, we are able to provide long-term finance – also in US dollars – to the many small and medium-sized enterprises in Iceland”, says Henrik Normann, NIB President & CEO.
“The ongoing collaboration with NIB is great for Landsbankinn. It combines our constant drive to improve funding cost with the bank’s vision of long term sustainability and support to growing businesses in Iceland.”, says Lilja Björk Einarsdóttir, CEO of Landsbankinn.
Landsbankinn hf. is the largest universal bank in Iceland. The bank was established in 2008. The National Treasury of Iceland owns the majority of Landsbankinn.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
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