18 Oct 2018
EUR 35 million
Financial institutions and SMEs
NIB launched the Arctic Financing Facility in 2015 to reflect the priorities by the Bank’s member countries to lend to sustainable development projects in the High North. Three years later, NIB has completed the facility. NIB now makes Arctic financing part of its normal business.
Between January 2016 and September 2018, NIB agreed total loans of EUR 614 million to six customers in three countries to finance projects within the Arctic region. Here is a list of financed projects. So far, a total of EUR 529 million has been disbursed.
The High North needs investments in the energy sector, transport, and projects developed by small and medium-sized enterprises with a very good understanding of the region’s special environmental circumstances.The most likely types of projects eligible for NIB financing would be in the construction of railways, roads, and ports, as well as the development of renewable and biomass power generation and transmission capacity.
“NIB has developed its financing of Arctic projects and made it part of the Bank's ongoing lending activities. We are actively looking for projects that contribute to sustainable development in the High North”, says Henrik Normann, NIB President & CEO.
NIB has a long experience in financing projects in the Arctic region. NIB is also participating in two Northern Dimension partnerships—the environmental partnership (NDEP) and the partnership on transport and logistics (NDPTL)—which are developing project pipelines in their respective areas, with a strong focus on the Arctic region.