Lake Turkana wind energy project in Kenya. Image: Finnfund.

Lake Turkana wind energy project in Kenya. Image: Finnfund.

10 Apr 2019

NIB and Finnfund continue development finance cooperation

NIB and the Finnish Fund for Industrial Cooperation Ltd. (Finnfund) have signed a new loan programme of USD 40 million (EUR 35.6 million) for onlending to sustainable development investments in Finnfund’s target countries.

The ten-year loan facility will support Finnfund’s lending activities in emerging markets and finance projects in sectors such as sustainable forestry, agriculture and clean energy.

The loan programme enables NIB to support its member country companies in countries where the Bank otherwise is not active, and provides Finnfund with long-term funding. The cooperation will also support Nordic growth-oriented companies that are seeking to internationalise their operations.

“This is the fifth loan programme signed between NIB and Finnfund since 2003. Our cooperation aims to support sustainable projects in emerging markets that involve Nordic business or development policy interests, such as technology transfer and equipment deliveries”, says Henrik Normann, NIB President & CEO.

“Co-operation with NIB supports Finnfund’s strategic goal of doubling our investment volume and tripling the impact. The need for investments in sustainable development is enormous and the clock is ticking, not least due to climate change”, says Helena Arlander, Deputy Managing Director of Finnfund.

Finnfund is a Finnish development finance company that invests in responsible and profitable businesses in developing countries, particularly in Africa, Asia and Latin America. Finnfund provides businesses with risk capital, long-term investment loans, mezzanine financing and expertise.

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.

For further information, please contact

Nordic Investment Bank:

Ms Taina Ulkoniemi, Senior Manager, Origination, at +358 10 618 0231, taina.ulkoniemi@nib.int

Ms Lisa-Maria Altenberger, Communications Unit, at +358 10 618 0234, lisa-maria.altenberger@nib.int

Finnfund:

Mr Antti Urvas, Associate Director, Finnfund, at +358 45 113 0547, antti.urvas@finnfund.fi

Ms Valpuri Mäkinen, Communications Specialist, at +358 50 384 2105, valpuri.makinen@finnfund.fi