3 Jul 2020
EUR 60 million
Financial institutions and SMEs
The Board of Governors of NIB approved the annual report and audited financial statements of the Bank at its annual meeting on 26 May 2020. The Board of Governors consists of ministers of finance, industry, business and economic affairs in NIB’s Nordic and Baltic owner countries.
As the Bank’s capital base and financial performance remain strong, the Governors approved the payment of EUR 45 million in dividends to the member countries. However, next year the Board of Governors will consider not to pay any dividends.
NIB’s mission is to provide long-term loans for projects that improve productivity and benefit the environment. In 2019, NIB agreed 55 loans and invested in nine green bonds, amounting to a total of EUR 3,316 million (EUR 4,330 million in 2018). The profit for the year amounted to EUR 182 million.
On 27 March, the Governors urged NIB to support member states’ businesses to the widest extent possible to overcome the crisis. Since then, the Bank has substantially increased its lending and has thus far signed Covid-19 mitigation loans with the three Baltic countries. NIB is prepared to further increase lending to the Nordic-Baltic region and has issued a EUR 1 billion and a SEK 4 billion Response Bonds.
At the yearly meeting, the Governors also considered the recent developments concerning the coronavirus pandemic, and its effects on the economic outlook.
“NIB has responded swiftly in the corona crisis and to the invitation by the member countries to increase financing in these difficult circumstances. The reflection on not to pay any dividends next year if the crisis continues is part of our will to maximise the Bank’s response to the crisis and to show our strong support,” says Bjarni Benediktsson, Minister of Finance of Iceland and Chair of the Bank’s Board of Governors.
The Board of Governors appointed Vilius Šapoka, Minister of Finance of Lithuania and the Governor for Lithuania, as its Chair for the period between 1 June 2020 and 31 May 2021.
To learn more about NIB’s activities in 2019, please visit our year.
Download the NIB Financial Report 2019 (PDF)
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 its 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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