17 Sep 2020

NIB and Brage Finans sign deal for environmental projects and SMEs in Norway

NIB and Norway’s Brage Finans AS have signed a NOK 250 million (EUR 25 million) loan facility for onlending to environmental projects and for financing equipment leasing for small and medium-sized enterprises (SMEs).

Eligible projects under the seven-year loan programme include, for example, investments in electric vehicles and charging stations, the installation of solar panels, and agriculture, fishery and forestry.
Brage’s portfolio consists mainly of SMEs and retail clients. This is the second loan programme agreed with Brage Finans; the first facility was signed in 2018 and has been fully allocated to SME projects in Norway.

“In light of the economic downturn caused by the COVID-19 pandemic, onlending to SMEs is a crucial way for NIB to support businesses facing short-term liquidity problems. Smaller companies not only play an important role for the economy in the Nordic–Baltic countries, but also in the transition to a more sustainable society. We are pleased to continue our cooperation with Brage and to specifically target environmental projects as well as SMEs with this programme”, says Henrik Normann, NIB President & CEO.

Brage Finans AS is currently owned by twelve independent saving banks, of which the largest owners are Sparebanken Vest and Sparebanken Sør. In 2019, Brage Finans established a green bond framework. The company is headquartered in Bergen, Norway.

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
Ms Sari Cabell, Senior Manager Origination, at +358 10 618 0519, sari.cabell@nib.int

Mr Arild Moen, Senior Communications Officer, at +358 10 618 0496, arild.moen@nib.int