Norway’s Minister of Finance: Security is a prerequisite for sustainable development

In this interview, Jens Stoltenberg, Norway’s Minister of Finance and Chair of the Bank’s Board of Governors, shares his insights on the Bank’s performance and his vision for the future of NIB. On 25 March, NIB’s Board of Governors announced the approval of the Bank’s 2024 annual results and a dividend payment of EUR 76 million to its Nordic and Baltic (NB8) member countries.

In 2024, NIB issued EUR 4.4 billion in loans, compared to EUR 3.4 billion in the previous year. The bank’s net profit reached EUR 256 million in 2024—a 2% increase from 2023. This growth was primarily driven by core earnings, with net interest income climbing to EUR 332 million, the highest level in the Bank’s nearly 50-year history.

The largest disbursements were to energy projects (21%), followed by research and development programmes (16%) and electricity distribution and transmission networks (11%).

In 2024, at the request of its Board of Governors, NIB revised its Sustainability Policy to allow financing for defence-related investments, excluding weapons and ammunition, and has since built a pipeline for potential defence-related projects.

How do you describe NIB’s contribution in 2024?

Sustainable infrastructure and renewable energy are high priorities for all Nordic and Baltic countries. NIB plays a crucial role in financing the clean-energy shift – from wind parks to electric buses and ferries and biogas production. Such projects increase our energy security and reduce emissions at the same time.

Likewise, by investing in modern infrastructure – railways, digital networks, power transmission – NIB boosts productivity and links our region together. These investments lay the foundation for future sustainable growth and prosperity.

How do you view NIB’s role in the current geopolitical environment?

Geopolitical tensions have brought our region even closer together. NIB will increasingly promote the safety and security of the Nordic-Baltic region without losing sight of investments into productivity and the environment, which are at the core of the Bank’s mission.

Security is a public good and a prerequisite for sustainable development. This understanding is particularly strong in the Nordic-Baltic countries.

We welcome the changes in the bank’s Sustainability Policy, which now allows for financing the defence industry. We follow closely the evolution of the realities we live in and remain open for possible further revisions if the need arises.

What do you see as the key priorities for NIB in 2025 and beyond?

NIB should continue to support member countries by driving productivity, innovation, and the green transition while strengthening regional resilience, security, and defence. Where private lenders shy away from long-term innovation investment, NIB can step in to ensure our economies keep evolving.

The Bank is well positioned to expand its impact. Hopefully the operationalisation of NIB’s new regional hub in Riga will support activity in the Baltics and promote investments.

I expect NIB to further establish itself as a regional leader in sustainable finance by backing projects aligned with the region’s climate and sustainability goals.  Going into 2025 and beyond, NIB will concentrate on these priorities to turn today’s challenges into tomorrow’s opportunities.