Board of Governors emphasises NIB’s role as a long-term lender

At its annual meeting today in Riga, Latvia, the Board of Governors emphasised the importance of NIB as a provider of long-term financing in the current economic situation where public finances are constrained.

“Despite the recovery in NIB’s member countries and the gradual normalisation of financial markets, the supply for long-term financing remains limited, especially in NIB’s priority sectors, including the environment. In these circumstances and against the background of constrained public finances, NIB is encouraged to actively seek opportunities to complement other financing sources to support the competitiveness and environment in the Baltic Sea region,” says Andris Vilks, Finance Minister of Latvia, who chaired the Board meeting.

In June 2010, NIB’s Board of Governors decided to increase the Bank’s capital base to EUR 6,142 million in order to add to the Bank’s lending capacity, which had become constrained after high disbursements during previous years. The decision entered into force on 16 February 2011, after all member countries had completed their national procedures.

At the meeting in Riga, the Board of Governors approved NIB’s annual accounts for 2010. NIB’s profit amounted to EUR 211 million. The profit will be transferred to the General Credit Risk Fund as part of equity.

The Board of Governors, in which the member countries are represented at the ministerial level, appointed the Governor for Iceland as its Chairman for the period from 1 June 2011 to 31 May 2012.

The Nordic Investment Bank (NIB) is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. 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

Mr Johnny Åkerholm, President & CEO, at +358 10 618 001,