THE Nordic Investment Bank (NIB) said its board has agreed to hike the bank’s capital base by €2bn (£1.63bn)) to better fund projects, especially in the environmental and transport fields.
“There are reasons to believe that the demand for long-term financing will remain high in the coming years; also when the current crisis is over,” said chief executive Johnny Akerholm yesterday.
“With the increased capital NIB is better equipped to continue its important activity in helping the Nordic and Baltic countries to support competitiveness and protect the environment,” he said.
NIB’s member countries are Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. Contributions are linked to countries’ gross national income.
The NIB said that after the hike its authorised capital stock would rise to €6.1bn. Sweden’s share is the largest at 34.6 per cent and Iceland and Estonia’s the smallest at 0.9 per cent.
The NIB was established in 1975, and has since moved from its original goal of promoting economic cross-border cooperation and integration among member countries to supporting competitiveness and the environment. It has a €22.4bn balance sheet and €13.8bn loan portfolio.
City A.M. Reporter