Nordic Investment Bank (NIB)
Policy Objective:
NIB's primary mandate is to promote sustainable growth in the economies of the member countries through the long-term financing of projects in the private and public sectors, where priority is given to projects that improve the environment. These investments will directly or indirectly reduce harmful emissions or other environmental hazards[1].
Environmental Requirements:
NIB ensures that projects financed have been appraised from an environmental viewpoint (against established criteria of environmental acceptability) and that all their relevant environmental implications have been taken into account in the evaluation process.
Legal compliance:
NIB-funded projects have to comply with the project country';s environmental legislation and relevant applicable international conventions and standards relating to the environment. With regards to NIB';s operations in EU-member States and EU Accession Countries, these countries are strictly subjected to the application of the European environmental policy standards and the Community acquis. For operations outside, national or EU standards are used. If EU standards are not appropriate, those of World Bank or IFC are often adopted instead. The environmental policy of NIB clearly establishes that all projects financed by NIB shall have obtained all necessary environmental permits and satisfy NIB's criteria of environmental acceptability. NIB will refrain from financing projects that are environmentally questionable or if the projects fail to comply with international environmental rules or agreements.
[1] NIB Environmental Policy
