The European Investment Bank (EIB) and the Nordic Investment Bank (NIB) signed today a Memorandum of Understanding to reinforce their partnership and facilitate further cooperation in particular in the Nordic and Baltic countries.
The document signed by EIB Vice-President Jonathan Taylor and NIB President Henrik Normann provides a general framework for strengthening the collaboration between the EIB and the NIB on projects promoting growth, competitiveness and environmentally friendly investments.
The Memorandum of Understanding will facilitate the exchange of expertise and promote the best practices of the international financial institutions. It will also contribute to building further cooperation on functional synergies, for instance during the appraisal and monitoring of projects co-financed by both institutions.
Since the 1980s, the NIB and the EIB have had well-established cooperation and to date co-financed numerous projects. Joint support has focused on investments in corporate research, development and innovation, energy and environmental projects and transport infrastructure in Denmark, Estonia, Finland, Latvia, Lithuania, Sweden and Poland. The NIB and the EIB are also partners in several important regional initiatives outside the EU, notably within the EFTA framework, the Northern Dimension Environmental Partnership (NDEP) and the Northern Dimension Partnership on Transport and Logistics (NDPTL).
The NIB is an international financial institution that finances projects improving competitiveness and the environment of the Nordic and Baltic countries. The Bank offers long-term loans and guarantees on competitive market terms to its clients in the private and public sectors. The NIB is owned by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.
The EIB is the long-term lending institution of the European Union and is owned by the 28 EU Member States. The EU Bank makes long-term finance available for sound investment in order to contribute towards EU policy goals, with support for growth and jobs being its top priority.
The COVID-19 shock demonstrated the power of policy. The quick rebound of investment in Europe (excluding in Ireland, where real investment is lagging behind) shows that public support was crucial in softening the impact of the economic shock on firms and households. However, there are signs that the COVID-19 crisis has exacerbated existing asymmetries and inequalities. The pandemic’s impact is not being felt evenly across Europe. Regions are rebounding at different speeds. While digitalisation and the green transformation of the economy are accelerating profound structural change, Europe risks becoming more unequal.
For the second year, the European Investment Bank (EIB) is partnering with One World Media to celebrate the best underreported stories from around the world. One World Media is an NGO dedicated to supporting accurate and creative reporting of development issues that break through stereotypes, change the narrative and connect people across cultures.
Executive Vice-President of the European Commission Frans Timmermans, heading the Commission’s work on the European Green Deal, and Egypt’s Minister of International Cooperation Rania Al-Mashat, visited the Maspero metro station site, part of the Cairo Metro Line 3 (phase 3) project, for which the European Investment Bank (EIB) has provided financing worth €600 million.