High-level meeting between the two international financial institutions reaffirms shared goals on climate, energy and innovation.
The last five years have seen some €10 billion in co-financed projects, with more to come.
The top management of the Nordic Investment Bank (NIB) and the European Investment Bank (EIB) met in Luxembourg today to discuss future collaboration between the two institutions. The visit took place in the margins of the NIB’s Board of Directors meeting in Luxembourg, following the EIB’s visit to the headquarters of NIB in Helsinki in 2019.
The two banks discussed a wide range of topics, including the European Green Deal, the impact of the war in Ukraine, the energy crisis in Europe and the need to invest in new sources of energy and new technologies, as well as the crowding in of the private sector to attract more investments in sustainable infrastructure, and financing research and innovation.
EIB President Werner Hoyer said: “This is the first high-level meeting between the two banks since the coronavirus pandemic and the war in Ukraine. We share the goal of a swift and just green transition in the Baltic Sea region and of stronger investments in energy efficiency, renewable sources of energy, and economic support for local communities and small and medium-sized business. Our two banks are also committed to supporting innovation, which can help us find the technologies needed to reach a carbon-neutral world in 2050.”
NIB President and CEO André Küüsvek added: “The Russian aggression in Ukraine has led to an energy crisis. The need for action is urgent. Europe needs to step up its energy resilience and accelerate its transition to a low-carbon economy. The Baltic Sea region has to push even harder to build resilience in a sustainable way. While the energy crisis is pushing economies towards recession, societies need to tackle the issue of the just transition, with the immediate burden of higher energy prices. As international financial institutions, we have a stabilising role to play during crises. We feel our joint responsibility and are ready to act.”
The EIB and NIB have a good and longstanding relationship, with a number of co-financed and parallel financed projects in NIB’s eight Nordic-Baltic member countries (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden), mostly in the public sector, corporates and project finance, ranging from co-financing to deeper cooperation. The last five years have seen some €10 billion in co-financed projects, with more to come.
The European Investment Bank (EIB) is active in some 160 countries and is the world’s largest multilateral lender for climate action projects. The EIB Group has set “ensuring a just transition for all” as one of the four overarching objectives in its Climate Bank Roadmap 2025. The EIB’s ambition is to support €1 trillion of climate action and environmental sustainability investments in the decade to 2030 and align all its new operations with the goals and principles of the Paris Agreement.
The Nordic Investment Bank (NIB) is an international financial institution jointly owned by the governments of Estonia, Denmark, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The bank promotes the sustainable growth of its member countries by providing long-term financing for projects that improve productivity and benefit the environment.
The European Investment Bank (EIB) and RLB NÖ-Wien will support investments in small and medium-sized renewable energy and energy efficiency projects in Austria. The EIB will make a framework loan of up to €100 million available to the Austrian regional bank, which will then create a credit portfolio of up to €200 million for financing clean energy projects.
The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), has issued a guarantee to AS Citadele banka to support new lending to companies based in all three Baltic States. The Group’s first agreement with AS Citadele banka, the deal will provide capital relief for the bank and enable it to grant at least €460 million in additional loans and leases to businesses in the Baltics over the next three years. Against the uncertainty of the current economic climate and geopolitical situation, the agreement is especially welcome and affirms EIB Group’s status as a countercyclical investor.
The European Investment Bank (EIB) will lend €35 million to the Spanish multinational GAM (BME ticker: GALQ), which specialises in turnkey machinery solutions for industry, to make its rental fleet electric and develop more sustainable last-mile solutions for its subsidiary Inquieto. The loan will also be used to digitalise and develop Kirleo, the company’s vocational training school, therefore supporting digital skills development and training at the company. The EIB loan is backed by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. This financing is in line with GAM’s strategic approach based on innovation and sustainability.