- EIB lends Iceland-based Arion Bank €100 million to promote sustainable fisheries, land-based aquaculture and other marine industries in Arctic region
- Arion Bank to channel EIB credit to small and medium-sized companies in Iceland, Greenland and Faroe Islands
- Agreement marks first EIB financing of its kind in region
The marine industry in Iceland, as well as in Greenland and the Faroe Islands - autonomous territories within the Kingdom of Denmark, will be eligible for financing to strengthen environmental sustainability under a €100 million loan that Icelandic lender Arion Bank is receiving from the European Investment Bank (EIB). Arion Bank will use the EIB credit to provide long-term loans to small and medium-sized companies engaged in marine activities such as sustainable fishing, seafood processing and fish and algae farming.
Ocean-related businesses are a cornerstone of the Icelandic economy and have a significant presence across the Arctic region. At the same time, these sectors face increasing pressure to invest in new technology, reduce environmental impact and strengthen long-term resilience. The EIB agreement with Arion Bank aims to support companies in meeting these challenges through a sustainable approach to developing marine industries, commonly referred to as the “blue economy”.
Under this intermediated financing, the first of its kind for the EIB in the region, businesses will be eligible for funding for sustainability projects carried out between 2026 and 2029. The operation advances European Union goals to foster the growth of the blue economy through the responsible use of marine resources and to promote healthy ecosystems.
“This financing supports companies that depend on the ocean for their livelihoods while ensuring that marine resources are managed responsibly over the long term,” said EIB Vice President Karl Nehammer. “By working with Arion Bank, we can support sustainable investment where it matters most, at the level of local businesses.”
Arion Bank, which is headquartered in the Icelandic capital Reykjavik, is one of Iceland’s three largest banks and has a strong focus on companies in the seafood sector as well as in the Arctic. By channelling its loan through Arion Bank, the EIB is able to reach many smaller companies and improve access to long-term financing for sustainable growth.
“For decades, Arion has been a steadfast supporter of Iceland’s fishing industry, financing Icelandic seafood companies and, more recently, enterprises across the Arctic. Over the past decade, Arion has led the way in funding aquaculture in Iceland, helping to establish a thriving sector that is becoming a vital pillar of the national economy,” said Arion Bank Chief Executive Officer Benedikt Gíslason. “We remain committed to this path and see significant opportunities in advancing the Blue Economy in Iceland and throughout the Arctic. Our agreement with the EIB strengthens and accelerates this journey.”
To qualify for financing under the agreement, all fisheries and aquaculture projects must be certified under internationally recognised schemes such as the Marine Stewardship Council or the Aquaculture Stewardship Council, which are widely regarded as leading global benchmarks for sustainable seafood.
“This agreement marks the first EIB financing to promote sustainable fisheries, land-based aquaculture and other marine industries in small and medium-sized companies in Iceland and adds to the comprehensive EU-Iceland partnership," said Ambassador of the European Union to Iceland Clara Ganslandt. “I am looking forward to hearing from the companies how this funding support them in their sustainability projects and the development of the blue economy.”
The loan is financed under a dedicated EIB instrument supporting sustainable investment in European Free Trade Association (EFTA) countries such as Iceland. The operation contributes fully to the EIB’s climate-action and environmental-sustainability objectives.
Background information
The EIB Group
The European Investment Bank (ElB) Group is the long-term financing institution of the European Union, owned by its Member States. In 2025, the EIB Group signed €100 billion of new financing for over 870 high-impact projects in eight core priorities that support EU policy objectives: climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. All projects financed by the EIB Group are aligned with the Paris Climate Agreement.
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Arion Bank
Arion Bank and its subsidiaries provide comprehensive financial services. The Bank is a partner to those who want to achieve success in Iceland and the Arctic through smart and reliable financial solutions which enhance financial health and create sustainable value. Arion Bank provides services to individuals, corporates and investors in three business segments: Retail Banking, Corporate & Investment Banking, and Markets. The service offering is further augmented by the subsidiaries Stefnir, one of the largest fund management companies in Iceland, and Vörður Insurance, which provides non-life and life insurance.