"This change permits the Bank to offer financing for security and defense. As a result, NIB can now consider providing financing, e.g. to dual-use equipment and projects— those with both military and civilian applications—and facilities, services, technology and other defence equipment, still excluding weapons and ammunition. The previous restriction on dual-use items, which limited a company’s revenues or operations from military use to no more than 20%, has been lifted," the NIB said in a release.
The revision of NIB’s exclusion list regarding defense financing, was prompted by "the changed geopolitical situation", and follows guidance by the Bank’s Board of Governors—comprising the finance, industry and economic affairs ministers of the Nordic and Baltic member countries—in March in Tallinn.
André Küüsvek, NIB President & CEO said: “This policy change sends an important signal and carries significant value, allowing us to adapt to new geopolitical realities while maintaining the core mission of the Bank. Our mission to finance climate and nature, as well as productivity and innovation, remains central to NIB.”
The Nordic Investment Bank (NIB) is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank provides long-term financing for public and private projects that improve productivity and benefit the environment of the Nordic and Baltic countries. NIB was founded by five Nordic countries in 1975, with the three Baltic countries joining in 2005. These days, all the NIB countries are also NATO member states.
