Íslandsbanki has a strong market position in SME financing in the country, and is the first Icelandic bank to establish a Sustainable Financing Framework for sustainable loans in its portfolio. At least 70% of NIB’s loan proceeds will be allocated to environmental projects that meet the requirements of the framework.
NIB and Íslandsbanki to support SMEs and environmental projects in Iceland
The Nordic Investment Bank (NIB) and Íslandsbanki HF have signed a USD 87 million (approx. EUR 78.7 million) loan for on-lending to small and medium-sized enterprises and environmental projects in Iceland.
SMEs are essential for productivity growth, especially in countries like Iceland where they drive the economy. Through our loan to Íslandsbanki, we can support both smaller enterprises and small-scale environmental projects that we would otherwise not be able to finance directly.
André Küüsvek, NIB President and CEO.
Íslandsbanki has been a leader in providing service to SMEs in the Icelandic market. The Bank’s defined role is to be a force for good in the community, and cooperating with our customers and contributing to their development is a major part of that role. The Bank’s agreement with the Nordic Investment Bank marks a milestone on this journey, and we look forward to participating in sustainable and progressive projects.
Birna Einarsdóttir, Íslandsbanki CEO.
Íslandsbanki HF is one of the leading universal banks in Iceland. The bank is led by three business divisions: Personal Banking, Business Banking and Corporate & Investment Banking. The Icelandic government owns 65% of the shares in the bank.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.