Member countries increase NIB's capital base
(Thomson Reuters ONE) -
The Board of Governors has decided to increase the authorised capital of the
Nordic Investment Bank by EUR 2 billion.
"There are reasons to believe that the demand for long-term financing will
remain high in the coming years; also when the current crisis is over. With the
increased capital NIB is better equipped to continue its important activity in
helping the Nordic and Baltic countries to support competitiveness and protect
the environment," says Johnny Åkerholm, President and CEO of NIB.
The capital increase will be allocated to the unpaid portion of the authorised
capital stock. Following the subscription, the Bank's authorised capital will
amount to EUR 6,142 million (currently EUR 4,142 million). The capital increase
will enter into force once the necessary national procedures in the member
countries have been completed. A table showing NIB's capital structure after the
new subscription can be found at
http://www.nib.int/about_nib/key_data/capital_structure/increased_capital .
The Bank will further enhance its focus on activities supporting the mandate.
Within the energy sector, the emphasis will be on renewable energy forms, energy
efficiency, increased integration and security of supply. On the environmental
front, financing will be directed towards mitigation and adaptation to climate
change as well as towards the protection of the marine environment, particularly
the Baltic Sea. Within transport, logistics and communications NIB will target
transport corridors in the Nordic and Baltic area, logistics systems and the new
generation of communications. Innovation will also be supported by investments
in R&D in both the private and public sectors.
In 2009, the share of these focus sectors rose to 76% of disbursements, and a
further increase is envisaged for 2010.
The next assessment of the Bank's capital requirement is scheduled for 2015.
NIB in brief
NIB was set up in 1975 as a vehicle for its member countries to effectively
mobilize capital in the international financial markets and distribute it in the
economies of member countries. From the Bank's original purpose - to promote
economic cross-border cooperation and integration among member countries - its
mission has evolved into today's mandate of supporting competitiveness and the
environment.
NIB provides long-term financing in the form of loans and guarantees based on
sound banking principles for activities in which NIB can add value and
complement other financing sources. The Bank has gradually grown into a
financial institution with a balance sheet of EUR 22.4 billion and a loan
portfolio of EUR 13.8 billion. An all-time high in annual disbursements was
registered in 2008, with total disbursements reaching EUR 2.5 billion. In 2009,
disbursements were capped at EUR 2 billion because of the capital constraint.
The Nordic Investment Bank is the common international financial institution of
the eight Nordic and Baltic countries. NIB provides long-term financing to the
energy, environmental, transport, logistics and communications, and innovation
sectors for projects that strengthen competitiveness and enhance the
environment. NIB has the highest possible credit rating, AAA/aaa, with the
leading rating agencies Standard & Poor's and Moody's.
For further information, please contact:
Johnny Åkerholm, President and CEO, tel. +358 10 618 001, info(at)nib.int
Harro Pitkänen, Senior Director, Head of Business Development and Control, tel.
+358 10 618 0246,harro.pitkanen(at)nib.int
[HUG#1425245]
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Source: NIB NORDIC INVESTMENT BANK via Thomson Reuters ONE
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Datum: 28.06.2010 - 12:30 Uhr
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"Member countries increase NIB's capital base"
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