ANNOUNCEMENT 14 Mar 2019
In March 2019, the Nordic Investment Bank (NIB) signed a credit line agreement with SpareBank 1 Østlandet to support Small and Medium Enterprises (SMEs) and environmental projects in Norway.
NUMBER OF INTERVENTIONS
The Nordic Investment Bank, agreed loans, Norway. SpareBank 1 Østlandet: https://www.nib.int/what_we_offer/agreed_loans/673/sparebank_1_ostlandet
The Nordic Investment Bank, press release of 14 March 2019, NIB and SpareBank 1 Østlandet sign new loan programme: https://www.nib.int/who_we_are/news_and_media/news_press_releases/3219/nib_and_sparebank_1_ostlandet_sign_new_loan_programme
The Nordic Investment Bank, Questions & answers: https://www.nib.int/who_we_are/q_a
On 14 March 2019, the Nordic Investment Bank (NIB) and SpareBank 1 Østlandet signed a credit line agreement having a total value of NOK 1 billion (approx. USD 116.7 million). The maturity of the credit line is 6 years.
Under the credit line agreement will, through SpareBank 1 Østlandet, support certain investments carried out by Small and Medium Enterprises (SMEs) and environmental projects. More specifically, eligible investments carried out by SMEs in the transportation or forestry sector as well as the purchase of construction or industrial machinery. Eligible environmental projects are investments related to energy efficiency and "green buildings".
In this context, the President and CEO of NIB Henrik Normann stated: "SMEs make up a significant part of the economic activity in NIB’s member countries. Our long-term cooperation with SpareBank 1 Østlandet has improved access to financing for smaller enterprises and has helped foster productivity growth"
The NIB is an international financing bank and is jointly owned by Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The bank provides financing to private and public projects mainly located in the eight countries at attractive conditions. The eligibility criteria of NIB financing is that: "All projects financed by NIB should improve competitiveness and/or the environment, in accordance with NIB's mandate and eligibility criteria. Furthermore, outside the membership area, projects financed by NIB should be of mutual interest to the country of the borrower and the member countries."
A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.