ANNOUNCEMENT 13 Mar 2018
In March 2018, the Nordic Investment Bank (NIB) signed a loan agreement with TINE SA to support its construction of a new dairy and juice production facility in Norway.
NUMBER OF INTERVENTIONS
The Nordic Investment Bank, Norway. TINE SA: https://www.nib.int/what_we_offer/agreed_loans/618/tine_sa
The Nordic Investment Bank, Questions & answers: https://www.nib.int/who_we_are/q_a
TINE SA: https://www.tine.no/english
TINE SA, TINE Meieriet Bergen: https://www.tine.no/om-tine/meieriene/flytende-produkter/tine-meieriet-bergen
On 13 March 2018, the Nordic Investment Bank (NIB) and TINE SA signed a loan agreement having a total value of NOK 400 million (approx. USD 51.7 million). The loan will support the company's construction of a new dairy and juice production facility in Bergen, Norway.
More specifically, the facility will produce apple and orange juice as well as milk and cream. The new facility is expected to have a 45 million annual production capacity and will replace an exciting production site in Bergen. The maturity of the loan is 12 years.
According to the NIB, the supported: "... investment of the new dairy will upgrade Tine’s physical capital and business processes, which can be expected to result in reduced operating costs. Along with the efficiency improvements, the cost savings will mainly be due to reduced labour costs as well as decreased water and energy consumption."
TINE SA is a Norwegian dairy producer with subsidiaries in Sweden, Denmark, the United Kingdom and the United States. According to the company, it is the largest producer, distributor and exporter of dairy products in Norway.
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.