NIB50 Anniversary seminar: A new mission for the future
Fifty years after the Nordic Investment Bank (NIB) began operations in Helsinki, the bank set out a new strategic direction to strengthen the competitiveness, sustainability and resilience of our region at an anniversary seminar at Finlandia Hall on 1 September. The afternoon also saw the launch of More than Money, the first-ever history book about NIB, and brought together staff, industry leaders, investors and owners on what it requires to strengthen resilience across the Nordic–Baltic region.
Elina Valtonen, Finland’s Minister for Foreign Affairs, congratulated NIB on its 50th anniversary of operations on behalf of the Government of Finland.
Valtonen described the region as small in population but collectively an economic heavyweight, built on strong institutions, open economies, advanced technology, and a remarkable level of trust. “Trust is a strategic asset,” she said, one that lets the region move faster, invest together and respond together when it matters. Russia’s war of aggression against Ukraine, she said, has shown that peace and security cannot be taken for granted.
“The question is not if we can afford security, but how we can create the growth needed to sustain it. This is where competitiveness becomes essential, and this is also where the NIB comes in. We need more innovation, more investment, more capital, more trade and fewer unnecessary barriers. NIB has a central role to play,” said Valtonen.
Finnish blues guitarist Erja Lyytinen followed with a raw slide-guitar interpretation of the Finlandia hymn, after which Iceland’s Minister of Finance and Economic Affairs and NIB Governor, Daði Már Kristófersson, welcomed guests on behalf of the Bank’s owners.
“What I value especially as a Governor is that the Bank has never stood still. As the world around us has changed, the member countries have asked the NIB to respond, and it has. We asked the bank to help strengthen the resilience and security of our region. NIB has reviewed its policies and can now finance security, defence and dual-use projects alongside its long-standing work to improve productivity and protect the environment.”
In 1976, NIB began its operations in Helsinki, bringing a joint ambition of the five Nordic governments to life. In the fifty years since, the bank has supported the region’s growth and development by adapting to changing needs, welcoming the Baltic countries as members, and helping to build a foundation for a sustainable and resilient future. Coinciding with this anniversary, NIB launched a renewed mission and strategy, with a stronger focus on resilience, security and defence.
The seminar was hosted by Jaana Pelkonen as Master of Ceremonies.
NIB’s history — More than money
The first panel launched the book “More than Money: A History of the Nordic Investment Bank”, written by the American historian Byron Z. Rom-Jensen, Postdoctoral Fellow, University of Oslo.
Rom-Jensen argued that NIB cannot be understood apart from the period in which it was created. The post-war sense of promise and forward motion—the assumption that society was steadily improving—was giving way to something more uncertain.
“Between the failure of the Nordic Economic Union in 1970 and Denmark joining the European Community in 1973, there is a sense that the air has gone out of the proverbial Nordic balloon. Add to that the real challenges facing parts of the region: attracting international capital in Finland and Iceland, while Norway was looking at the potential profits of oil and gas and wondering what to do with the money. You start to see how a Nordic investment bank scratches several itches at once,” Rom-Jensen said.
The discussion followed NIB’s journey from its first loan agreement to the accession of the Baltic countries in 2005.
Siv Hellén, former General Counsel and Chief Credit Officer at NIB, who joined the Bank in 1977, reflected on the institution’s early challenges. First, NIB had to demonstrate to its owners and policymakers that it could meet the expectations placed upon it. Second, it had to establish its position internationally among its peer institutions in the international financial community.
“The third challenge was to secure funding on the best possible terms. Nobody wants to borrow expensive money,” Hellén said.
Johnny Åkerholm became President and CEO of NIB in 2005, the same year the Baltic countries joined the Bank. By then, financial markets had changed dramatically since NIB’s establishment, requiring the Bank’s mandate to adapt accordingly.
“It was quite easy to see that, under these circumstances, NIB could continue to make a contribution by providing long-term capital that the financial markets were unable to offer. At the same time, it became increasingly important to identify more precisely the purposes for which this financing was used to support the overall economy. That is why we ultimately focused on environment and competitiveness,” Åkerholm said.
Former NIB President and CEO Henrik Normann (2012-2021) joined a Bank which was coming out of a financial crisis. According to Normann, the Bank was strong: it had very few credit losses, had diligent staff, and had maintained its AAA-rating. However, NIB was not in a vacuum: the whole financial sector was in turmoil, Normann said.
“We sat down with the board, had a very good dialogue and recalibrated the Bank capital and liquidity management, so we could free-up a lot of capital. We became risk-based, which meant we could actually grow the bank,” Normann said.
The discussion then turned to more recent developments, as President and CEO André Küüsvek, who has led the Bank since 2021, reflected on the challenges and opportunities it faces today.
The panel was moderated by Jukka Ahonen, Chief Corporate Affairs Officer at NIB.
Financing resilience—securing the future
In the light of escalating geopolitical tensions and the rise of hybrid threats, this discussion connected current developments in energy security, critical infrastructure, competitiveness, and the green transition. The discussion focused on resilience in the Nordic–Baltic region: what it entails, how it can be financed, and which strategic investment decisions will define the years ahead.
The introduction was given by Mikael Frisell, Director General of the Swedish Civil Defence and Resilience Agency.”
“Resilience is not something governments can create on their own,” said Frisell. “It requires a whole-of-society approach. We need to secure long-term financing for critical infrastructure. We also need to build redundancy, repair capacity and strategic reserves.”
The panel explored what resilience means in practice, how it can be financed, and which strategic investment decisions will shape the years ahead.
The discussion brought together Christian Levin, President and CEO of Scania, Sweden; Heikki Malinen, President and CEO of Neste, Finland; and Elisabeth Vike Vardheim, CEO of Statnett, Norway, who shared their perspectives on strengthening resilience in an increasingly uncertain economic and geopolitical environment.
The panel was moderated by Julie Sonne, Chair of NIB Board of Directors.
NIB’s way forward
In his closing remarks, André Küüsvek, President and CEO of NIB, set out to describe what were the drivers behind the new mission.
He spoke about the Nordic-Baltic region facing war and concerns about preserving our way of life. “Critical infrastructure is being tampered with. Supply chains once taken for granted can no longer be relied on. Competition between economic blocs is hardening, he said, making it more important that the Nordic and Baltic countries stick together. On top of that come ageing populations and climate change.”
For decades, Küüsvek said, competitiveness and sustainability were treated as separate questions, and countries could build prosperity, deal with their environmental problems and outsource part of their security. That world is gone.
“Today, we have launched NIB’s renewed strategy to strengthen the competitiveness, sustainability and resilience of our region. It is not a revolution, but it is a very significant evolution. Our way forward. A way that is built to mee these challenges,” said Küüsvek.
“We cannot be prosperous if we are not secure. We cannot stay secure if we are not prosperous. And neither is possible on a damaged planet.”
The seminar closed with a musical performance by Erja Lyytinen and Finnish Kantele artist and singer-songwriter Ida Elina, followed by a reception and dinner at Finlandia Hall.