Føroya Banki P/F headquarters. Image: Føroya Banki P/F

3 Jul 2024

NIB and Føroya Banki continue to support SMEs and environmental projects in the Faroe Islands and Greenland

The Nordic Investment Bank (NIB) and the Faroese Føroya Banki have signed a DKK 300 million (EUR 40.2 million) loan agreement for on-lending to small and medium-sized enterprises (SMEs) and small mid-caps, as well as environmental projects in the Faroe Islands and Greenland.

The 7-year loan facility will be used to finance SMEs and small mid-caps in various sectors, as well as to support environmental projects in the Arctic region. Føroya Banki will ensure that the projects they finance will fulfill NIB’s eligibility requirements.

“Supporting the development of the Arctic region is an important goal for NIB. We have established a strong decade-long partnership with Føroya Banki to facilitate financing for SMEs in the Arctic region,” says André Küüsvek, NIB President & CEO.

This is the third loan agreement signed between Føroya Banki and NIB, following previous agreements in 2014 and 2021. Føroya Banki has utilized NIB’s previous loans to support the Arctic region SMEs in transitioning to more sustainable practices.

Founded in 1906 in the Faroe Islands, Føroya Banki is a banking and insurance group in the North Atlantic region. The Group provides financial services to individuals, commercial, and corporate customers. Føroya Banki is incorporated in the Faroe Islands and is listed on Nasdaq Copenhagen.

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.

For further information, please contact

Joakim Häger, Banker, at +358 10 618 0439, joakim.hager@nib.int

Anita Algus, Communications, at +358 10 618 0524, anita.algus@nib.int

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