Nordic Investment Bank (NIB): Multilateral Financial Institution
Nordic Investment Bank (NIB) is a multilateral financial institution founded by the five Nordic countries (i.e. Denmark, Finland, Iceland, Norway and Sweden) in the year of 1970.
Vision and Mission of NIB
It was formed to prosperous and sustainable Nordic-Baltic region. It works towards that goal by financing projects that improve competitiveness and the environment of our member countries. Through this, it tries to living up to its promise of financing the future.
• VISION: A prosperous and sustainable Nordic-Baltic region.
• MISSION: NIB finances projects that improve competitiveness and the environment of the Nordic and Baltic countries.
• STRATEGY: NIB is the International Financial Institution of the Nordic and the Baltic countries. The Bank adds value and complements commercial lending to help ensure sustainable growth.
Organisational Structure of NIB
The Organisation in charge of the activities of the NIB consists of the Board of Governors, Board of Directors, Control Committee and Management Committee.
• Board of Governors is the supreme decision-making body.
• The Control Committee is the Bank's supervisory body.
• The Board of Directors makes policy decisions concerning the operations and approves the financial transactions proposed by NIB's President.
• President is responsible for the conduct of the current operations of the Bank.
• The Executive Committee, the Asset and Liability Committee, the Credit Committee, the Finance Committee and the ICT Council assists the President.
Objectives of NIB
NIB places great importance on its cooperation with other financing institutions in the Nordic-Baltic region. The prime objectives of NIB are given below:
• It promotes transparency, predictability, accountability, responsibility and disclosure as general principles enhancing and furthering good governance.
• Its aim is to create added value for its customers by supplementing other sources of finance with long-term loans and guarantees.
• It cooperates and co-finances projects with other international financial institutions and regional multilateral banks as well as with public and private sector lenders such as export credit institutions, development cooperation authorities and commercial banks.
• It belongs to the Nordic Finance Group consisting of four international financial institutions located together in Helsinki, Finland. The channels of NIB financing to small and medium-sized enterprises are local intermediaries.