OSLO: The Nordic Investment Bank (NIB) and Norway’s Helgeland Sparebank have agreed a new 5-year loan programme of NOK 300 million (EUR 29.5 million) for onlending to small and medium-sized companies (SMEs) and environmental projects in northern Norway.

 Environmental projects that are eligible for financing under the loan facility include, for example, renewable energy investments, waste reduction in agriculture, biogas digestion and investments leading to the reduction of greenhouse gas emissions.

The loan facility is also earmarked for onlending to small and medium-sized companies in the region. Helgeland Sparebank’s SME clients are active in the areas of real estate, transport, farming and forestry.

“The sustainable development of the Arctic is crucial to the future of our region. This especially concerns renewable energy, pollution reduction and the creation of economic opportunities. We are supporting this development by continuing our cooperation with Helgeland Sparebank and by reaching out to small businesses in Northern Norway”, says Henrik Normann, NIB President & CEO.

This is the second loan programme agreed with Helgeland Sparebank; the first was signed in 2016 and has been fully allocated.

Helgeland Sparebank is the eleventh largest savings bank in Norway, and operates six branches in the Helgeland region. The composition of the bank’s loan book is 67% retail and 33% corporate customers.

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.