4. Nordic international financial institutions

The Nordic Development Fund (NDF), the Nordic Investment Bank (NIB) and the Nordic Environment Finance Cooperation (Nefco) are the international finance institutions that comprise the Nordic Finance Group.

NDF’s key focus is climate change and development projects in low-income countries
NIB’s key focus is long term financing of projects that improve and benefit the environment of the Nordic and Baltic countries
NEFCO finances projects within the field of sustainable green growth and climate, mainly small and medium-sized projects. They have no specific geographic area of concern, but finances projects globally.

International Finance Institution (IFI):

An IFI is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or members are generally national governments. An IFI has full legal capacity to enter into agreements; to acquire and dispose of immovable and movable property; and to be party to legal proceedings.

The three institutions collaborate in numerous ways. NDF purchases administrative services from NIB

NDF (2022)

. The senior director of NIB is a member of the NDF’s board of directors as an observer. Nefco and NIB run programmes together, and in 2019 they established a 15-year loan programme financing energy-efficiency and renewable energy projects in Eastern Europe

Nefco (2019)

. All three Nordic IFI’s have sustainability as part of their mandate, and a clear focus on environmental aspects.