EIB celebrates 50 years of investments in Norway

• On December 17^th 1974, the European Investment Bank signed its first financing in Norway.
• In 50 years of activity, the EIB Group has invested nearly €5 billion in Norwegian projects
• The anniversary was marked with a roundtable event in Oslo today, featuring players and stakeholders from Norway and the European institutions.

On December 17^th the European Investment Bank and the Norwegian Ministry of Finance celebrated the 50^th anniversary of the first EIB investment in the country. Signed in 1974, the EIB invested in the development of the "Ekofisk" oil and gas field in the North Sea. Since then, the EIB, together with its subsidiary, the European Investment Fund (EIF), has invested nearly €5 billion in Norwegian projects regarding communications, energy, and sustainable transport, and has supported Norwegian banks and venture capital funds in their financing of innovative SMEs

Minister of Trade and Industry Cecilie Myrseth, commented: "It is estimated that some two thousand Norwegian businesses will benefit from the EIB Group investments signed in 2024. This vindicates Norway's decision to join the InvestEU initiative, and we thank the EIB Group for their support to Norwegian projects in the past, in the present, and in the future."

The anniversary was marked by a roundtable discussion in Oslo, focusing on opportunities and challenges, as well as possibilities for future cooperation. Apart from representatives of the EIB and the Norwegian Minister of Trade, Industry and Fisheries, the discussions were joined by the EU delegation to Norway, Innovation Norway, Eksfin Nysnø Klimainvesteringer and Investinor.

"The partnership with the EIB gives Norwegian businesses access to a wide range of financing instruments." added EIB Vice-President Thomas Östros. "We celebrate five decades of working together on common European priorities and look forward to continuing the collaboration to mutual benefit."

Since Norway joined the European Commission's InvestEU programme in early 2024, the EIB Group made investments in Norway enabling more than 10 billion NOK in financing. Through EIB and EIF guarantees with InvestEU support, Innovation Norway, DNB, Nordea, Danske Bank and several regional banks will deliver loans for the green transformation, innovation and high growth to Norwegian SMEs and growth companies. Also, the EIB subsidiary, the European Investment Fund (EIF) directly supported five Norwegian venture capital-funds.

EU Ambassador to Norway Nicolas de La Grandville commented: "The European Investment Bank's investments in Norway are as relevant today as they were 50 years ago. Today, we celebrate not only a history of successful projects but also the continued cooperation to maintain our competitiveness, keeping us at the technological cutting edge to support the twin transitions, and strengthening our resilience. The EIB is helping us to work towards our shared objectives on the ground, by guiding and catalysing public and private financing accordingly."

Since its first project in Norway, in 1974, the EIB Group has made available nearly €8 billion to support projects in EFTA countries, about €5 billion through the EIB and over €2,7 billion through the EIF. On the whole, between EIB and EIF financing for the country, over the years the EIB Group has made available nearly €5 billion eurosinNorway alone.

Background information:

The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, contribute to peace and security, and support a just and swift transition to climate neutrality. The Group's AAA rating allows it to borrow at favourable conditions on the global markets, benefiting its clients within the European Union and beyond. The Group has the highest ESG standards and a tier one capital ratio of 32%.

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient, and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEUFund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.