NIB finances Greenland’s fibre optic link
Helsinki, Finland – On 26 February 2008, the Nordic Investment Bank (NIB) granted a loan to the telecommunications company Tele Greenland for financing the company’s investment in a marine fibre optic cable connecting Greenland with Canada and Iceland.
Establishing the 4,500-kilometre two-leg marine fibre optic cable will safeguard the telecommunications capacity between Greenland and the rest of the world for the next 25 years. The cable will be operational starting in 2009.
"The cable is a prerequisite for enhancing the global competitiveness of Greenland’s trade and industry. Moreover, the cable will ensure Tele Greenland’s growth and the fulfilment of the company’s obligations toward the society of Greenland. Strengthening the competitiveness of NIB’s member countries is a key objective of the Bank’s operations," says Johnny Åkerholm, NIB’s President and CEO.
NIB’s loan totals EUR 20 million and has a 10-year maturity.
NIB is a multilateral 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.