Helsinki 9 March 2004

GOOD RESULTS 2003-THREE NEW MEMBER COUNTRIES

The Nordic Investment Bank's (NIB) results for the year 2003 were good.

Profits  amounted  to EUR 151 million, compared with EUR 142 million in

2002.  Net  interest  income  rose  to EUR 155 million during the year,

compared  with  EUR  150  million  in  2002.  At year-end, total assets

amounted  to  EUR  16.7  billion.  Net  liquidity amounted to EUR 2,744

million.  The Board of Directors proposes that EUR 41.3 million be paid

as  a  dividend  to  the  Bank's owners, the Nordic countries, for year

2003.  Disbursements  of  new  loans rose to EUR 1,841 million in 2003,

compared  with EUR 1,648 million in 2002. Loans agreed in 2003 amounted

to  EUR  1,859  million  (2002:  1,807).  Loans outstanding at year-end

totalled EUR 10,522 million (10,110). The year's new borrowing amounted

to  EUR  3,258  million  (3,320).  Outstanding  borrowings  amounted at

year-end to EUR 13,087 million (13,150). NIB carried out its second USD

1  billion  global issue under a global borrowing programme. The Bank's

loan  portfolios   and  financial  counterparties  maintain  their high

quality.  During  the  period under review, new specific provisions for

possible loan losses in a total amount of EUR 1 million were recognised

in  the  Profit  and Loss Account. Taking into account the reversals of

previously made provisions for loan losses, the net result is a EUR 0.3

million positive effect on the profit.

BALTIC COUNTRIES JOIN NIB

NIB's  membership  will  be  widened when Estonia, Latvia and Lithuania

become members of the Bank in 2005. On 11 February 2004 representatives

of  the Nordic and Baltic countries' governments signed a new Agreement

on  NIB,  effecting the membership of Estonia, Latvia and Lithuania. At

the  meeting  of Nordic Prime Ministers in June 2003, the five heads of

government  agreed  to  invite the three countries to become members of

NIB.  The  negotiations, conducted under the auspices of the Nordic and

Baltic  Ministers of Finance and Economy, were completed at the turn of

the  year,  resulting in a new Agreement and new Statutes for the Bank.

After  national ratification during 2004 the three Baltic countries are

expected to become members of NIB from 1 January 2005. According to the

Agreement  Estonia,  Latvia and Lithuania will become members of NIB on

an  equal  footing  with  the  present  five members, Denmark, Finland,

Iceland,  Norway  and Sweden. All members will have the same rights and

obligations  as  under the current NIB Agreement. The Baltic membership

is  a  milestone  in  the  history  of  the Bank and in the cooperation

between the Nordic countries and Estonia, Latvia and Lithuania.

PROJECT FINANCING

NIB  participated  in  the financing of 62 investment projects and loan

programmes  in  the Nordic countries. A large proportion of these loans

related   to  cross-border  acquisitions  and  company  establishments.

Financing of  environmentally friendly energy investments accounted for

almost  one third of the year's disbursements. At present NIB has loans

outstanding  in  31  countries outside the Nordic area. During the year

the  Bank  entered  into  26  new  international  loan  agreements. The

international   lending   continued   to   be  dominated  by  loans  to

infrastructure  investments,  particularly within the energy, transport

and   telecommunications   sector.  Lending  to  the  Baltic  countries

increased  sharply  during  the year, above all as regards financing of

infrastructure  investments  in the energy sector, as well as municipal

investments.   The  Bank's  owners  decided  to  increase  the  Project

Investment  Loan facility (PIL) for lending outside the membership area

from  EUR  3.3  billion to EUR 4 billion from 1 July 2004. The decision

expands  the  Bank's  lending capacity and possibilities to grant loans

outside the Nordic countries.

ENVIRONMENTAL FINANCING

Financing environmental investments is one of the cornerstones of NIB's

lending   operations.   As  per  31  December  2003  the  Bank's  total

environmental  exposure  amounted to EUR 2,014 million. A great part of

the  loans  has  been  granted  to environmental projects in the Nordic

countries  and  their  neighbouring  areas.  During  the  year,  22 new

environmental  loans for a total of EUR 379 million were granted. Among

its  loans  in  the Nordic countries in 2003, NIB granted loans to five

companies  in  the  pulp  and  paper industry for various environmental

investments,  such  as  improved  wastewater  treatment, replacement of

recovery   boilers   and   installation   of  smoke  particle  filters.

Environmental  loans  were  also  made to an oil refinery for utilising

biofuel,  to a wind power station, to investments in a geothermal power

station, and to energy-saving measures in district heating systems.

NIB's  Financial  Statement  for  2003 is published on 15 March 2004 on

<a href='http://annual.nib.int' target='_blank'>http://annual.nib.int</a> 



KEY FIGURES

(in EUR million)                                2003             2002

Net interest income                         155                 150

Profit

151                142

Loans disbursed                            1,841             1,648

Loans agreed                                1,859             1,807

Loans outstanding                      10,522            10,110

New debt issues                           3,258              3,320

Debts evidenced by certificates 13,087           13,150

Net liquidity                                  2,744              2,947

Total assets                                16,666           15,948

Equity/assets ratio (%)                    9.9                 9.7

Profit/average equity (%)                9.5                 9.5

Number of employees                      147                144

NIB  is  a  multilateral financial institution owned by the five Nordic

countries. The Bank finances investment  projects of mutual interest to

the  borrower  and  the  member countries. NIB has the highest possible

credit rating, AAA/aaa, with the leading rating institutions Standard &

Poor's and Moody's.

For  further  information, please call Mr Jón Sigurdsson, President and

CEO,  on  +358 9 18 001, or Ms Jamima Löfström, Information  anager, on

+358 40 581 7208.

<a href='http://www.nib.int' target='_blank'>http://www.nib.int</a>



Uldis Zelmenis

Nordea Markets

Nordea Bank Finland Plc. Latvia Branch

15 Kalku Str.,

Riga, LV-1050, Latvia

Tel.: +371 7096 264

+371 9268 308 (mobile)

Fax: +371 7222 426 (Back Office)

+371 7211 428

mailto: uldis.zelmenis@nordea.lv