Representatives  of  the  Nordic  and Baltic countries governments have

today,  on  Wednesday,  11  February  2004  in  Helsinki,  signed a new

Agreement   on   the   Nordic  Investment  Bank  (NIB),  effecting  the

membership of Estonia, Latvia and Lithuania in the Bank.



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

of  government  agreed  in  principle  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. The negotiating parties have agreed

on  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  eight  countries'  Ministers of Finance and Economy point out that

the  enlargement  of  NIB  is a milestone in the history of cooperation

between  the  Nordic  countries  and Estonia, Latvia and Lithuania. NIB

provides  the  eight  countries  with  a common international financial

institution   promoting  their  economic  growth  through  cross-border

investments.



-  Businesses  and institutions show their viability by adapting to and

coping with changes around them. NIB has been able to show that kind of

capacity  hitherto  and  will  continue  to  do  so,  by  virtue of its

financial  and institutional strength. The Baltic Sea region as a whole

has  a  great  potential as a future growth area. Baltic NIB membership

will promote the development of the region, which in itself is a matter

of great interest to Nordic and Baltic countries alike, says Mr Geir H.

Haarde,  Icelandic  Minister  of  Finance  and  Chairman  of the Nordic

Ministers of Finance and Economy.



 NIB  is  a  multilateral  financial  institution  with headquarters in

Helsinki. The bank finances private and public projects both within and

outside  the  Nordic  countries. NIB gives priority to the financing of

private  and  public  infrastructure  and industrial investments in the

neighbouring  areas to the Nordic countries, particularly environmental

investments in the Baltic Sea and Barents Sea Regions.





For further information, please contact NIB:



Mr Jón Sigurðsson, President and CEO, tel +358 9 1800 202



Ms  Siv  Hellén,  Senior Vice President and General Counsel, tel +358 9

1800 205 or +358 500 106331



Ms Jamima Löfström, Information Manager, tel +358 9 1800 291 or +358 40

5817208



 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