2004.09.27, NORDIC INVESTMENT BANK OBL. NIB07, RIG

The Board of Directors of the Nordic Investment Bank (NIB) has appointed

Johnny Åkerholm (Finland) President and Chief Executive Officer of the

Bank. Mr Åkerholm will take up his appointment on 1 April 2005. He will

succeed Mr Jón Sigur&sson (Iceland), who has been President and CEO of

NIB since April 1994.



In 2003 Mr Åkerholm was appointed Secretary General of the European Bank

for Reconstruction and Development (EBRD) in London. From 1995 to 2003

Mr Åkerholm served as Under-Secretary of State for Economic Affairs of

the Ministry of Finance in Finland. From 1982 to 1995 he held various

leading positions with the Bank of Finland, most recently as Head of the

Economics Department.



Among his other tasks Mr Åkerholm has also been President of the

Economic and Financial Committee of the European Union and President of

the Nordic-Baltic Monetary and Financial Committee.



"Johnny Åkerholm has extensive international experience. His solid

knowledge of multilateral financial institutions will guarantee the

future development of the Bank, not least in the light of the

forthcoming membership in NIB of the three Baltic countries," says Mr

Bolli Thór Bollason, Chairman of the Board of Directors.



Johnny Åkerholm, born in 1948, Licentiate in Political Science

(Economics), Master of Science (Economics).





For further information, please contact:



Mr Bolli Thór Bollason,Chairman of the Board (Director General, Ministry

of Finance, Iceland)

tel: +354-545 9200 (Ministry of Finance), +354-862 0017 (mobile)



or Ms Jamima Löfström, Manager Communications, NIB

tel: +358 9 1800291, mobile +358 40 5817208





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



NIB is a multilateral financial institution owned by the five Nordic

countries. Estonia, Latvia and Lithuania are expected to become members

of the Bank from 1 January 2005. 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.