IceFish sponsor, Arion Bank and the European Investment Bank (EIB) have signed an agreement that includes a 15 billion ISK loan to Arion Bank, which will be used to finance environmentally friendly and sustainable projects in the fisheries sector in Iceland, Greenland and the Faroe Islands.
Under the agreement, Arion Bank provides long-term loans to small and medium-sized companies operating in the fisheries and related sectors; companies engaged in sustainable fishing, seafood processing and fish and algae farming, according to an announcement.
"The maritime industry is one of the cornerstones of the Icelandic economy and also plays an important role in the Arctic. Increasingly stringent demands are being made on the sector to invest in new technology, environmentally friendly practices and increased strength to meet the challenges of the future. The partnership between the EIB and Arion Bank aims to help companies meet these stricter requirements in a sustainable manner, thereby laying a stronger foundation for what has sometimes been called the 'blue economy'," the announcement says.
The agreement, which is the first of its kind signed by the EIB in the Arctic, will cover projects to be implemented between 2026 and 2029.
It is stated that the agreement strengthens the European Union's goal of promoting the blue economy through the responsible use of marine resources and thus ensuring healthy marine ecosystems.
“The financing supports companies that build their livelihoods on the ocean while promoting the responsible management of marine resources,” said Karl Nehammer, Vice-President of the EIB, in the announcement. “Through our partnership with Arion Bank, we are supporting sustainable investments where they matter most, in companies in the local community.”
Arion Bank has for years focused on serving the fisheries sector and more recently on companies in the Arctic. By leveraging Arion Bank's strengths, the EIB is able to increase smaller companies' access to long-term financing that will be used for sustainable growth.
"For decades, Arion has been a trusted supporter of the Icelandic fisheries industry. The bank has financed Icelandic fisheries companies and, in recent years, also companies in the Arctic. In addition, Arion has been a leader in financing aquaculture in Iceland for the past decade and has helped build a thriving industry that has become an important pillar of the Icelandic economy," says Benedikt Gíslason, CEO of Arion Bank, in the announcement.
"We see great opportunities in the continued development of a sustainable fisheries sector in Iceland and the Arctic, and the agreement with the EIB strengthens us on that journey."
IMAGE shows:
Benedikt Gíslason, CEO of Arion Bank, Gemma Feliciani, Managing Director at the EIB, Clara Ganslandt, Ambassador of the European Union to Iceland, and Hanna Katrín Friðriksson, Minister of Industry.
