Iceland Inks EUR1.78 Bln Loan Deals With Nordic Countries

(RTTNews) - Wednesday, the Iceland inked long-term loan agreements with Nordic lenders worth EUR 1.775 billion.

The Nordic countries involved in the deal are Norway, Denmark, Finland and Sweden.

In a joint press release, the Nordic countries said loans will be provided in relation to and as a support of Iceland’s economic stabilization and reform program with the International Monetary Fund. “The loans are intended to strengthen Iceland’s foreign exchange reserves. “

The loan disbursement will take place in four tranches linked to the first four reviews of Iceland’s IMF program with the payment of each tranche conditional on the approval of the relevant review.

These loans are the outcome of a a Nordic joint task force on support to Iceland established by the Nordic Prime Ministers at the end of October 2008.

The loans carry a maturity of 12 years with an interest-only period of five years.

In a statement, the Norwegian central bank said Norway’s share of the loan is EUR480 million or about NOK4.3 billion. The Norwegian authorities had approved a long-term loan in November 2008 to support Iceland’s economic stabilization program with the IMF. “ï¿½Today’s signing of the agreements is a realization of the Nordic countries’ pledge to support Iceland.”

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