The European Investment Bank (EIB) has provided a €100 million loan to Iceland-based Arion Bank to support sustainable fisheries, land-based aquaculture, and other marine industries across Iceland, Greenland, and the Faroe Islands. The funding will be channeled through Arion Bank to small and medium-sized enterprises (SMEs) engaged in marine activities such as sustainable fishing, seafood processing, and fish and algae farming. This initiative marks the first EIB financing of its kind in the region and aims to strengthen environmental sustainability and long-term resilience in the Arctic’s blue economy.
Ocean-based industries are a vital part of the Icelandic economy and have a significant presence throughout the Arctic. These sectors face growing pressure to invest in new technologies, reduce environmental impact, and ensure sustainable growth. The EIB-Arion Bank partnership addresses these challenges by providing SMEs with long-term financing to implement sustainability projects from 2026 to 2029, in alignment with European Union goals for responsible marine resource use and healthy ecosystems.
EIB Vice President Karl Nehammer emphasized that the financing supports ocean-dependent companies while ensuring responsible long-term management of marine resources. By collaborating with Arion Bank, the EIB can reach local businesses directly, enhancing access to sustainable investment. Arion Bank CEO Benedikt Gíslason highlighted the bank’s decades-long support for Iceland’s fishing and aquaculture sectors and its commitment to advancing the blue economy in Iceland and across the Arctic.
Projects eligible for funding under the agreement must meet internationally recognized sustainability standards, such as certification from the Marine Stewardship Council or the Aquaculture Stewardship Council. The initiative reflects the EU-Iceland partnership and is expected to support SMEs in implementing projects that strengthen sustainability and economic growth in the marine sector.
The loan is part of an EIB instrument dedicated to sustainable investment in European Free Trade Association (EFTA) countries and aligns with the EIB’s broader climate-action and environmental-sustainability objectives. As the EU’s long-term financing institution, the EIB supports high-impact projects across multiple sectors, ensuring alignment with the Paris Climate Agreement and fostering economic, social, and environmental development.
Arion Bank, headquartered in Reykjavik, provides comprehensive financial services across retail banking, corporate and investment banking, and markets, supplemented by subsidiaries such as Stefnir and Vörður Insurance. Through this partnership with the EIB, Arion Bank will continue enabling sustainable growth in Iceland and the Arctic, supporting local SMEs and advancing the blue economy.
