The European Investment Bank (EIB) has extended 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 financing will be channelled through Arion Bank to small and medium-sized enterprises (SMEs) engaged in marine activities, including sustainable fishing, seafood processing, and fish and algae farming. This agreement represents the first EIB financing of its kind in the region, targeting environmental sustainability and long-term resilience in Arctic marine industries.
Ocean-related businesses are a central part of Iceland’s economy and have a significant presence across the Arctic. However, these sectors face growing pressure to adopt new technologies, reduce environmental impact, and enhance resilience. The EIB-Arion Bank partnership aims to address these challenges by promoting sustainable development within the “blue economy,” providing SMEs with access to long-term funding for sustainability projects between 2026 and 2029. This initiative also aligns with broader European Union objectives to ensure responsible use of marine resources and maintain healthy ecosystems.
EIB Vice President Karl Nehammer highlighted that the financing supports ocean-dependent companies while ensuring responsible management of marine resources. By working with Arion Bank, the EIB can reach local businesses directly, improving access to sustainable investment opportunities. Arion Bank, headquartered in Reykjavik, has a strong focus on the seafood and Arctic sectors. CEO Benedikt Gíslason emphasized the bank’s decades-long support for Icelandic fisheries and aquaculture, noting that the partnership with the EIB will accelerate the growth of the blue economy in Iceland and across the Arctic.
To qualify for financing, all fisheries and aquaculture projects must be certified under internationally recognized standards such as the Marine Stewardship Council or the Aquaculture Stewardship Council. The agreement reinforces the EU-Iceland partnership, supporting SMEs in implementing projects that advance sustainability while contributing to economic growth in marine industries.
The loan is part of an EIB instrument dedicated to sustainable investment in European Free Trade Association (EFTA) countries. It contributes to the EIB’s broader climate-action and environmental sustainability objectives, ensuring alignment with the Paris Climate Agreement.
The European Investment Bank Group is the long-term financing institution of the European Union, supporting high-impact projects across multiple sectors, including climate action, technological innovation, social infrastructure, and bioeconomy. In 2025, the EIB Group approved €100 billion in financing for over 870 projects aligned with EU policy objectives.
Arion Bank and its subsidiaries provide comprehensive financial services across retail banking, corporate and investment banking, and markets. With additional support from subsidiaries like Stefnir, a major fund management company, and Vörður Insurance, Arion Bank continues to support sustainable growth and financial resilience in Iceland and the Arctic.
