- EIB Group investments in Finland rose to €2.3 billion in 2024 from €992 million the year before.
- Financing boost of 132% supported 1,800 Finnish SMEs and Mid-Caps and sustained 40,000 jobs in the country.
- Most funding went to green projects and business innovation.
The European Investment Bank (EIB) Group’s financing in Finland more than doubled to €2.3 billion in 2024, with the bulk of funds aimed at accelerating the green transition and business innovation in the country. The EIB Group’s pledges last year represent a 132% increase from €992 million in 2023.
The financing in Finland last year included €1.7 billion from the EIB and €606 million from the European Investment Fund (EIF) arm, which focuses on supporting Europe's micro companies and small and medium-sized enterprises (SMEs).
The EIB Group’s funding in Finland in 2024 supported 1,800 SMEs and Mid-Caps, sustained 40,000 jobs and covered 21 investment initiatives across the country. The amount is expected to trigger €5.1 billion of total investment, equivalent to 1.9% of Finnish gross domestic product (GDP).
"Our significant investments in 2024 underscore our unwavering commitment to Finland's economic growth and resilience,” said EIB Vice-President Thomas Östros. “By financing a diverse array of projects from cutting-edge healthcare to pioneering renewable-energy solutions, we are not just supporting Finland's present needs but also building a brighter, more sustainable future. "
Driving innovation and sustainability
In 2024, half of the EIB Group’s funding in Finland was allocated to the green transition and a third to business innovation. This marks a 215% rise in support for Finnish sustainability and innovation compared with the previous year.
"Finland stands as a leading example of innovation and sustainability in Europe," said Östros.
The EIB Group's financing in Finland last year targeted a range of sectors including industrial investments, energy, education and healthcare.
Key green transition and innovation projects
Green transition and innovation projects backed by the EIB last year included a €168 million investment in the Keliber lithium project to enhance the EU's battery material supply for electric vehicles and high-tech industries. Additionally, Prysmian's factory in Pikkala received more than €221 million in EIB funding to expand its production of extra-high-voltage submarine power cables, supporting the EU's clean energy-transmission goals.
Furthermore, the EIB invested €150 million to replace Helsinki’s fossil-based heating plants with renewable energy, supporting the city's sustainability and carbon-reduction efforts as part of REPowerEU. In addition, the EIB provided a €435 million loan to Stora Enso for producing sustainable packaging at the Oulu factory, promoting a circular economy with renewable materials.
Lastly, Swappie received a €14 million venture-debt loan to refurbish and resell iPhones, reducing electronic waste and extending the lifecycle of devices, making high-quality technology more accessible.
Empowering SMEs and Mid-Caps
The EIB Group’s support for Finnish SMEs and Mid-Caps last year included a €200 million partnership with Finnvera. This initiative aimed to tackle barriers to accessing finance by sharing risks associated with economic uncertainties such as inflation, high interest rates, limited external growth opportunities, and unpredictable energy supplies.
For its part, the EIF collaborated with leading Finnish banks to provide over €560 million in loan guarantees last year. This substantial financing empowers SMEs, small Mid-Caps and housing associations to advance Finland’s climate goals, promote environmental sustainability and invest in innovation and digitalisation. In addition, the EIF made two new commitments in Finnish venture capital and private equity funds.
Investing in public infrastructure
The EU bank prioritised healthcare and education infrastructure in 2024, making significant investments in Finland's public sector. A €100 million loan will upgrade Helsinki's Laakso hospital, providing state-of-the-art medical services. Thousands of children in Tuusula will benefit from modern schools funded by a €105 million EIB loan. Additionally, the EIB is financing water-infrastructure projects in the Helsinki area, promoting sustainable water management, one of the key priorities of the bank.
Over the past five years, the EIB Group has provided nearly €8.6 billion in financing for Finland, highlighting the organisation’s dedication to the country’s economic growth and development.
For more information on EIB Group results in 2024, please click here.
Background information
EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.
All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.