🇪🇺 🇮🇸 🇳🇴 InvestEU: Iceland and Norway join programme for green, digital and SME financing in Europe

Press release from the European Commission

The Commission has signed contribution agreements with Iceland and Norway under InvestEU, making them the first non-EU countries participating in the programme. This is an opportunity to continue and strengthen cooperation between the European Union (EU) and European Economic Area (EEA) by attracting private and public investment to advance common priorities like the green and digital transitions, research and innovation, and the competitiveness of the European economy. Icelandic and Norwegian project promoters will now be able to apply directly with implementing partners of the InvestEU Fund to receive financing, backed by the programme.

Together, the two contribution agreements are worth up to €490 million. This amount increases the EU budget compartment of the InvestEU programme. They cover financial products and projects under three InvestEU policy windows:

• sustainable infrastructure;
• research, innovation and digitalisation; and
• small and medium-sized businesses (SMEs).

Iceland and Norway will participate in the InvestEU programme through implementing partners, which include the European Investment Bank (EIB), the European Investment Fund (EIF) and the Nordic Investment Bank (NIB).

The signature of the contribution agreements follows an earlier amendment of the Commission implementing decision establishing the InvestEU Portal. This had already enabled Norwegian and Icelandic projects to be promoted on the InvestEU Portal.

Executive Vice-President for an Economy that Works for People, Valdis Dombrovskis said: “InvestEU continues to go from strength to strength. Today, Iceland and Norway become the first non-EU countries to take part in the InvestEU programme. They will give a further boost to green and digital investments in Europe, and to building a more resilient European economy. With Iceland and Norway on board, InvestEU can continue to turn essential investment projects into reality, help bring about the green transition and support the businesses and quality jobs of the future.”

Commissioner for the Economy, Paolo Gentiloni, said: “The InvestEU programme is a crucial tool for attracting investment to achieve the green and digital transition in Europe, supporting innovation and helping businesses to grow and create jobs. I am delighted that with these contribution agreements, Iceland and Norway have become our partners in addressing the immense investment needs we face in the coming years.”

Icelandic Minister of Higher Education, Science and Innovation, Áslaug Arna Sigurbjörnsdóttir, said: “The Icelandic participation in the InvestEU programme is very important to our efforts to build a strong, sustainable society in Iceland, based on ingenuity and innovation.  Collaboration with other European countries is of great importance in this context and we welcome the new opportunities offered by the InvestEU Programme.”

Norwegian Minister for Trade and Industry, Jan Christian Vestre said: “InvestEU deepens Norway and the EU’s strategic partnership on the green and digital transformation. I am looking forward to see how our respective businesses will use InvestEU to create future-oriented jobs and opportunities.”

Background

Iceland and Norway, as EEA members, can participate in the InvestEU programme under the same conditions as EU Member States.

The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. As part of the programme, the InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee. In this way, at least €372 billion in additional investment are mobilised.

For More Information

Questions and answers: InvestEU

InvestEU website

Contacts for media