The ratings on the Nordic Investment Bank (NIB) reflect: robust membership support; conservative statutory and policy limits on the bank's operations, gearing and liquidity; and strong asset and capital quality. Founded in 1976, with the aim of strengthening and developing Nordic cooperation, and promoting growth in the Nordic countries by means of financing long-term projects in both private and public sectors, NIB continues to enjoy unerring support from member governments. Authorized capital--last increased in January 1999, to €4 billion, of which €404 million was directly paid-in by members at year-end 2002--is indicative of the continued strength and depth of their support. Member guarantees of the bank's international Project Investment Loan (PIL), Baltic Investment Loan (BIL), and Environmental Loan (MIL) facilities
