From left: Clara Ganslandt, EU Ambassador to Iceland, Benedikt Gíslason, CEO of Arion Bank, Gemma Feliciani, Director of EIB, and Hanna Katrín Friðriksson, Iceland's Minister of Fisheries and Industry.
Photo: EIB
The European Investment Bank (EIB), the lending arm of the European Union, has agreed a €100 million loan with Iceland’s Arion Bank to finance sustainable fisheries, aquaculture and other marine industries in Iceland, Greenland and the Faroe Islands.
The funding will be given to small and medium-sized companies investing in activities such as responsible fishing, seafood processing, land-based aquaculture and algae farming. According to the EIB, the arrangement represents its first intermediated operation of this type focused on marine industries in the Arctic region.
"Ocean-related businesses are a cornerstone of the Icelandic economy and have a significant presence across the Arctic region. At the same time, these sectors face increasing pressure to invest in new technology, reduce environmental impact and strengthen long-term resilience. The EIB agreement with Arion Bank aims to support companies in meeting these challenges through a sustainable approach to developing marine industries, commonly referred to as the 'blue economy'," EIB said in its announcement.
Under the agreement, projects undertaken between 2026 and 2029 in Iceland and the Danish autonomous territories of Greenland and the Faroe Islands will be eligible for financing. All fisheries and aquaculture investments must hold certification from recognised schemes such as the Marine Stewardship Council or the Aquaculture Stewardship Council.
“This financing supports companies that depend on the ocean for their livelihoods while ensuring that marine resources are managed responsibly over the long term,” said EIB Vice President, Karl Nehammer. “By working with Arion Bank, we can support sustainable investment where it matters most, at the level of local businesses.”
Arion Bank, headquartered in Reykjavík, is one of Iceland’s largest lenders and has longstanding ties to the seafood industry. Chief Executive Benedikt Gíslason said the bank has helped finance the development of Icelandic fisheries and, more recently, land-based aquaculture, which he described as "becoming a vital pillar of the national economy" - as previously reported by WeAreAquaculture, Arion Bank is a major financial backer of Icelandic land-based salmon farming ventures LAXEY and First Water. Commenting further on the financing agreement with EIB, Gíslason said Arion Bank predicts "significant opportunities in advancing the Blue Economy in Iceland and throughout the Arctic."
Clara Ganslandt, the EU Ambassador to Iceland, said the initiative reinforces "the comprehensive EU-Iceland partnership," and said she was "looking forward to hearing from the companies how this funding support them in their sustainability projects and the development of the blue economy.”
The loan is backed by a dedicated EIB instrument supporting sustainable investment in European Free Trade Association countries and contributes to Arion Bank’s climate and environmental objectives, the partners said.
