Marine industries across Iceland, Greenland and the Faroe Islands are set to gain improved access to long-term sustainability financing after European Investment Bank (EIB) agreed to provide a €100 million loan to Icelandic lender Arion Bank.
The funding will be channelled through Arion Bank to small and medium-sized enterprises (SMEs) operating in marine sectors including sustainable capture fisheries, seafood processing, aquaculture and algae farming. Eligible investments will focus on reducing environmental impacts, upgrading technology and strengthening the long-term resilience of Arctic seafood value chains.
The agreement marks the first time the EIB has used intermediated financing for marine industries in the Arctic region, with projects eligible for funding between 2026 and 2029. The initiative aligns with European Union objectives to expand the blue economy while safeguarding marine ecosystems.
Ocean-based industries are central to the Icelandic economy and have a strong footprint across the wider Arctic. However, companies in these sectors are facing rising pressure to decarbonise operations, invest in innovation and meet increasingly stringent sustainability requirements from markets and regulators.
“This financing supports companies that depend on the ocean for their livelihoods while ensuring that marine resources are managed responsibly over the long term,” EIB Vice President Karl Nehammer said. “By working with Arion Bank, we can support sustainable investment where it matters most, at the level of local businesses.”
Arion Bank, headquartered in Reykjavik, is one of Iceland’s three largest banks and a long-standing financier of the country’s seafood sector. In recent years, the bank has also played a leading role in funding Icelandic aquaculture, which has emerged as a key growth area alongside wild-capture fisheries.
“For decades, Arion has been a steadfast supporter of Iceland’s fishing industry, financing seafood companies and, more recently, enterprises across the Arctic,” Arion Bank CEO Benedikt Gíslason said. “Our agreement with the EIB strengthens and accelerates this journey and opens new opportunities to advance the blue economy in Iceland and throughout the Arctic.”
To qualify for financing under the programme, all fisheries and aquaculture projects must be certified under internationally recognised sustainability schemes, including the Marine Stewardship Council (MSC) or the Aquaculture Stewardship Council (ASC).
The initiative is financed under a dedicated EIB instrument supporting sustainable investment in European Free Trade Association (EFTA) countries and contributes to the bank’s climate-action and environmental-sustainability targets.
EU Ambassador to Iceland Clara Ganslandt said the agreement strengthens EU–Iceland cooperation on sustainable marine development, adding that the funding would help SMEs deliver tangible progress on sustainability while supporting the growth of Arctic seafood industries.
