Nordic Investment Bank funds Lidl in Finland and Sweden to open more stores and rebuild the existing ones with bakery and larger fruit and vegetable sections.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries.
NIB has signed loan agreements with Lidl Suomi Ky and Lidl Sverige KB to finance the construction of new Lidl stores in Finland and Sweden between 2015 and 2017, as well as to modernise existing branches.
NIB’s loans will support Lidl’s growth strategy in Northern Europe, where the discount grocery retailer plans to open more than 40 new stores in Finland and Sweden over the next three years.
In both countries, several existing Lidl stores have reached their capacity limits, and are in need of expansion or replacement. An increase in Lidl’s standard store size will allow the chain to rebuild branches to include a bakery, a larger fruit and vegetable section and an increased range of fresh fish and meat products.
“NIB’s loans to Lidl will benefit consumers in both Finland and Sweden by offering them greater choice and improving the actor balance in the Nordic grocery retail markets”, says Henrik Normann, NIB President & CEO.