Four billion euro aid package for Iceland

Friday, 01 October 2010

Iceland received today a commitment of four billion euro (almost 30 billion crowns), to help the country avoid national bankruptcy, announced the Icelandic Prime Minister, Geir Haarde, according to Ritzau and Børsen Online.

The financial lifeline for Iceland comes partly from the International Monetary Fund (IMF), which will back Iceland with 1.6 billion euros, and partly from ‘friendly' nations which will provide the remaining 2.4 billion euros.

Earlier today Russia announced that a loan of four billion euros for Iceland which been under discussion would not materialise.

Iceland will take over the presidency of the Nordic Council of Ministers from Sweden at the turn of the year. One priority of Iceland's chairmanship programme is co-operation that promotes excellence in research, particularly as regards energy, climate and the environment. The three Nordic research institutions NordForsk, Nordic Inoovation Centre and Nordic Energy Research play a key role in this effort. Concrete steps include among other initiatives the implementation of the Nordic programme for excellence in reasearch, From the Nordic Region to the World, which promotes innovation and research in the environmental, energy and climate areas.

The most important interrnational event during the Icelandic Presidency will be the UN COP15 Climate Change Summit in Copenhagen in 2009. Global warming is opening up new shipping routes, and demand for the Arctic Region's natural resources is growing. Iceland will keep a sharp eye on development in this region and will seek for more extensive co-operation.

Preparations will begin on joint Nordic profiling for the Shanghai World Exhibition in 2010.

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