Nordic Investment Bank 18K/A Annual report (foreign governments) (amended) | SEC 30 Aug 21

Exhibit 99.IX

Interim Financial ReportJanuary–June 2021

Table of Contents 2 3 Highlights 3 Key figures and ratios 4 President and CEO's comments 5 Operating and financial review 5 Total comprehensive income 8 Financial position 11 Financial statements 11 Statement of comprehensive income 12 Statement of financial position 14 Statement of changes in equity 15 Cash flow statement 17 Notes to the interim financial statements 17 Note 1 - Segment information 19 Note 2 - Net interest income 19 Note 3 - Net profit on financial operations 20 Note 4 - Expected credit loss 20 Note 5 - Net loan losses 21 Note 6 - Lending outstanding 21 Note 7 - Debts evidenced by certificates 22 Note 8 - Classification of financial instruments 24 Note 9 - Fair value of financial assets and liabilities 27 Note 10 - Basis of preparation 27 Note 11 - Post balance sheet events 27 Ratio definitions29 Report on Review of Interim Financial Report

During the first half of 2021, a total of EUR 663.9 million in new loans were agreed and EUR 1,266.4 million was disbursed compared to EUR 3,449.4 million and EUR 2,836.3 million respectively in the corresponding period in 2020. This decrease in new loans was expected following last year's record highs due to the Bank's response to Covid-19.The Bank is in a strong financial position with solid capital and liquidity ratios. The net profit for the six-month period amounted to EUR 82.5 million compared to EUR 15.5 million in 2020. Thisincrease in profit is mainly due to lower unrealised losses on financial instruments and reduced loan loss provisioning.At its annual meeting on 26 March 2021, the Board of Governors of NIB approved the Bank’s annual report and audited financial statements. The Board also approved the proposal that no dividend would be paid to the Bank’s owner countries for 2020. Assuming that the Covid-19 situation improves and the Bank's capital situation permits a higher than normal dividend to member countries for 2021 will be considered. The Board also expressed its view that NIB would be instrumental for green recovery and digital transformation in the years to come.In March, the Bank joined the European Bank for Reconstruction and Development (EBRD) and the central banks of Estonia (Eesti Pank), Latvia (Latvijas Banka) and Lithuania (Lietuvos Bankas) in a joint effort to develop a regional market for commercial papers. In the same month, the Bankinvested in Lithuania’s leading food retailer’s Maxima Grupė inaugural commercial paper issuance. 3 On 1 April, André Küüsvek assumed office as NIB President and CEO, succeeding Henrik Normann who has retired from the Bank. Before starting in this role, André worked for over 25 years in various positions at the EBRD. Prior to that, he worked in leading private banks in Estonia and Germany. In May, NIB issued a USD 700 million five-year benchmark bond linked to the SOFR (Secured Overnight Financing Rate) index. This issue was the Bank's inaugural Alternative Risk Free Rate transaction.In June, NIB joined the Coalition of Finance Ministers for Climate Action as an institutional partner. The Coalition was launched in Washington DC in April 2019 on Finland’s initiative. The objective is to bring considerations of climate change into decision-making about economic and financial policies. Highlights Key figures and ratios In millions of euro unless otherwise specified Jan-Jun 2021* Jan-Jun 2020* Jan-Dec 2020 Net interest income 102 99 206 Profit before net loan losses 68 53 221 Net profit 82 15 165 Lending disbursed 1,266 2,836 4,853 Lending agreed 664 3,449 5,666 Mandate fulfilment ** 98% 99% 98% Lending outstanding 22,260 20,478 21,555 Total assets 38,319 35,803 35,422 New debt issues 4,855 5,047 7,540 Debts evidenced by certificates 32,084 29,617 29,072 Total equity 3,936 3,689 3,861 Equity/total assets *** 10.3 % 10.3 % 10.9 % Profit/average equity *** 4.2% 0.8 % 4.4 % Cost/income *** 28.1 % 33.0 % 19.1 % Number of employees at period end 224 228 222 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statements** See page 9 for mandate fulfilment explanation*** See page 27 for ratio definitions

Prior to joining NIB, my impression of the Bank was that of a professional institution with a strong financial position anchored to a clear mandate. I am pleased to report that my expectations have been met and my first impressions have been very positive indeed.My arrival at NIB coincided with the Bank’s 45th anniversary. At the outset, the Nordic countries established NIB to overcome investment barriers as well as to promote economic growth and cooperation in major investment projects. Today, NIB’s mission is to finance projects that improve the productivity and benefit the environment of the Nordic and Baltic countries. This mission, together with the Bank’s sound banking principles, has served the Bank well and should also guide its future.NIB has been a pioneer in promoting green and energy efficient investments, and we need to continue this crucial work. We see that life on earth is threatened by climate change and the loss of biodiversity creating considerable risks to our environment, the economy and society. We need to transform our ways of living, consuming, and producing to ensure that future generations can survive.For NIB, this means providing sustainable financing to the green transition, energy-efficient green buildings, clean transportation, renewable energy production, productivity improvements, pollution prevention, and protecting marine environments.We should also realise that the economic impact of Covid-19 has been alleviated by the unprecedented amount of monetary and fiscal stimulus increasing the global debt burden. The real economic effect of the virus is yet to be seen and this and future years may be even more challenging than 2020.NIB is well positioned to support member countries with these challenges due to its strong financial 4 President & CEO's comments January–June 2021 position and the statutory changes made in 2020. The net profit for the six-month period amounted to EUR 82 million compared to EUR 15 million in 2020. The macro economic scenarios used to calculate loan loss provisioning are more positive than in 2020 and therefore loan loss provisioning has decreased. However, management has maintained the additional risk buffers made in 2020 due to uncertainty of how the economy will react when the various COVID-19 related monetary and fiscal stimulus are removed.As expected, disbursements of EUR 1,266 million in the first half of the year were lower than the historically high level in 2020 due to the Bank’s response to COVID-19 last year. During the six- month period ending 30 June 2021, a total of EUR 644 million in new loans were agreed.During the first six months of 2020, the Bank raised EUR 4,855 million in new funding. Amongst other transactions, NIB issued its first benchmark bond linked to the SOFR (Secured Overnight Financing Rate) index.Finally, I would like to take this opportunity to thank everyone at NIB and the Board members for making me feel very welcome and I look forward to our future cooperation together, for NIB to remain relevant to its members and to provide the best possible service to our clients. André Küüsvek, President & CEO

Total comprehensive incomeJanuary–June 2021 compared to January–June 2020 NET PROFITThe net profit for the period January–June 2021 amounted to EUR 82.5 million, compared to EUR 15.5 million in the same period last year. Total operating income increased from EUR 78.9 million toEUR 94.1 million mainly due to lower unrealised valuation losses. Last year, the financial markets experienced significant Covid-19 related market movements, whereas in 2021 the markets have been more stable. Total operating expenses increased by EUR 0.4 million to EUR 26.4 million. Net loan losses for the period is a positive amount of EUR 14.8 million compared to a loss of EUR 37.3 million in 2020 when the Bank increased its provisions in response to uncertainties arising from the Covid-19 crisis. NET INTEREST INCOMENet interest income for the period increased by 2.6 million to EUR 101.9 million, (January–June 2020: EUR 99.2). Net interest income on lending activities increased by EUR 4.5 million from EUR 76.5 million to EUR 80.9 million due to higher loan volumes. The net interest income on treasury activities of EUR 20.9 million was EUR 1.8 million lower than in 2020 due to the lower yield environment. NET FEE AND COMMISSION INCOMENet fee and commission income for the period January–June 2021 was EUR 2.2 million lower than in 2020 due to the lower volume of loans agreed and disbursed. Operating and financial review 120 100806040200 NET INTEREST INCOMEEUR m Lending Treasury H1’19 H2’19 H1’20 H1’20 H1’21 NET PROFIT FOR THE PERIODEUR m 160140120100806040200 H1’19 H2’19 H1’20 H2’20 H1’21 NET COMMISSION INCOME AND FEESEUR m 5 5.0 4.0 3.0 2.0 1.0 0 H1’19 H2’19 H1’20 H2’20 H1’21

NET LOSS/PROFIT ON FINANCIAL OPERATIONSThe loss on financial operations amounted to EUR 10.4 million compared to a loss of EUR 24.9 million inthe same period last year. This result includes realised net gains of EUR 3.5 million and unrealised net losses of EUR 13.9 million compared to realised net profits of EUR 0.6 million and unrealised net losses of EUR 25.6 million in 2020. During 2020, the financial markets experienced significant market movements becauseof the Covid-19 outbreak. During the first quarter of 2020, these market movements resulted in significant unrealised losses on financial instruments that NIB holds to hedge its interest rate risks and in its liquidity portfolio. During the rest of 2020, the markets recovered and the Bank recorded unrealised gains resulting in an overall profit for the full year 2020. The markets have been relatively stable during 2021. The unrealised valuation gains and losses on interest rate hedges mainly arise from the change of the interest rate spreads that are embedded in the Bank’s funding and lending transactions. When the Bank raises funds with fixed rates or offers borrowers fixed rate loans, it hedges the resulting interest rate risk using swaps, in which the fixed rate is swapped to the short-term money market floating rates referred to as the IBORS (e.g., LIBOR, EURIBOR, STIBOR, NIBOR etc.). In keeping with what NIB believes is industry best practice, the valuation of these swaps is based on a risk-free discounting rate called OIS (Overnight Interest rate Swap). The changes in spread between the risk-free rates (the OIS rates) and the relevantIBORs applicable to each such swap creates unrealised valuation gains and losses. It should be noted that as the Bank intends to hold these transactions to maturity, so that they are not sold for a price based on their exit market value, these valuation gains and losses will not be realised as the transactions will settle at par. The unrealised valuation gains and losses on assets in the Bank’s liquidity portfolio arise from changes in credit spreads. The Bank maintains a large liquidity portfolio, which it invests in high qualitybonds. When credit spreads widen, this results in negative valuations on the bonds. In periods of financial turbulence credit spreads tend to rise, which also affects NIB’s high quality bonds. As the Bankintends to hold the bonds to maturity, so that they are not sold based on the current exit market value, the valuation gains and losses will reverse, as the bonds will settle at par. TOTAL OPERATING EXPENSESTotal operating expenses amounted to EUR 26.4 million, an increase of EUR 0.4 million compared the corresponding period in 2020. This increase is due to higher depreciation and administrative expenses of EUR 2.0 million offset by lower personnel expenses of EUR 1.7 million. The Bank continuesto focus on cost control and the cost/income ratio remains strong. NET LOAN LOSSESFollowing the outbreak of Covid-19 in 2020, the global operating environment rapidly deteriorated and as a result, the Bank adjusted the macro-economic scenarios used to calculate the expected credit loss (“ECL”) provision. In 2020, there was an increase in the ECL provision from EUR 122.3 million at 31December 2019 to EUR 172.6 million at 31 December 2020. During 2021, the macro-economic scenarios have improved, resulting in a decrease of the ECL provision to EUR 159.9 million at 30 June 2021. NET PROFIT ON FINANCIAL OPERATIONSEUR m Realised Unrealised H1’19 H2’19 H1’20 H2’20 H1’21 100806040200-20-40 TOTAL OPERATING EXPENSESEUR m 0-5-10-15-20-25-30 H1’19 H2’19 H1’20 H2’20 H1’21 NET LOAN LOSSESEUR m 20100-10-20-20-40 6 H1’19 H2’19 H1’20 H2’20 H1’21

There have been no significant observed changes in the credit quality of the overall loan portfolio and there were no new non-performing loans during the period and no realised losses. The gain recognised in the income statement for net loan losses of EUR 14.8 million relates to recoveries on non-performing loans of EUR 0.2 million and EUR 14.6 million related to the change in ECL on performing loans.OTHER COMPREHENSIVE INCOMEThe Bank separates the foreign currency basis spread from financial instruments used in fair value hedge accounting and this separated amount is recorded in “Other comprehensive income” (OCI) which amounted to a loss of EUR 8.4 million for the period (January–June 2020: loss EUR 20.6 million). This recorded loss is due to the widening of the Cross Currency Basis spreads, which negatively affect the valuation of basis swaps used to convert funding currencies into lending currencies.For financial liabilities recorded at fair value through profit or loss, valuation changes due to changes in own credit spreads need to be recorded in OCI. For the six-month period ending 30 June 2021, the Bank recorded a positive impact from these changes of EUR 1.5 million.The resulting total comprehensive profit for the period amounted to EUR 75.7 million, compared to a loss of EUR 1.6 million in 2020. 7

LENDING OUTSTANDINGThe lending outstanding amounted to EUR 22,259.6 million. This comprises EUR 22,009.2 million of loans outstanding and investments of EUR 250.4 million in labelled bonds and CPs. The total disbursements and investments during the period amounted to EUR 1,266.4 million, which is EUR 1,569.9 million lower than for the same period in 2020. This decrease is expected following last year's record disbursements. More information regarding loans agreed can be found on our website at Agreed Loans. Total lending outstanding, excluding exchange rate and valuation effects, increased fromEUR 21,726.6 million at 31 December 2020 to EUR 22,203.4 million. The book value amounted to EUR 22,259.6 million due to foreign exchange movements and fair valuations/hedge accounting effects of EUR 153.7 million and EUR -97.4 million, respectively Financial position DEVELOPMENT OF LENDING OUTSTANDING DURING 2021EUR m 24,000 22,000 20,000 18,000 Dec’20 Book value Disb. 14 154 97 0 22,260 22,203 122 682 1,266 21,727 Amort. Prepaym. Impairm. Other Jun’21 FXchanges Other* Jun’21 Book value * Fair valuation of lending green bonds and hedging accounting. 8

LENDING HIGHLIGHTS 9 in EUR millions, unless otherwise specified Jan-Jun*2021 Jan-Jun*2020 2020 2019 2018 2017 Loans agreed excluding green bond investments 586 3,449 5,632 3,186 4,269 3,665 Green bond investments 78 - 34 131 61 147 Total disbursements 1,266 2,836 4,853 2,676 4,047 3,147 Number of loans agreements in period 13 31 59 55 58 55 Number of green bond investments in period 8 - 4 9 3 9 Lending outstanding 22,260 20,478 21,727 18,931 19,065 17,232 Member countries 21,714 19,753 21,098 18,055 17,960 15,867 Non-member countries 702 882 798 996 1,222 1,504 Loan impairment provision -157 -156 -169 -119 -117 -139 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statements MISSION FULFILMENTNIB’s vision is for a prosperous and sustainable Nordic−Baltic region. All projects proposed for financing undergo an assessment of their potential impact on productivity and the environment of the member country area. This mission fulfilment is rated on a five-grade scale from “negative” to “excellent”. In response to the Covid-19 pandemic, NIB provided “response loans” to alleviate the economic andsocial consequences of the crisis. These response loans are tracked separately and are not included in the standard mandate rating. During the first half of 2021, projects achieving a “good” or “excellent”mandate rating accounted for 98% of the total amount of loans disbursed excluding response loans which exceeded the target of 90%.

FUNDINGBy the end of June, the Bank had raised EUR 4,854.9 million (January–June 2020: EUR 5,047.1 million) in new funding through 37 transactions in 9 currencies, with an average maturity of five years. NIB’s funding plan for 2021 is EUR 6.5-7.5 billion. On 7 January, NIB priced a five-year GBP 600 million issue. The transaction was NIB's largest ever new sterling benchmark, with the final orderbook reaching over GBP 800 million. On 13 January, the Bank issued its first global USD benchmark issue for the year. The five-year USD 1.25 billion benchmark transaction has a final maturity on 21 January 2026 and was met with strong support from investors. On 25 March, NIB issued its first NIB Environmental Bond (NEB) for the year. The EUR 500 million transaction was an increase of a NEB due April 2027, bringing the new total outstanding to EUR 1 billion. With this re-opening, NIB's total environmental bond issuance surpassed EUR 5 billion. On 6 May, NIB issued its inaugural USD 700 million five-year benchmark bond linked to the SOFR (Secured Overnight Financing Rate) index. A full list of funding transactions can be found on our website at Funding Transactions. DEBT DEVELOPMENT DURING 2021EUR m 34,000 32,000 28,000 26,000 24,000 22,000 Dec’20 New Issues Amort. Book value 3 575 385 32,084 31,894 10 30,00029,072 2,020 4,855 Call & Buy backs Other Jun’21 FX changes Val & HedgeAcc. Jun’21 Book value 10

In thousands of euro NOTE Jan-Jun 2021* Jan-Jun 2020* Jan-Dec 2020 Interest income from financial assets measured at amortised cost 99,867 142,913 254,355 Interest income from financial assets measured at fair value 3,233 12,794 18,160 Interest expense -1,249 -56,494 -66,973 Net interest income (1) 101,851 99,213 205,543 Commission income and fees received 3,745 6,081 12,485 Commission expense and fees paid -1,098 -1,192 -3,145 Net fee and commission income 2,647 4,889 9,340 Net loss/profit on financial operations (3) -10,386 -24,912 58,810 Foreign exchange gains and losses 13 -332 183 Total operating income 94,125 78,858 273,876 Expenses General administrative expenses Personnel expenses -15,653 -17,322 -31,327 Other administrative expenses -6,580 -5,412 -13,563 Depreciation -4,190 -3,318 -7,546 Total operating expenses -26,423 -26,052 -52,437 Loss/profit before loan losses 67,701 52,806 221,439 Net loan losses (4) (5) 14,791 -37,329 -56,744 Net loss/profit for the period 82,492 15,476 164,695 Other comprehensive income Items that will not be reclassified to income statement Fair value hedges - valuation of cross currency basis spread -8,356 -20,632 9,120 Changes in own credit risk on liabilities recorded at fair value 1,521 3,573 -3,376 Total other comprehensive income -6,835 -17,059 5,744 Total comprehensive loss/income 75,657 -1,582 170,439 11 Financial statements Statement of comprehensive income * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statements The accompanying notes are an integral part of these financial statements.

In thousands of euro NOTE 30 Jun 2021* 30 Jun 2020* 31 Dec 2020 ASSETS Cash and cash equivalents 2,633,953 3,755,065 2,270,386 Placements with credit institutions 3,988,069 1,588,105 1,968,836 Debt securities 7,988,134 7,744,850 7,912,255 Other 6,532 6,694 8,907 Financial placements, total 11,982,735 9,339,649 9,889,998 Loans outstanding (6) 22,009,213 20,350,487 21,554,808 Intangible assets 9,891 13,485 12,018 Tangible assets, property and equipment 36,099 37,645 37,256 Derivatives 1,225,676 1,765,249 1,405,770 Other assets 193,179 300,754 19,614 Other assets, total 1,418,855 2,066,003 1,425,384 Accrued interest and fees receivable 227,836 240,337 232,197 TOTAL ASSETS 38,318,581 35,802,671 35,422,047 12 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statementsThe accompanying notes are an integral part of these financial statements. Statement of financial position

In thousands of euro NOTE 30 Jun 2021* 30 Jun 2020* 31 Dec 2020 LIABILITIES AND EQUITY Liabilities Short-term amounts owed to credit institutions 708,453 1,192,236 723,795 Owed to credit institutions, total 708,453 1,192,236 723,795 Debts evidenced by certificates (7) 32,084,082 29,617,465 29,071,696 Derivatives 1,051,061 1,074,627 1,362,269 Other liabilities 362,087 40,749 227,905 Other liabilities, total 1,413,149 1,115,376 1,590,174 Accrued interest and fees payable 176,480 188,853 175,620 Total liabilities 34,382,163 32,113,931 31,561,285 Equity 3,936,418 3,688,740 3,860,761 TOTAL LIABILITIES AND EQUITY 38,318,581 35,802,671 35,422,047 13 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statementsThe accompanying notes are an integral part of these financial statements.

In thousands of euro PAID-IN CAPITAL STATUTORY RESERVE GENERAL CREDITRISK FUND SPECIAL CREDIT RISK FUND PIL PROFIT AVAILABLE FOR APPROPRIATION CHANGES IN OWN CREDIT RISK ON LIABILITIES RECORDED AT FAIRVALUE HEDGING RESERVE TOTAL EQUITY AT 31 DECEMBER 2019 418,602 686,325 2,002,562 426,941 181,982 - 18,910 3,735,323 Profit for the period - - - - 15,476 - - 15,476 Other comprehensive income - - - - - 3,573 -20,632 -17,059 Total comprehensive income 0 0 0 0 15,476 3,573 -20,632 -1,582 Transactions with owners in their capacity as owners Appropriation of profit - - 136,982 - -136,982 - - 0 Dividends - - - - -45,000 - - -45,000 EQUITY AT 30 JUNE 2020 418,602 686,325 2,139,544 426,941 15,476 3,573 -1,722 3,688,740 Profit for the period - - - - 149,219 - - 149,219 Other comprehensive income - - - - - -6,949 29,752 22,803 Total comprehensive income 0 0 0 0 149,219 -6,949 29,752 172,022 Transactions with owners in their capacity as owners Change in Statutes 426,941 - - -426,941 - - - 0 EQUITY AT 31 DECEMBER 2020 845,543 686,325 2,139,544 0 164,695 -3,376 28,030 3,860,761 Profit for the period - - - - 82,492 - - 82,492 Other comprehensive income - - - - - 1,521 -8,356 -6,835 Total comprehensive income 0 0 0 0 82,492 1,521 -8,356 75,657 Transactions with owners in their capacity as owners Appropriation of profit - 150,559 14,136 - -164,695 - - 0 EQUITY AT 30 JUNE 2021 845,543 ��836,884 2,153,680 0 82,492 -1,855 19,674 3,936,418 14 The accompanying notes are an integral part of these financial statements. Statement of changes in equity

In thousands of euro Jan-Jun 2021* Jan-Jun 2020* Jan-Dec 2020 Cash flows from operating activities Net loss/profit for the period 82,492 15,476 164,695 Adjustments: Unrealised gains/losses of financial assets and liabilities held at fair value 1,923 29,093 -12,900 ECL non-lending activities -240 253 301 Depreciation and write-down in value of tangible and intangible assets 4,190 3,318 7,546 Change in accrued interest and fees (assets) 6,464 34,488 42,646 Change in accrued interest and fees (liabilities) -1,305 -33,320 -46,184 Net loan losses (ECL lending activities) -14,791 37,329 56,744 Adjustment to hedge accounting 12,361 -2,036 -51,157 Other adjustments to the period´s profit 664 2,187 3,023 Adjustments, total 9,266 71,313 18 Lending Disbursements of loans -1,188,037 -2,836,334 -4,818,897 Repayments of loans 803,858 927,783 1,867,353 Capitalisations, redenominations, index adjustments, etc. 141 615 430 Lending, total -384,038 -1,907,936 -2,951,115 Cash flows from operating activities, total -292,280 -1,821,147 -2,786,402 Cash flows from investing activities Placements and debt securities Purchase of debt securities -1,012,796 -1,810,887 -1,090,285 Sold and/or matured debt securities 774,782 1,114,019 786,599 Placements with credit institutions -1,999,874 2,002,039 1,335,090 Other financial placements -19 - 5,379 Placements and debt securities, total -2,237,908 1,305,170 1,036,783 15 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statementsThe accompanying notes are an integral part of these financial statements. Cash flow statement

In thousands of euro Jan-Jun 2021* Jan-Jun 2020* Jan-Dec 2020 Other items Acquisition of intangible assets -674 -3,644 -4,872 Acquisition of tangible assets -231 -3,153 -4,296 Change in other assets -31,600 -64,243 1,684 Other items, total -32,505 -71,040 -7,484 Cash flows from investing activities, total -2,270,413 1,234,130 1,029,299 Cash flows from financing activities Debts evidenced by certificates Issues of new debt 4,728,674 4,819,115 7,540,409 Redemptions -2,034,024 -1,965,553 -4,142,020 Debts evidenced by certificates, total 2,694,650 2,853,563 3,398,389 Other items Long-term placements from credit institutions -8,435 -8,435 Change in swap receivables excluding fair value changes 2,284 -11,455 -274,019 Change in swap payables excluding fair value changes 12,825 100,796 -248,028 Change in other liabilities 227,344 -1,823 -3,808 Dividend paid - -45,000 -45,000 Other items, total 242,453 34,084 -579,290 Cash flows from financing activities, total 2,937,103 2,887,646 2,819,099 CHANGE IN CASH AND CASH EQUIVALENTS, NET 374,410 2,300,630 1,061,996 Opening balance for cash and cash equivalents, net 1,546,591 471,700 471,700 Exchange rate adjustments 4,500 -209,501 12,895 Closing balance for cash and cash equivalents, net 1,925,500 2,562,829 1,546,591 Additional information to the statement of cash flows Interest income received 107,461 190,196 315,144 Interest expense paid -390 -89,446 -113,157 16 * Unaudited figures, to be read in conjunction with NIB's 2020 audited financial statementsThe accompanying notes are an integral part of these financial statements. The cash flow statement has been prepared using the indirect method and cash flow items cannot be directly concluded from the statements of financial positions.

Note 1: Segment information 17 In thousands of euro LENDING ASSET ANDLIABILITY MANAGEMENT PORTFOLIO MANAGEMENT TREASURY TOTAL TOTAL Net interest income 80,926 12,033 8,892 20,925 101,851 Commission income and fees received 3,683 62 0 62 3,745 Commission expense and fees paid -25 -1,067 -7 -1,074 -1,098 Net profit on financial operations 2,334 -18,567 5,846 -12,721 -10,386 Foreign exchange gains and losses 0 13 0 13 13 Operating expenses -17,294 -6,391 -2,739 -9,130 -26,423 Net loan losses 14,791 - - 0 14,791 Profit for period ended 30 June 2021 84,415 -13,916 11,992 -1,924 82,492 Notes to the interim financial statements

In thousands of euro LENDING ASSET AND LIABILITY MANAGEMENT PORTFOLIO MANAGEMENT TREASURY TOTAL TOTAL Net interest income 76,472 10,600 12,141 22,741 99,213 Commission income and fees received 5,990 91 - 91 6,081 Commission expense and fees paid -35 -945 -213 -1,158 -1,192 Net profit on financial operations -5,149 -7,630 -12,133 -19,763 -24,912 Foreign exchange gains and losses - -332 - -332 -332 Operating Expenses -16,834 -6,453 -2,765 -9,218 -26,052 Net loan losses -37,329 - - - -37,329 Profit for period ended 30 June 2020 23,115 -4,669 -2,970 -7,638 15,476 18 In thousands of euro LENDING ASSET AND LIABILITY MANAGEMENT PORTFOLIO MANAGEMENT TREASURY TOTAL TOTAL Net interest income 155,362 27,068 23,113 50,181 205,543 Commission income and fees received 12,338 147 - 147 12,485 Commission expense and fees paid -130 -2,790 -225 -3,015 -3,145 Net profit on financial operations 2,492 47,621 8,698 56,319 58,810 Foreign exchange gains and losses - 183 - 183 183 Operating expenses -33,477 -13,273 -5,688 -18,960 -52,437 Net loan losses -56,744 - - - -56,744 Profit for year ended 31 December 2020 79,840 58,957 25,897 84,855 164,695

Note 2: Net interest income 19 In thousands of euro Jan-Jun2021 Jan-Jun2020 Jan-Dec2020 Cash and cash equivalents -9,722 -6,894 -10,735 Placements with credit institutions -6,153 -5,245 -14,505 Debt securities 17,263 28,507 47,747 Loans outstanding 101,492 139,312 249,853 Other interest income 220 27 155 Total, interest income 103,100 155,707 272,515 Of which, interest income from financial assets measured at amortised cost 99,867 142,913 254,355 Short-term amounts owed to credit institutions 3,252 2,780 4,999 Long-term amounts owed to credit institutions - 21 21 Short-term repurchase agreements - 5 25 Debts evidenced by certificates -181,451 -239,616 -448,733 Swap contracts and other interest expenses, net 176,949 180,315 376,714 Total, interest expense -1,249 -56,494 -66,973 Of which, interest expense from financial liabilities measured at amortised cost -9,893 -100,647 -121,316 Net interest income 101,851 99,213 205,543 Note 3: Net loss/profit on financial operations In thousands of euro Jan-Jun2021 Jan-Jun2020 Jan-Dec2020 Financial instruments held at fair value, realised gains and losses 3,529 685 -4,985 Financial instruments held at fair value, unrealised gains and losses -1,810 -27,345 12,959 Financial instruments held at amortised cost, realised gains and losses 17 -36 -21 Expected credit loss on financial placements 240 -253 -301 Adjustment to hedge accounting, unrealised gains and losses of fair value hedges -12,361 2,036 51,157 Net loss/profit on financial operations -10,386 -24,912 58,810

Note 5: Net loan losses 20 In thousands of euro Jan-Jun 2021 Jan-Jun 2020 Jan-Dec 2020 Change in expected credit loss on performing loans 14,558 -37,625 -57,504 Change in expected credit loss on non-performing loans 233 296 759 Decrease of provisions to cover realised loan losses - - - Realised loan losses - - - Net loan losses 14,791 -37,329 -56,744 There were no realised losses for the periods Jan-Jun 2021, Jan-Jun 2020 or Jan-Dec 2020. In thousands of euro STAGE 1 STAGE 2 STAGE 3 TOTAL Balance at 31 December 2019 28,575 13,682 80,031 122,287 Transfer to Stage 1 47 -47 - 0 Transfer to Stage 2 -5,038 5,038 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 3,935 504 - 4,439 Amortisations and repayments -1,577 -1,050 - -2,627 Impact of remeasurment on existing assets 6,507 29,560 -296 35,770 Foreign exchange adjustments and other changes - - 266 266 Net change income statement 3,874 34,004 -30 37,848 Balance at 30 June 2020 32,449 47,687 80,000 160,136 Transfer to Stage 1 -47 47 - 0 Transfer to Stage 2 -174 174 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 4,547 620 - 5,168 Amortisations and repayments -2,395 -1,137 - -3,532 Impact of remeasurment on existing assets 17,368 922 -463 17,827 Foreign exchange adjustments and other changes - - -6,992 -6,992 Net change income statement 19,298 627 -7,455 12,471 Balance at 31 December 2020 51,747 48,314 72,545 172,606 Transfer to Stage 1 1,572 -1,572 - 0 Transfer to Stage 2 -139 139 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 1,434 357 - 1,791 Amortisations and repayments -1,008 -1,071 -2,079 Impact of remeasurment on existing assets -14,986 477 -233 -14,742 Foreign exchange adjustments and other changes - - 2,297 2,297 Net change income statement -13,127 -1,671 2,065 -12,733 Balance at 30 June 2021 38,620 46,643 74,610 159,873 Note 4: Expected credit loss ECL - STATEMENT OF FINANCIAL POSITION In thousands of euro 30 Jun 2021 30 Jun 2020 31 Dec 2020 Loans outstanding 157,118 156,254 169,105 Other receivables 1,735 1,844 1,682 Commitments (recorded in other liabilities) 668 1,494 1,228 Financial placements 352 544 592 Total 159,873 160,136 172,606 ECL - STATEMENT OF COMPREHENSIVE INCOME In thousands of euro Jan-Jun 2021 Jul-Dec 2020 Jan-Jun 2020 Net result on financial operations (Note 3) 240 -48 -253 Net loan losses (Note 5) 14,791 -19,415 -37,329 Foreign exchange gains and losses -2,297 6,992 -266 Total recognised in income statement 12,733 -12,471 -37,848

Note 6: Lending outstanding 21 In thousands of euro Jan-Jun 2021 Jul-Dec 2020 Jan-Jun 2020 Opening Balance 21,726,644 20,478,477 18,931,294 Disbursements 1,266,429 2,016,494 2,836,334 Amortisations -681,933 -720,044 -737,096 Prepayments -121,925 -219,526 -190,686 Changes in expected credit losses 14,230 -19,680 -36,830 Foreign exchange movements 153,670 219,334 -402,975 Fair value adjustments 332 4,603 -1,430 Hedge accounting adjustments -97,743 -33,205 80,474 Other -117 193 -608 Closing balance 22,259,588 21,726,644 20,478,477 Loans outstanding 22,009,213 21,554,808 20,350,487 Labelled bonds and CPs 250,375 171,836 127,990 Total Lending 22,259,588 21,726,644 20,478,477 NIB has allocated EUR 500 million to be invested in labelled bonds comprising of green bonds, social bonds, sustainability bonds and sustainability-linked bonds issued by companies or municipalities in the Bank's member countries. The investments are used to finance environmentally sustainable projects that can contribute to mitigating climate change and achieve positive social outcomes in the Nordic-Baltic region. During 2021, the Bank joined the European Bank for Reconstruction and Development (EBRD) and the central banks of Estonia (Eesti Pank), Latvia (Latvijas Banka) and Lithuania (Lietuvos Bankas)in a joint effort to develop a regional market for commercial papers. In March, the Bank invested in a Lithuanian commercial paper issuance. In thousands of euro Jan-Jun 2021 Jul-Dec 2020 Jan-Jun 2020 Opening Balance 29,071,696 29,617,465 26,673,647 New debt issues 4,854,884 2,493,269 5,047,140 Amortisations -2,019,914 -2,176,843 -1,802,812 Calls and buy backs -9,786 0 -163,544 Foreign exchange movements 574,776 -638,603 -686,189 Fair value adjustments 494 -1,697 3,189 Hedge accounting adjustments -385,041 -222,270 545,231 Other -3,027 375 803 Closing balance 32,084,082 29,071,696 29,617,465 Note 7: Debts evidenced by certificates

In thousands of euro AMORTISED COST (AC) FAIR VALUE THROUGH PROFIT OR LOSS (FVTPL) DERIVATIVESFORHEDGING TOTAL Financial assets Cash and cash equivalents 1,353,320 1,280,633 - 2,633,953 Financial placements with credit institutions 8,217 3,979,851 - 3,988,069 Debt securities 1,794,003 6,194,131 - 7,988,134 Other financial placements 6,532 - 6,532 Loans outstanding 21,995,473 13,740 - 22,009,213 Derivatives 435,224 790,452 1,225,676 Total 30 June 2021 25,151,014 11,910,112 790,452 37,851,577 Financial liabilities Short-term amounts owed to credit institutions 708,453 - - 708,453 Debt securities issued 31,614,655 469,427 - 32,084,082 Derivatives - 318,728 732,333 1,051,061 Total 30 June 2021 32,323,108 788,155 732,333 33,843,596 22 Note 8: Classification of financial instruments In thousands of euro AMORTISED COST (AC) FAIR VALUE THROUGH PROFIT OR LOSS (FVTPL) DERIVATIVESFOR HEDGING TOTAL Financial assets Cash and cash equivalents 1,159,607 2,595,458 - 3,755,065 Financial placements with credit institutions 9,021 1,579,084 - 1,588,105 Debt securities 2,121,079 5,623,770 - 7,744,850 Other financial placements - 6,694 - 6,694 Loans outstanding 20,333,444 17,043 - 20,350,487 Derivatives - 777,560 987,689 1,765,249 Total 30 June 2020 23,623,151 10,599,609 987,689 35,210,449 Financial liabilities Short-term amounts owed to credit institutions 1,192,236 - - 1,192,236 Debt securities issued 29,151,296 466,169 - 29,617,465 Derivatives - 179,490 895,138 1,074,627 Total 30 June 2020 30,343,532 645,659 895,138 31,884,328

In thousands of euro AMORTISED COST(AC) FAIR VALUE THROUGH PROFIT OR LOSS (FVTPL) DERIVATIVES FOR HEDGING TOTAL Financial assets Cash and cash equivalents 1,371,960 898,426 - 2,270,386 Financial placements with credit institutions 7,468 1,961,368 - 1,968,836 Debt securities 1,880,420 6,031,836 - 7,912,255 Other financial placements - 8,907 - 8,907 Loans outstanding 21,540,033 14,775 - 21,554,808 Derivatives - 451,404 954,366 1,405,770 Total 31 Dec 2020 24,799,881 9,366,715 954,366 35,120,962 Financial liabilities Short-term amounts owed to credit institutions 723,795 - - 723,795 Debt securities issued 28,612,658 459,038 - 29,071,696 Derivatives - 651,062 711,207 1,362,269 Total 31 Dec 2020 29,336,453 1,110,100 711,207 31,157,760 23

Note 9: Fair value of financial assets and liabilities 24 30 Jun 2021 30 Jun 2020 31 Dec 2020 In thousands of euro CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VALUE CARRYING AMOUNT FAIR VALUE Financial assets Cash and cash equivalents 2,633,953 2,633,953 3,755,065 3,755,065 2,270,386 2,270,386 Financial placements with credit institutions 3,988,069 3,988,069 1,588,105 1,588,105 1,968,836 1,968,836 Debt securities 7,988,134 8,026,013 7,744,850 7,806,357 7,912,255 7,976,000 Other financial placements 6,532 6,532 6,694 6,694 8,907 8,907 Loans outstanding 22,009,213 22,297,076 20,350,487 20,193,414 21,554,808 21,848,432 Derivatives 1,225,676 1,225,676 1,765,249 1,765,249 1,405,770 1,405,770 Total 37,851,577 38,177,318 35,210,449 35,114,884 35,120,962 35,478,331 Financial liabilities Short-term amounts owed to credit institutions 708,453 708,453 1,192,236 1,192,236 723,795 723,795 Debt securities issued 32,084,082 32,126,072 29,617,465 29,519,935 29,071,696 29,136,915 Derivatives 1,051,061 1,051,061 1,074,627 1,074,627 1,362,269 1,362,269 Total 33,843,596 33,885,586 31,884,328 31,786,799 31,157,760 31,222,979

LEVEL OF FAIR VALUE MEASUREMENT FOR FINANCIAL INSTRUMENTS 25 30 Jun 2021 30 Jun 2020 31 Dec 2020 In thousands of euro LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3 LEVEL 1 LEVEL 2 LEVEL 3 Financial assets Cash and cash equivalents 2,633,953 - - 3,755,065 - - 2,270,386 - - Financial placements with credit institutions - 3,988,069 - - 1,588,105 - - 1,968,836 - Debt securities 8,011,686 - 14,327 7,788,082 - 18,276 7,959,232 - 16,561 Other financial placements - - 6,532 - - 6,694 - - 8,907 Loans outstanding - 22,283,333 13,744 - 20,176,369 17,045 - 21,833,655 14,777 Derivatives - 1,167,118 58,558 - 1,691,451 73,797 - 1,337,118 68,652 Total 10,645,639 27,438,519 93,161 11,543,147 23,455,925 115,812 10,229,825 25,139,609 108,896 Financial liabilities Short-term amounts owed to credit institutions - 708,453 - - 1,192,236 - - 723,795 - Debt evidenced by certificates - 31,438,516 687,556 - 28,642,520 877,415 - 28,452,300 684,615 Derivatives - 735,021 316,040 - 762,108 312,519 - 1,081,117 281,153 Total 0 32,881,990 1,003,596 0 30,596,865 1,189,934 0 30,257,211 965,768

CHANGES IN FAIR VALUES CATEGORISED AT LEVEL 3 26 New trades - 19 - - 19 Matured, buy backs and calls - - - - 0 Amortisation -2,468 - -2,034 -10,743 -15,245 Capitalisations - - - - 0 Inflation adjustments - - 1,245 -1,298 -52 Changes in fair values 235 -2,394 265 163 -1,731 Exchange rate adjustments - - -510 1,784 1,274 30 June 2021 14,327 6,532 13,744 58,558 93,161 50,732 657 51,389 -28,089 -6,901 -34,990 - - 0 - 11,404 11,404 1,298 -1,245 52 -2,015 226 -1,788 -18,985 30,746 11,761 687,556 316,040 1,003,596 In thousands of euro DEBT SECURITIES HELD AT FAIRVALUE OTHER FINANCIAL PLACEMENTS HELD AT FAIR VALUE LOANS OUTSTANDING DERIVATIVE ASSETS LEVEL 3, TOTALASSETS DEBT EVIDENCED BY CERITIFICATES DERIVATIVE LIABILITIES LEVEL 3, TOTAL LIABILITIES 31 December 2019 20,521 7,585 27,237 64,025 119,368 1,200,200 293,664 1,493,865 New trades - - - - 0 43,407 - 43,407 Matured, buy backs and calls - - - - 0 -254,159 -62,950 -317,109 Amortisation -1,346 - -2,527 -4,098 -7,970 - -13,946 -13,946 Capitalisations - - - 1,646 1,646 - - 0 Inflation adjustments - - 662 -4,117 -3,455 4,117 662 4,779 Changes in fair values -900 -891 -122 -8,840 -10,753 6,762 - 6,762 Exchange rate adjustments - - -8,204 25,181 16,977 -122,912 95,090 -27,822 30 June 2020 18,276 6,694 17,045 73,797 115,812 877,415 312,519 1,189,934 Financial instruments reclassified to level 3 - - - - - - 31,887 31,887 New trades - - - 874 874 57,647 635 58,281 Matured, buy backs and calls - -5,379 - -10,470 -15,849 -213,815 -51,745 -265,561 Amortisation -1,189 - -2,088 -10,466 -13,743 - 419 419 Capitalisations - - - 31,873 31,873 - 34,746 34,746 Inflation adjustments - - 1,339 7,836 9,175 1,603 -662 941 Changes in fair values -526 7,592 675 10,371 18,112 -8,646 -770 -9,415 Exchange rate adjustments - - -2,194 -35,163 -37,357 -29,588 -45,876 -75,465 31 December 2020 16,561 8,907 14,777 68,652 108,896 684,615 281,153 965,768 Financial assets Financial liabilities

Note 10: Basis of preparationThese interim financial statements are presented in accordance with IAS 34 “Interim Financial Reporting”. The accounting policies and methods of computation are the same as described in Note 1 of NIB’s Financial Report 2020. 27 There have been no material changes in relation to transactions with related parties compared to those described in Note 25 "Related party disclosures" in the 2020 IFRS financial statements.Note 11: Post balance sheet eventsKim Skov Jensen (Denmark) has been appointed Chief Financial Officer, Vice-President and Head of Treasury & Finance at NIB. He will be a member of the Executive Committee and responsible for the Bank’s financial planning, reporting and accounting, balance sheet management, treasury activities, relationships with financial institutions and investors. Mr Skov Jensen will take up his appointment by 1 November 2021 at the latest. Kim Skov Jensen has a longstanding career at Nordea. Currently he holds a position as Head of Markets & Treasury Financial Control in Nordea’s Group Finance. Over the years, he has held several senior leadership positions in Nordea’s Group Treasury and brings solid experience from commercial banking in the financial services industryRATIO DEFINITIONS Equity/total assets = Total equity at reporting date Total assets at reporting date Profit/average equity = Annualised profit for the period Average equity for the period Cost/income = Total operating expenses for the period Total operating income for the period

HELSINKI, 26 AUGUST 2021 28 Julie Sonne Esther Finnbogadóttir (Chair of the Board) Madis Üürike Pekka Morén Līga Kļaviņa Jurgita Uzielienė Ole Hovland(Deputy Chair of the Board) Karolina Ekholm André Küüsvek (President & CEO)

Review Opinion 29 To the Board of Directors of Nordic Investment Bank INTRODUCTIONWe have reviewed the interim financial report of Nordic Investment Bank consisting of statement of financial position as of June 30, 2021 and the related statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and fair presentation of this interim financial report in accordance with IAS 34. Our responsibility is to express a conclusion on this interim financial report based on our review. SCOPE OF REVIEWWe conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A review of the interim financial report consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSIONBased on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial report does not present fairly, in all material respects, the financial position of the entity as at June 30, 2021, and of its financial performance and its cash flows for the six-month period then ended in accordance with IAS 34. Helsinki, 26 August 2021 Ernst & Young Oy Authorized Public Accountant Firm Ernst & Young AB Authorized Public Accountant Firm Terhi Mäkinen Authorized Public Accountant Mona Alfredsson Authorized Public Accountant Report on Review of Interim Financial Report

Nordic Investment Bank 18-K/AAnnual report (foreign governments) (amended)