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Loan from Faroe Islands Paid in Full

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Loan from Faroe Islands Paid in Full

The Faroe Islands was the first nation to lend a helping hand to Iceland when its economy collapsed in October 2008 with the granting of an emergency loan of DKK 300 million (ISK 6.7 billion, USD 53 million, EUR 40.2 million).

faroe-kvivik_ipa-hsFrom the Faroe Islands. Photo by Páll Stefánsson.

Last week, the Icelandic government announced that it had paid back the loan in full. In 2008, Former Prime Minister of Iceland Geir Haarde stated that the loan had been a gesture of true friendship.

Minister of Finance and Economic Affairs Katrín Júlíusdóttir met with her Faroese counterpart last week, Jørgen Niclasen, to discuss further developments, cooperation and collaboration between the two countries, mbl.is reports.

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