Finno-Swedish ECA colla­bo­ration ready to take on bigger tickets

Finland and Sweden share more than 600 years of common history as one country before parting ways in 1809. Today, the Nordic neighbours remain closely connected through world-leading industrial ecosystems spanning mining, telecoms, and pulp and paper. Around 70 percent of all underground mining equipment used globally is manufactured in the two countries. Telecom giants Ericsson (Sweden) and Nokia (Finland) have also been among the world’s leading network vendors for more than 30 years.

Mining and telecoms operators increasingly opt for multi-vendor sourcing to reduce reliance on a single supplier—whether building 5G networks, opening new mines, or converting existing operations to electric, autonomous mining. As a result, Finland’s Finnvera and Sweden’s EKN are collaborating on a growing number of complex, multi-million-dollar projects worldwide, from Chilean mines to Indian mobile networks and British paper mills, where both Swedish and Finnish suppliers play integral roles.

Beyond shared industrial strength, the Finno-Swedish alignment also reflects common values and a similar approach to risk, sustainability and due diligence, says Jussi Haarasilta, Director Large Corporates at Finnvera: “Since our teams have already worked together successfully on numerous projects, we believe the time is right to approach the market as a unified Nordic team.”

What does a deeper Finno-Swedish ECA partnership mean for exporters, lenders and investors? “In projects involving both Swedish and Finnish interests, our collaboration allows us to support larger volumes at a lower risk,” says Lotta Danielsson, Deputy Head of Large Corporates at EKN. “Together we can back bigger tickets and make projects involving our suppliers significantly more bankable.”

Haarasilta agrees: “Working together expands our combined credit capacity and lending power. Finnvera and EKN think alike and can easily apply a common approach when assessing new transactions. We also interpret national interest in a similarly pragmatic way and cooperate closely on ESG assessments.”

He adds that companies are increasingly seeking production solutions with a lower climate footprint and greater resource efficiency. “Swedish and Finnish suppliers share the same commitment to quality, innovation and sustainability—and that gives them a strong competitive edge.”

In the mining sector, the energy transition will require a massive increase in the extraction of metals and minerals for EVs, batteries and renewable energy infrastructure. Yet banks and investors often remain cautious, Danielsson notes: “Mining projects require deep technical, political and logistical expertise. EKN and Finnvera have built substantial experience in this field, particularly in challenging markets. Having us involved provides access to an unbiased, comprehensive risk assessment—covering sustainability and geopolitical dimensions as well.”

Both Finnvera and EKN also offer raw material guarantees that allow domestic buyers to secure long-term offtake of strategic metals from new mining projects abroad, in exchange for attractive risk cover. “Ensuring the supply of strategic metals is a matter of national security for many countries and tightly linked to geopolitics,” Haarasilta explains.

Addressing the perception that mining is inherently unsustainable requires greater transparency across the entire value chain. “Manufacturers must ensure that the metals used in their products are responsibly sourced. An automaker, for example, needs full clarity on exactly which mine the minerals in a finished product come from,” says Danielsson.

Looking ahead, the Finno-Swedish partnership is ready to become more visible. As for the unique selling point, Danielsson sums it up neatly: “Joint cover from two top-rated ECAs helps secure attractive financing of large, complex projects.”