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Fact Sheet

The Norwegian Agency for Local Governments

  • Established by an Act of Parliament 1926/1999.
  • 100% central government owned - KBN is classified as a state instrumentality serving a public policy function of providing low-cost funding to the Norwegian local government sector.
  • Excellent asset quality, no loan losses in over 95 years of operations.
  • KBN represents the closest proxy to Norwegian sovereign risk in international markets.


To provide loans on favourable terms to the Norwegian local government sector. KBN’s mandate also involves promoting competition in the market for municipal loans thereby facilitating the efficient provision of public services in Norway. KBN has also been given a mandate from the government to implement greater environmental awareness in the local government sector through our green lending program and is seen as an important contributor toward Norway fulfilling its climate commitment under The Paris Agreement (COP 21)

KBN contributes to sustainable social development and long-term value creation by operating its business in a responsible way paying attention to environmental, ethical and social issues.


The objective of KBN’s funding operations is to meet growing borrowing requirements through a well-diversified funding base.

KBN is committed to preserving long-term investor relationships through:

  • Regular issuance of strategic benchmark transactions in USD and EUR.
  • A visible presence in other institutional public markets.
  • An issuer of private placements offering investors a variety of currencies and tenors in both plain vanilla and structured format.
  • Regular issuance in selected retail markets.

KBN is targeting an estimated total issuance of USD 9-10 billion equivalent in 2024.  In 2023, KBN raised USD 7.3 billion equivalent via its diversified funding program. This was achieved via 46 individual transactions across 10 different currencies.

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