Dear Sirs, We refer to the Fiscal Agency Agreement dated May 22, 2007 (the “Fiscal Agency Agreement”) entered into between Nordic Investment Bank (the “Bank”) and Citibank, N.A. as fiscal agent (the “Fiscal Agent”) and hereby confirm our agreement...

Exhibit VIII

Citibank, N.A.
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Attention: Corporate Trust Services
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October 2, 2009

Dear Sirs,

We refer to the Fiscal Agency Agreement dated May 22, 2007 (the “Fiscal Agency Agreement”) entered into between Nordic Investment Bank (the “Bank”) and Citibank, N.A. as fiscal agent (the “Fiscal Agent”) and hereby confirm our agreement with you that the first sentence of Section 4(b) of the Fiscal Agency Agreement shall be amended and restated as follows:

“The Notes shall be executed on behalf of the Bank by any two duly authorized signatories of the Bank.”

This agreement shall be governed by and construed in accordance with the laws of the State of New York, except with respect to its authorization and execution on behalf of the Bank.

If the foregoing correctly sets forth our agreement, please indicate your acceptance hereof in the space provided for that purpose below.

Yours faithfully, NORDIC INVESTMENT BANK
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	Name:	▇▇▇▇ ▇▇▇▇▇▇▇▇
	Title:	Chief Counsel
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	Name:	▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇
	Title:	Senior Counsel
Confirmed and accepted: CITIBANK, N.A., as Fiscal Agent
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	Authorized Signatory