The Nordic region or Norden consists of the five Nordic countries, Denmark, Finland, Iceland, Norway and Sweden including the three autonomous territories of the Faroe Islands, Greenland and Åland. It covers an aggregate area of 3.436.631 km2 and has approximately 25 million inhabitants.

The Nordic countries have established a number of joint Nordic institutions, among them a group of international financial institutions, comprising in addition to NEFCO;

• the Nordic Investment Bank (NIB) which provides long-term lending for investments projects in the Nordic countries and other OECD countries as well as emerging markets
• the Nordic Development Fund (NDF), which provides concessional credits to developing countries and
• the Nordic Project Fund (NOPEF), which provides pre-investment financing, e.g. for feasibility studies.

Nordic cooperation at official level is conducted via two organisations:
The Nordic Council and The Nordic Council of Ministers.