NIB in brief in your language:
Denmark/Faroe Islands. Norðoya Sparikassi. Banking and finance
Date of loan: 1 March 2007
Country: Denmark/Faroe Islands
Borrower: Norðoya Sparikassi
Sector/loan type: Banking and finance
Subsector: Financial intermediation, except insurance and pension
Project:
The loan totalling DKK 40 million is aimed at financing Norðoya Sparikassi's (NS) onlending to Faroese small and medium-sized enterprises (SMEs), as well as infrastructure and environmental projects, including wind power parks. Established 1919, NS is a local savings bank operating four branches. It is the third biggest Faroese financial institution.
Environmental summary:
A positive environmental impact in Norðoya Sparikassi's lending for the financing of Faroese infrastructure and SMEs will be achieved by financing new wind power parks as well as trapping and using excess heat from a district combustion plant. A 25% share of the project qualifies as an environmental investment.
