Norway. Brage Finans AS
|Date of agreement:||13 Jun 2023|
|Customer:||Brage Finans AS|
|Amount in NOK:||NOK 500 million|
|Amount in EUR:||EUR 43.4 million|
The loan programme has been agreed with Brage Finans for on-lending to environmental projects and small and medium-sized enterprises (SMEs) in Norway.
70% of the programme is earmarked for environmental investments.
This is the third loan programme agreed with Brage Finans; the first facility was signed in 2018 and the second in 2020 and have been allocated to environmental and SME projects in Norway.
Brage Finans AS is currently owned by 22 independent saving banks, of which the largest owners are Sparebanken Vest and Sparebanken Sør, and three insurance companies. In 2019, Brage Finans established a green bond framework. The company is headquartered in Bergen, Norway.
Fulfilment of NIB's mandate
The loan programme is expected to improve Norwegian SMEs’ access to financing and indirectly facilitate productivity growth. The programme is mainly earmarked for environmental projects, primarily for investments in electric vehicles and charging stations.
Each allocation under the loan programme will be required to comply with NIB’s Sustainability Policy and Guidelines. Brage Finans will, within the scope of its credit process, ensure that all necessary environmental permits and concessions are in place.