China receives NIB loan programmes
NIB and the Ministry of Finance of China have agreed on two new long-term loan programmes, the General LP and the Environmental LP, totalling together USD 200 million.
The aim of the USD 150 million General Loan Programme is to finance modernisation projects that can benefit from Nordic/Baltic state-of-the-art technologies and equipment. The funds of the USD 50 million Environmental Loan Programme will be lent on for projects aimed at improving the environmental situation in China through pollution abatement and the application of environment-friendly technologies supplied from NIB’s member countries.
“NIB will closely cooperate with Chinese governmental agencies identify eligible projects that address, among other issues, climate change or improve energy efficiency,” says Johnny Åkerholm, NIB President and CEO.
“We hope that these programmes will contribute to the modernisation of the Chinese industries and utilities by facilitating the transfer of innovative environmental technologies and equipment from NIB’s member countries.”
Both programmes have a repayment tenor of up to 15 years. Onlending to the subprojects will be carried out through ten major Chinese banks, including the Export-Import Bank of China, the Agricultural Bank of China, the Chinese Construction Bank, the Industrial and Commercial Bank of China and the Bank of China.
NIB has been active in the Chinese market for over two decades. Funds provided by the Bank have been lent on for the financing of over 300 projects throughout China relating to energy efficiency, health care service, agricultural processing, rural development, education and infrastructure. China is NIB’s largest single borrower outside the membership area.
The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
For further information, please contact
Mr Xuemin Shao, Chief Representative for China and East Asia, at +358 10 618 0334, xuemin.shao@nib.int