Aerial view of Tallinn
5 May 2022
NIB provides financing for urban development in Tallinn
NIB and the Tallinn City Government have agreed an uncommitted credit facility of EUR 100 million earmarked for urban infrastructure investments, supporting the city’s move towards clean transportation and improved energy efficiency.
The 20-year framework agreement gives Tallinn the option to use NIB funding for financing its urban development programme for 2021–2025. The programme includes investments in improving the energy efficiency of schools, day care centres and other social facilities, as well as light road infrastructure and street lighting.
Tallinn has a climate action plan in place that specifies strategic goals to achieve climate neutrality by 2050. These goals are partly supported by the projects under this programme.
NIB has signed similar uncommitted facilities with the Estonian municipalities of Tartu and Pärnu, opening up potential funding for infrastructure investments and climate change adaptation measures.
“We are delighted to offer our support to Tallinn in becoming an even more sustainable place to live”, says André Küüsvek, NIB President & CEO. “Improving the energy efficiency of buildings and urban infrastructure will reduce the carbon footprint while creating more space for bicycles and pedestrians will improve the quality of life for citizens.”
The Estonian capital Tallinn has a population of ca. 427,000. The City Government has set out a specific action plan to fulfil the commitment set out in the Covenant of Mayors to reduce the greenhouse gas emissions of cities by 40% until 2030.
NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
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