9 Apr 2019
EUR 27.7 million
Energy and water
|Date of agreement:||24 Nov 2010|
|Customer:||Finnish Fund for Industrial Cooperation Ltd|
|Amount in USD:||USD 40 million|
|Amount in EUR:||EUR 30 million|
|NACE sector / loan type:||Loan programme|
|Business area:||Financial institutions and SMEs|
This loan contributes to climate change mitigation: 70%
The 10-year-maturity loan programme totalling USD 40 million has been provided for onlending to small and medium-sized enterprises (SMEs). The purpose of the loan programme is to finance environmental projects. Accordingly, 70% of the loan will be allocated to the generation of renewable energy and the rest will be allocated to energy efficiency measures or industrial investments leading to lower emissions.
The proposed loan programme has positive environmental impacts and opens an opportunity for NIB to reach out to SMEs, as well as to participate in environmental projects outside NIB focus countries.
Finnfund, or the Finnish Fund for Industrial Cooperation, is a development finance company that provides long-term risk capital for profitable projects in developing countries and Russia.
Through the focus on investments in renewable energy projects and energy efficiency the loan program will mitigate climate change.