8 Nov 2019
EUR 93.5 million
Industries and services
|Date of agreement:||5 Dec 2013|
|Amount in EUR:||EUR 50 million|
|NACE sector / loan type:||Loan programme|
|Business area:||Financial institutions and SMEs|
The loan programme has been provided for onlending to energy efficiency investments located in northwest regions of Russia. Vnesheconombank (VEB), as a cooperation partner intended in NIB’s Russia Energy Efficiency Programme (REEP), may benefit from the consultancy services financed by Sweden through its Ministry of Foreign Affairs and the international aid agency Sida.
Established in 1921, VEB was reorganised into a State Development Corporation in 2007. As an agent for the government, VEB manages the Pension Fund and services debt obligations of the Russian Federation.
Investments in energy and resource efficiency projects under REEP are regarded as reducing CO2 emissions and crowding out energy generation with fossil fuels.
VEB assesses its projects from an environmental and social perspective but, in order to ensure the compliance of the allocations with the REEP criteria, NIB performs the environmental and social review for all allocations. VEB ensures that all projects comply with national legislation and have all the relevant environmental permits in place.