Sweden. Westra Wermlands Sparbank
| Date of agreement: | 17 Nov 2015 |
|---|---|
| Country: | Sweden |
| Customer: | Westra Wermlands Sparbank |
| Amount in SEK: | SEK 300 million |
| Amount in EUR: | EUR 32.2 million |
| Maturity: | 7 years |
| NACE sector / loan type: | Loan programme |
Project
The loan programme is provided for onlending to SMEs and individual projects with environmental benefits in the region of Värmland, western Sweden.
The aim of the facility is to increase the aggregate output and employment rate of the region by offering small and medium-sized enterprises better access to financing. The majority of local SME’s are active in forestry, manufacturing, telecommunications and IT.
The funds for the programme are further earmarked for projects that generate positive environmental effects, such as renovation measures that increase the energy efficiency of buildings.
Westra Wermlands Sparbank is an independent savings bank founded in 1856. The bank operates seven branches in Värmland.
Fulfilment of NIB's mandate
Credit constraints for SMEs have been identified to create a comparative disadvantage in the region. Improved access to financing is anticipated to increase competitive pressure and market efficiency.
Environmental projects that qualify for funding are expected to either result in lower greenhouse gas emissions or a decrease in the discharge of nutrients into waters. Projects to be funded under the loan facility are required to comply with NIB’s mandate criteria for financial intermediary lending, as well as its Sustainability Policy and Guidelines.
Sustainability summary
The sustainability assessment of all potential category A and B projects will be undertaken by NIB.
