Sweden. Westra Wermlands Sparbank
| Date of agreement: | 30 Oct 2019 |
|---|---|
| Country: | Sweden |
| Customer: | Westra Wermlands Sparbank |
| Amount in SEK: | SEK 300 million |
| Amount in EUR: | EUR 27.8 million |
| Maturity: | 7 years |
| NACE sector / loan type: | Loan programme |
Project
The loan facility has been provided to Westra Wermlands Sparbank for on-lending to small and medium-sized enterprises (SMEs) and small mid-caps (SMCs), as well as environmental projects in the region of Värmland, western Sweden.
The loan programme mainly targets local businesses in the area, which are active in sectors such as construction, forestry, pulp and paper, trade and retail, as well as logistics and IT.
Under the loan facility, SEK 100 million are further earmarked for environmental projects, such as energy efficiency investments in private homes and businesses, and alternative energy solutions, including the installation of heat pumps and solar panels.
This is the second loan signed between NIB and Westra Wermlands Sparbank; the first was agreed in 2015 and has been fully allocated.
Westra Wermlands Sparbank is an independent savings bank that operates seven branches in the region of Värmland. The bank was founded in 1865.
Fulfilment of NIB's mandate
Productivity:
Credit constraints for SMEs have been identified as a competitive disadvantage in NIB’s member countries. Improving the access to financing is expected to contribute to productivity growth and increase competitive pressure.
Environment:
Under the loan facility, Westra Wermlands Sparbank will allocate financing to eligible environmental projects, which may include investments in the energy efficiency of private buildings and businesses, and alternative energy solutions. Projects that are financed through a financial intermediary are required to fulfil the requirements defined in NIB’s Sustainability Policy and Guidelines.
Sustainability summary
No significant negative environmental impacts have been identified. Westra Wermlands Sparbank has a procedure for checking whether environmental permits are in place.
