10 Dec 2009

NIB loan to help improve water supply in Veliky Novgorod

NIB and the Russian municipal water utility company Novgorod Vodokanal have signed a loan agreement aimed at improving the drinking-water supply and wastewater management in the city of Veliky Novgorod in Northwest Russia.

The new deal has a 10-year maturity and totals EUR 4 million. The NIB loan will finance the replacement of the city’s water intake pumping station, the refurbishment of freshwater pipelines and the sewage collection system in order to reduce leakages of untreated wastewater.

This project will contribute to the fulfilment of the Baltic Sea Action Plan adopted by the Baltic Marine Environment Protection Commission (HELCOM) and is being implemented as part of the Northern Dimension Environmental Partnership’s (NDEP) programme for Northwest Russia.

The total cost of the project is estimated at EUR 23 million, partly financed with this NIB loan and a EUR 3 million grant from the NDEP Fund.

In preparing for this project, NIB has closely cooperated with the Swedish International Development Co-operation Agency—Sida, the Nordic Environment Finance Corporation—NEFCO and the NDEP.

The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s

For further information, please contact

Jan Johansson, Senior Manager Origination, at +358 10 618 0505,

Dimitrijs Alehins, Communications Specialist, at +358 10 618 0296,