9 Jun 2011

NIB opens environmental loan facility for Black Sea countries

The Nordic Investment Bank (NIB) and the Black Sea Trade and Development Bank (BSTDB) have concluded a new agreement opening a loan facility aimed at reducing greenhouse gas emissions in the BSTDB’s member countries.

The new loan programme has a 10-year maturity and totals EUR 30 million. At least 70% of the loan programme is to be allocated for this purpose of reducing the emissions of greenhouse gases in countries around the Black Sea. Sub-projects are expected to be implemented in the sectors of renewable energy, energy efficiency and energy saving as well as public transportation.

“One of the priorities for NIB’s lending operations is to contribute to mitigating climate change and the effective use of energy in different regions,” says Johnny Åkerholm, NIB President and CEO.

“The close ties between businesses in the Black Sea region countries and our membership area as well as the long history of cooperation between the BSTDB and NIB make this contribution even more fruitful and long-lasting.”

The funds of the loan programme will also be used for projects involving advanced technology from and cooperation with enterprises from NIB’s member countries.

The BSTDB is an international financial institution of Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey and Ukraine. The bank supports economic development and regional cooperation by providing trade and project financing, guarantees, and equity for development projects supporting both public and private enterprises in its member countries.

The Nordic Investment Bank (NIB) 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

Ms Taina Ulkoniemi, Senior Manager Origination, at +358 10 618 0231,  

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