The European Investment Bank (EIB) and SG Finans announce the launch of a EUR 90 million credit line for projects in Norway.
While 70% of the funding is earmarked for Climate Action projects, the agreement also foresees that a minimum of 30% of the available funding will be channelled to projects in the SME sector. The EIB-financing will allow eligible clients to receive a reduction on their interest rate, which is especially relevant for business hit hard by the corona crisis. Eligible clients will receive a reduction on their interest rate provided by European Investment Bank.
“Since the coronavirus pandemic reached Europe the EIB has been fully mobilised to provide a strong and rapid response to face this unprecedented crisis. Nevertheless, the EIB’s long-term financing on key policy goals continues in parallel, with a strong focus on climate action and environmental sustainability,” said EIB Vice-President Andrew McDowell.
The operation follows upon the EUR 90 million credit line signed in 2018, which has been successfully deployed to public transport projects such as electric and bio-fuel powered buses for public transportation, electric bicycles leasing programs for smart cities mobility initiatives and specialized equipment for the construction and maintenance of rail infrastructure.
A landmark project was the financing of two of the worlds’ first electric heavy-duty excavators to support an SME entrepreneur investing in zero-emissions technology to comply with the strict zero emissions construction sites requirements under implementation in Norway. The allocation of the new loan opened on May 1st, 2020.
Original source: EIB
Published on 15 May 2020
