The amount has been earmarked for businesses promising sustainable impact, for example those aiding in the transition away from fossil energy sources to wind or solar, as shown here.
Starting in September, loans totalling €400m will be available for select businesses in Luxembourg, the Netherlands and Belgium for sustainable projects.
The amount has been earmarked for businesses promising sustainable impact, be it in electric transportation, transition away from fossil energy sources, circular economy or energy-efficient real estate. While 50% is reserved for Dutch businesses, the other half is for Luxembourg or Belgian businesses.
In a Wednesday communiqué, ING’s Annemein Kolk, head of midcorporate clients, said, “There is still a lot to be done to achieve the goals of the Paris Agreement and the related Dutch Climate Agreement. With this loan we want to motivate and reward our clients to accelerate their sustainability agenda.”
Selected businesses may also benefit from a 0.3% interest rate discount due to the EIB’s involvement, with the bank providing a €200m loan at advantageous pricing conditions to the banking and financial services multinational, ING. While each loan eligible for that interest rate is capped at €10m, investments for each project can receive up to €25m.
EIB director for lending operations, Heinz Olbers, has said the EU bank “share[s] ING’s goals in focusing on green investments,” adding the collaboration had been a “fruitful” one.