The FINANCIAL — NIB President Henrik Normann and Vice-Minister of Finance of the People’s Republic of China signed a new loan agreement on the sidelines of the Annual Meeting of the Asian Development Bank in Yokohama, Japan, on 5 May 2017.
NIB and the Ministry of Finance of the People’s Republic of China have signed an agreement to launch a new EUR 150 million loan programme to finance environmental improvements and projects in selected sectors of the Chinese economy.
The loan programme will finance projects of mutual interest to China and NIB’s member countries. It is expected that at least 75% of the projects financed under the facility will meet NIB’s climate change mitigation criteria. Such projects would be aimed at, for instance, reducing greenhouse gas emissions or promoting renewable energy, energy efficiency or decarbonised public transport systems, according to NIB.
Projects under this programme will be allocated loans with maturities of up to 13 years to support purchases of technology or equipment from Nordic and Baltic countries. Each allocation under the loan programme will be agreed between the Ministry of Finance and the Bank.
“The new loan programme for climate change and high technology agreed between China’s Ministry of Finance and NIB is another important landmark in the history of our cooperation, which dates back to the 1980s. Financing projects of mutual interest supports innovation and environmental protection in China and the competiveness of know-how developed in NIB’s member countries”, says Henrik Normann, NIB President & CEO.