The European Investment Bank (EIB) has partnered with SG Finans to launch a new funding iniatiave for climate action projects and SMEs.
Of the €90 million ($98 million) in funding earmarked for the credit facility, 70% will be directed to climate action projects and 30% to SMEs.
Eligible beneficiaries of the new scheme will receive a reduction on their interest rate.
Andrew McDowell, the vice president of EIB, said: “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.
“Because once the threat of the corona virus will have subsided a potentially bigger danger is still looming: climate change. The economic fallout from the current crisis means we need to help businesses in all of Europe with all means available; doing so while keeping sustainable business models in mind, will mean that this can truly become a ‘green recovery’ for Norway and Europe.”
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EIB and SG Finans previously partnered on a €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.