Thursday, July 18, 2024
Thursday, July 18, 2024
Home » EIB Agrees $109MM in Green Finance for Danish SMEs

EIB Agrees $109MM in Green Finance for Danish SMEs

by Ryan Hughes
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The European Investment Bank (EIB) has signed a deal with Ringkjøbing Landbobank to provide eligible Danish small- and medium-sized enterprises (SMEs) a total of $108.6 million (DKK 745 million) to support their energy transition and sustainability agenda.

Approximately 25 percent of the amount will be allocated to investments directly associated with the green transition in Denmark and the broader European Union. These investments encompass initiatives focused on renewable energy, enhancements in energy efficiency, and sustainability projects.

“We can provide this support by financing investments that take our customers to the next level in the green transition in their industry”, said John Fisker, CEO of Ringkjøbing Landbobank. “We are very pleased with our partnership with the European Investment Bank over more than 20 years. This loan program further strengthens our bank’s market position and supports our customers’ competitiveness by financing new investments”.

“A key priority for the EIB Group is to make sure that businesses have access to the right type of financing”, added EIB Vice President Thomas Östros. “We are particularly eager to support investments in the areas of renewable energy, sustainability, and energy efficiency. The green transition comes with particular financing challenges and we are glad to be building on our partnership with Ringkjøbing Landbobank and supporting it in its green efforts”.

The objective of this agreement is to facilitate businesses’ access to funding for investments that enhance their productivity and competitiveness, often aiding in their transition towards sustainability, the EIB said.

The funding is primarily for SMEs, although larger enterprises (mid-caps) may also qualify. Ringkjøbing Landbobank has the authority to determine the allocation of intermediated loans within this framework.

Source: Rigzone

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