ING and EIB Enter EUR400 Million Green Loan Agreement for European Businesses
August 29 2019 - 9:30AM
Dow Jones News
By Dieter Holger
ING Groep NV (INGA.AE) said Thursday it has entered into a green
loan agreement with the European Investment Bank, which will
provide 400 million euros ($443.4 million) to fund sustainable
projects for businesses in the Netherlands, Belgium and
Luxembourg.
The Dutch bank said that the EIB will furnish a EUR200 million
low-interest-rate loan and ING would double that amount to EUR400
million, offering companies a 0.3% interest rate discount thanks to
EIB's backing.
Loans will become available next month for businesses with fewer
than 3,000 employees, ING said.
"This new loan agreement with the EIB helps us in encouraging
our clients to invest in sustainable projects," said Annemein Kolk,
head of midcorporate clients at ING Netherlands.
Projects are focused on the transition from fossil fuels to
clean energy, energy-efficient real estate, the circular economy
and electric transportation, the banks said.
Last year, the banks contributed a total of EUR300 million to
support green projects in the European shipping industry, of which
EUR110 million went to Dutch shipping company Spliethoff.
Write to Dieter Holger at dieter.holger@dowjones.com;
@dieterholger
(END) Dow Jones Newswires
August 29, 2019 09:15 ET (13:15 GMT)
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