NIB opens energy efficiency loan facility with Russia’s VEB

Date: 22 January 2014

NIB has launched a EUR 50 million loan facility with Russia’s Vnesheconombank (VEB) for onlending to energy efficiency investments located in northwest regions of Russia.

The maturity of the new loan programme is 10 years. VEB is joining NIB’s Russia Energy Efficiency Programme (REEP), intended to support the country’s industries in improving the use of energy and heat and gradually crowd out energy generation from fossil fuels. As a REEP partner organisation, VEB will benefit from the consultancy services financed by Sweden through its Ministry of Foreign Affairs.

State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” was established in 2007 through a transformation of Bank for Foreign Economic Affairs of the USSR. Vnesheconombank is one of the key instruments for implementing the state economic policy aimed at removing infrastructure restrictions that impede economic growth, enhancing efficient utilization of natural resources, developing high-tech industries, unleashing innovative and industrial potential of small- and medium-sized enterprises (SMEs) and ensuring support for exports of industrial goods and services.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact
Igor Kovtun, NIB’s Chief Representative in Russia, at +7 985 643 2264, igor.kovtun@nib.int
Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 0296, dimitrijs.alehins@nib.int