NIB and NEFCO to manage new fund for a cleaner Baltic Sea>
NIB and NEFCO to manage new fund for a cleaner Baltic Sea
(Thomson Reuters ONE) - The Nordic Investment Bank (NIB) and the Nordic Environment FinanceCorporation (NEFCO) will jointly manage a new trust fund fortechnical assistance to finance the preparation of projects aimed atrestoring the ecological status of the Baltic Sea.NIB and NEFCO have been proactively involved in efforts for a cleanerBaltic Sea since the 1990s. Both organisations are long-standingpartners of HELCOM, and are engaged in the Baltic Sea Action Plan(BSAP) implementation group. The BSAP was adopted by the HELCOMmember countries in 2007 with the objective of restoring the goodecological status of the Baltic marine environment by 2021. Thedeadline for the countries to submit their national programmes on howto implement the Plan is next year."The new trust fund will speed up the implementation of the BalticSea Action Plan, through the provision of funds for institutionalsupport and project preparation," says Johnny ÿkerholm CEO of theNordic Investment Bank.Together with the Bank's Baltic Sea Environment Facility of EUR 500million launched in 2008, the fund marks a new stage in NIB'sengagement in efforts to improve the maritime environment of theBaltic Sea."This fund is clearly needed for removing bottlenecks in thepreparation of projects that curb eutrophication in the Baltic Sea,"says Magnus Rystedt, Managing Director of NEFCO.Improving the state of the Baltic Sea is one of NEFCO's main focusareas. The institution financed water and wastewater projects in theBaltic Sea region in 2008 that reduced phosphorus discharges byalmost 1,000 tonnes.Finland and Sweden were the first two countries to pledge theirsupport for the new fund. Sweden has committed SEK 45 million (EUR 4million) to the fund and Finland has promised an additional EUR500,000. The fund is open for sovereign and private partners to joinand its capital is expected to increase in the coming years. Thestart-up is anticipated for early autumn.NIB and NEFCO will act as fund managers on the basis of theirlong-term engagement in the Baltic Sea region. The fund will providegrant financing for project identification, development, andpreparation, as well as institutional support for projects concerningagriculture, wastewater treatment, and hazardous waste within theBaltic Sea's catchment area.The eligible recipients for funding are public or private entities inneed of technical assistance and investment grants for institutionalsupport and project development in implementing the BSAP. The supportwill extend the opportunities for projects to obtain investmentfinancing from international financial institutions, including NIBand NEFCO.NIB is organising a seminar today, at 14.15 Swedish time, onfinancing the rescue of the Baltic Sea at the Almedalen Week inVisby, Sweden.NIB is a multilateral financial institution owned by eight membercountries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania,Norway and Sweden. The Bank finances private and public projects inand outside the member countries. NIB has the highest possible creditrating, AAA/Aaa, with the leading rating agencies Standard & Poor'sand Moody's.NEFCO is an international financial institution owned by the fiveNordic countries. NEFCO finances investments and projects in Russia,Ukraine, Estonia, Latvia, Lithuania and Belarus, in order to generatepositive environmental effects of interest to the Nordic region.NEFCO currently administers funds to a total value of 339 millioneuros. www.nefco.orgFor further information, please contact:Mr Johan Ljungberg, Senior Director, Head of Environmental Unit, NIB,+358 10 618 0289, johan.ljungberg(at)nib.intMr Jukka Ahonen, Communications Director, NIB, +358 10 618 0295,jukka.ahonen(at)nib.intMr Mikael Sjövall, Communications Manager, NEFCO, +358 10 618 0649,mikael.sjovall(at)nefco.fiThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 02.07.2009 - 03:59 Uhr
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