IIC Signs Loan Facility Of US$50 Million With Nordic Investment Bank
Loan resources will be allocated mainly in the field of climate change mitigation projects
Washington, D.C – The Inter-American Investment Corporation (IIC) signed a US$50 million loan with the Nordic Investment Bank (NIB) for lending to environmental projects in the region. The allocation of projects under the loan agreement will be based on the mutual interest of both the IIC and NIB. At least 70% of the loan will be used for renewable energy generation projects, including hydropower, wind power, certain types of biomass projects, and Clean Development Mechanism projects in any country where the IIC is active. The remaining 30% will be allocated for energy efficiency measures.
The loan agreement will, to the extent, possible, be coordinated with existing climate change programs developed by the IIC and the Nordic Development Fund (NDF), thus providing a new platform for cooperation between NIB, the IIC, and the NDF.
"The loan fits well with NIB’s strategy of cofinancing with and lend through other international financial institutions, while enabling NIB to support environmental projects in countries beyond Brazil in the region," noted Johnny Åkerholm, President and CEO of Nordic Investment Bank.
"The US$50 million loan from NIB will strengthen our commitment to financing renewable energy projects in Latin America and the Caribbean as well as increasing our GREENPYME program, which brings technical assistance to promote energy efficiency and the use of clean technologies by SMEs to mitigate environmental impacts," observed Jacques Rogozinski, General Manager of the IIC.
The Nordic Investment Bank is the common international financial institution of the eight Nordic and Baltic countries. NIB provides long-term financing to the energy, environmental, transport, logistics and communications, and innovation sectors for projects that strengthen competitiveness and enhance the environment. NIB has the highest possible credit rating, AAA/aaa, with the leading rating agencies Standard & Poor’s and Moody’s.
About the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org
Contact: Juan Eduardo Zuluaga
Telephone: (202) 623-3812