ING and EIB to provide new loans for sustainable investments
ING Bank and the European Investment Bank (EIB) are expanding their partnership. The two financial institutions will make over 600 million euros available for new loans to small and medium-sized companies in the Netherlands, Belgium, and Luxembourg for sustainable investments.
In this partnership, the EIB is lending 300 million euros to ING, which is contributing an equal amount. The loan from the financial institution of the European Union enables ING to provide loans at a lower interest rate. Half of the total amount will go to ING corporate customers in the Netherlands and the other half to ING corporate customers in Belgium and Luxembourg.
Through the seven similar programs since 2009, about 3000 companies received financing on attractive terms, totaling 1,85 billion euros.
The EIB provides loans, guarantees, and advisory services to support infrastructure projects, small and medium-sized companies, and innovation within EU member states and partner countries. The EIB cooperates with local banks, allowing companies to benefit from lower interest rates. “The cooperation with the European Investment Bank enables us to offer business financing with an attractive interest rate discount for investments with a positive impact on climate and the environment. This can encourage companies to opt for sustainable investment even sooner,” explained Laurens de Vos, director of Business Banking at ING Netherlands.
Reporting by ANP