Nordic Investment Bank NIB facility with Gazprombank
A loan programme extended by the Nordic Investment Bank (NIB) to Russian Gazprombank will be used for improving energy efficiency in Russia's industries.
The loan agreement totalling EUR 60 million is structured as a credit line with a seven-year maturity. At least 70% of the NIB-provided funds will be on-lent to energy-efficiency projects, while the remainder may be utilised for projects complying with NIB's competitiveness mandate.
The credit line will mainly finance the replacement of district heating plants with co-generation plants generating both electricity and heat. The programme may also finance industrial energy-efficiency projects within, for instance, the steel, chemical, forestry and cement industries.
Gazprombank (Open Joint-Stock Company) is one of the top three banks in the Russian Federation and is rated as the fourth largest in the Central and Eastern Europe. Gazprombank has investment grade rating from Moody's Investor's Service with long-term local and foreign currency debt and deposit ratings at Baa3 with stable outlook. Long-term credit rating from Standard & Poor's stands at BB+ with stable outlook.
The Nordic Investment Bank (NIB) 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.
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