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$50m for China's environmental protection projects

By Wang Bo (chinadaily.com.cn)
Updated: 2009-10-16 16:49

A major international financial institution based in Finland plans to launch a $50 million loan program for environmental protection projects in China, a senior official of the bank said on Friday.

Nordic Investment Bank (NIB), based in Helsinki, is making the move to support the nation's efforts in seeking sustainable development.

Loan proposals have already been submitted to the board for approval, NIB president Johnny Akerholm told China Daily during his visit to Beijing, where the bank is holding its board meeting.

The bank, the only international financial institution with an explicit environmental mandate, has provided $1.3 billion long-term loans for nearly 300 projects in China, with one third of them related to the field of environmental protection.

"The demand for funding for environmental protection projects is growing rapidly in China over the past few years, which could help to create a win-win situation for both of us, by providing financial resources and expertise from Nordic countries," Akerholm said.

Besides remaining active in the Nordic and Baltic countries, Akerholm said the bank was intensifying its operations in the emerging markets, including China, and was refocusing on 10 out of the 40 countries with which it has framework agreements.

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China's largest loan commitments are currently from NIB, which accounts for 39 percent of the bank's outstanding loans in Asia. The bank, which began its cooperation with China in the 1980s, mainly focuses on financing projects concerning healthcare, rural development and food processing as well as environmental protection in the country.

NIB was founded by five Nordic countries Denmark, Finland, Iceland, Norway and Sweden in mid 1970s. Estonia, Latvia and Lithuania became members of the bank in 2005.