ING and EIB Enter EUR400 Million Green Loan Agreement for European Businesses

By Dieter Holger

ING Groep NV (INGA.AE) said Thursday it has entered into a green loan agreement with the European Investment Bank, which will provide 400 million euros ($443.4 million) to fund sustainable projects for businesses in the Netherlands, Belgium and Luxembourg.

The Dutch bank said that the EIB will furnish a EUR200 million low-interest-rate loan and ING would double that amount to EUR400 million, offering companies a 0.3% interest rate discount thanks to EIB's backing.

Loans will become available next month for businesses with fewer than 3,000 employees, ING said.

"This new loan agreement with the EIB helps us in encouraging our clients to invest in sustainable projects," said Annemein Kolk, head of midcorporate clients at ING Netherlands.

Projects are focused on the transition from fossil fuels to clean energy, energy-efficient real estate, the circular economy and electric transportation, the banks said.

Last year, the banks contributed a total of EUR300 million to support green projects in the European shipping industry, of which EUR110 million went to Dutch shipping company Spliethoff.

Write to Dieter Holger at [e-mail]; @dieterholger

(END) Dow Jones Newswires

August 29, 2019 09:15 ET (13:15 GMT)

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