The allocation of projects under the loan programme will be based on the mutual interest of both NIB and the IIC, particularly in the field of climate change mitigation. At least 70% of the loan will be dedicated to renewable energy generation projects, including hydropower, wind power, certain type of biomass projects and Clean Development Mechanism projects, in any country where the IIC is active. The remaining 30% can further be allocated to energy efficiency measures.
The loan programme will be coordinated with existing climate change programmes developed by 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 to cofinance with and lend through other IFIs, while enabling NIB to support environmental projects in countries beyond Brazil in the region," said Johnny Åkerholm, President and CEO of Nordic Investment Bank.
"The loan from NIB will strengthen our financing of Latin American and Caribbean SMEs energy efficiency and renewable energy projects," added Jacques Rogozinski, General Manager of the IIC.
