The Nordic Investment Bank (NIB) and the Republic of Belarus have signed a
framework agreement establishing the Bank's legal status permitting lending
operations in Belarus with focus on environmental projects.
According to the document, NIB has the legal status as an international
financial institution (IFI) in the country, a precondition for the Bank to start
long-term loan financing for projects in Belarus. The agreement will enter into
force after the ratification by the Belarusan Parliament.
"In Belarus, NIB will finance environmental improvements primarily in wastewater
treatment, because Belarus is part of the Baltic Sea catchment area. Our second
priority is to help cut airborne pollutants and reduce greenhouse emissions. The
quality of the environment in Belarus significantly affects the Bank's member
countries in the Baltic Sea region," says NIB President and CEO Johnny Åkerholm.
The basins of three major rivers-the Daugava, the Nemunas and the Vistula-all
drain into the Baltic Sea and cover a large part of Belarus's territory. The
Baltic Marine Environment Protection Commission, HELCOM, has identified the
cities of Grodno, Vitebsk and Brest, which are all located on these watercourses
or their tributaries as environmental hotspots demanding urgent action.
As a kick-off of its lending in Belarus, NIB is considering an environmental
loan programme for the Republic of Belarus allocated to the country's Ministry
of Housing and Communal Services for improving wastewater treatment in selected
hotspot cities.
NIB's environmental lending in Belarus will be closely coordinated with other
IFIs and bilateral agencies for international aid. As a contributor to the
Northern Dimension Environmental Partnership Fund, Belarus has become eligible
for grant funding combined with loans from the IFIs, which will promote the
country's access to long-term structured international financing for
environmental improvements.
The Nordic Investment Bank 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.
For further information, please contact
Mr Heikki Cantell, General Counsel, +358 10 618 0390, heikki.cantell@nib.int
Ms Kersti Talving, Senior Manager Origination, at +358 10 618 0245,
kersti.talving@nib.int
Mr Dimitrijs Alehins, Senior Communications Specialist, at +358 10 618 0296,
dimitrijs.alehins@nib.int
[HUG#1420613]
