Press Release: ING and EIB provide EUR 300m to finance green shipping
PRESS RELEASE: The European Investment Bank (EIB) and ING today signed an agreement to support green investments for the European shipping market for a total value of EUR 300m. ING and EIB will each contribute EUR 150m to the facility. This agreement will ensure that sponsors of green and sustainable projects in the maritime transport sector can benefit from advantageous financial terms.
The facility is available to clients with significant European interests, and can be used for projects with a green innovation element covering the construction of new vessels or retrofitting of existing vessels. It applies to both inland shipping and seagoing operators.
This agreement forms part of ING’s wider sustainability strategy, which aims to facilitate and finance society’s shift to sustainability – environmental, economic, and social. To this end, we are helping to develop and promote sustainable business models and explore how sustainable financing can help support energy transition and combat climate change.
In order to create a diversified portfolio, the EUR 300m facility will be invested with the EIB gradually over the next three years, with ING’s shipping team leading and managing the commitment. The deal also benefits from the guarantee of the European Fund for Strategic Investments (EFSI), the central element of the Juncker Plan.