OREANDA-NEWS. State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' and the Nordic Investment Bank, NIB entered into a credit agreement.

On behalf of Vnesheconombank the agreement was signed by Deputy Chairman - Member of the Board Alexandr Ivanov, on behalf of NIB - by First Vice President Thomas Wrangdahl.

Under the agreement NIB is to extend 50 million euros to Vnesheconombank for a tenure of 10 years to fund projects in energy efficiency, as well as projects designed to reduce green house gas emissions. Top priority is to be given to projects on the territory of the North-Western Federal District of the Russian Federation as well as those providing for direct supplies of products and equipment from NIB member countries.

The Nordic Investment Bank (NIB) extends long-term credits and guarantees to customers from private and public sectors. NIB started to operate in 1976 as an international institution of Nordic countries. Nowadays, the Bank's members are Denmark, Finland, Estonia, Latvia, Iceland, Norway and Sweden. NIB promotes sustainable development by funding projects that strengthen competitiveness and help to enhance the environment.