OREANDA-NEWS. State Corporation 'Bank for Development and Foreign Economic Affairs (Vnesheconombank)' joined the Russia Energy Efficiency Programme (REEP) developed by the Nordic Investment Bank(NIB).

This Programmewas created to provide technical support for credit lines of the Nordic Investment Bank: Russian financing institutions - REEP partners distribute credits of the Nordic Investment Bank in the form of loan facilities to fund projects that are in line with the Bank's standards.

Under the credit facility agreement concluded between the financing institutions in December of 2013, NIB is to provide Vnesheconombank with 50 million euros to fund projects in energy efficiency and projects aimed at reducing greenhouse gases emissions. Top priority will be given to projects on the territory of the North-Western Federal District of Russia as well as those providing for direct supplies of products and equipment from NIB member countries.

REEP also assists in spreading information on energy efficiency advantages and reducing consumption of large amounts of energy in the Russian Federation.

REEP is being implemented thanks to funding on the part of the Swedish International Development Cooperation Agency and the Swedish Foreign Ministry. Their representatives identify potential projects, measure energy efficiency as well as assist in promoting REEP in Russia.

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.