EIB To Provide €300 Million Loan to The Export-Import Bank of China
The European Investment Bank announced this week that it has signed an agreement to provide a €300 million framework loan in partnership with The Export-Import Bank of China, which the Europeans hope will spur other financiers in providing up to €1 billion in financing to help the country reduce carbon emissions and improve environmental protection.
On Monday, the European Investment Bank (EIB) announced the first climate finance-focused partnership between it and The Export-Import Bank of China, which were formed in 1958 and 1994 respectively. EIB will provide The Export-Import Bank of China with technical best practice advice as well as €300 million to support new energy, water, transport, and industry schemes designed to significantly reduce greenhouse gas emissions and improve China’s resilience to climate change and extreme weather events.
“Tackling climate change and reducing pollution is a global challenge and the European Investment Bank, as the EU Bank, is committed to supporting the Paris Climate Agreement,” said Jonathan Taylor, EIB Vice President responsible for East Asia. “This new cooperation with The Export-Import Bank of China aims to unlock a total of EUR 1 billion of new climate-related investment in China and reflects the shared commitment of China and Europe to reduce energy use, cut emissions and protect the environment. Unlocking climate investment will both create highly skilled jobs and reduce pollution.”
Representatives from The Export-Import Bank of China welcomed the opportunity to work with EIB and praised its global experience and technical expertise in the climate field.