BNG Bank and EIB to jointly finance infrastructure projects

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BNG Bank and EIB to jointly finance infrastructure projects

BNG Bank and the European Investment Bank have signed a memorandum of understanding (MoU) to invest in social infrastructure, transport, water and renewable energy across the Netherlands.

Both institutions have a strong track record of supporting long-term investment in the Netherlands and can share experience of working with both Dutch public bodies and financing similar schemes across Europe. The MoU was signed between the two institutions, represented by Pim van Ballekom, European Investment Bank Vice President and Pauline Bieringa, Managing Director of Public Finance at BNG Bank.

Pim van Ballekom, European Investment Bank Vice President stated:

"Understanding local, regional and national investment needs is essential to ensuring more effective long-term investment in Dutch public services in the years ahead and this was one of the main reasons for opening of a permanent European Investment Bank office in Amsterdam earlier this year.  The EIB has worked closely with BNG Bank across a range of sectors and we look forward to strengthening this cooperation.  BNG Bank has a unique insight into the financing needs of the Dutch public sector and we hope to not only increase our engagement, but also pass on experience from across Europe that can benefit projects being implemented for the first time in the Netherlands.

Earlier this year both BNG Bank, as one of the few Dutch banks involved, and the EIB, one of the world's most experienced lenders for renewable energy, joined forces with other international banks to support Gemini, the world's most productive offshore wind farm to be built north of Schiermonnikoog. I am sure this close cooperation can benefit future engagement in new areas."

Pauline Bieringa, Managing Director Public Finance at BNG Bank commented:

"As a result of major reforms in the Dutch public sector, the government is transferring risks more and more to public sector institutions and their banks. The Dutch healthcare sector, for example, is nowadays served by a limited number of banks which have seen credit demand rise strongly in recent years. In view of this and other institutional changes the required financial resources are no longer automatically available from banks.BNG Bank has expressed these concerns for some years and is now pleased to strengthen its cooperation with the EIB, a solid multinational bank. I am convinced that this can generate more financing alternatives for the Dutch public sector. In addition to this, both banks will learn from each other when exchanging their experiences.'

Following the new agreement BNG Bank and the European Investment Bank will strengthen cooperation and identify opportunities for joint cooperation and investment to support projects including public transport, hospitals, primary and secondary education, social and affordable housing, renewable energy and energy efficiency and water. Increased cooperation between the two public banks will also include opportunities for staff to be seconded from one organisation to the other and possible mechanisms for joint financing to be explored.

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