Brussels, 15/04/2011 (Agence Europe) - On 13April, the European Investment Bank (EIB) and Banca Monte dei Paschi di Siena (BMPS) signed an agreement to finance small and medium-scale projects in the renewable energy and energy efficiency sector. The total amount to be made available by the EIB is €200 million.
The agreement meets one of the EIB's traditional objectives in support of the European economy - the financing of projects intended to counter climate change via environmentally friendly instruments that exploit renewable energy sources.
BMPS and its subsidiary MPS Capital Service Banca per le Imprese S.p.A. will have the task of appraising and managing loan applications and making disbursements via their own branch network. The EIB loan will cover up to 50% of the cost of each project. Projects eligible for financing will include environmentally sustainable projects costing up to €50 million as well as ventures requiring greater investment, the latter typically under project financing arrangements. (O.L./transl.rt)