Luxemburg, 06/12/2007 (Agence Europe) - On 29 November, the European Investment Bank (EIB signed a low-interest credit line with the Banque calédonienne d'investissement (BCI), providing €5 million to be onlent for projects in the environmental and renewable energy sectors.
The BCI will submit requests for the allocation of part funding of the investment loans granted for environmental and renewable energy sector projects. To qualify for EIB funding, potential projects will have to meet a number of eligibility criteria, including identifying the benefits for the environment, comparisons with alternative investments and details of the standard regulations in force. This is the third operation concluded between the EIB and the BCI, which has, thus far, allocated €12.8 million in EIB funding to support local SME investment projects. The EIB has been cooperating with the BCI for almost 20 years, but this is the first time that they have come together in an exclusively environmental and renewable energy programme.
The project is in line with the objectives of the Investment Facility, which seeks, on the one hand, to encourage development and strengthen the financial sector, and, on the other, to develop the private sector, especially SMEs and the environment sector. The project is also in line with EIB objectives on financing renewable energy and the Commission's strategy for the islands of the Pacific, with its central “blue-green” theme, centred on the environment and renewable energy.
This BCI loan is the first operation signed by the EIB since the opening of its regional office for the Pacific (see EUROPE 9552). (O.L.)