New Guarantee Agreement Empowers Danish SMEs to Pursue Green Investments
(IN BRIEF) The European Investment Fund (EIF) and Ringkjøbing Landbobank have entered a groundbreaking guarantee agreement to facilitate DKK 320 million in funding for green investments by Danish small and medium-sized enterprises (SMEs) and mid-caps. Supported by the European Commission’s InvestEU initiative, this collaboration aims to enhance financing access for businesses pursuing sustainability initiatives, particularly in renewable energy projects such as wind and solar power. Ringkjøbing Landbobank’s CEO, John Fisker, emphasized the importance of this partnership in helping businesses transition to greener practices, while EIF’s Chief Executive, Marjut Falkstedt, noted their commitment to climate finance in Denmark. The final loan decisions will be handled by the bank, which previously signed a DKK 745 million loan agreement with the European Investment Bank to support eligible companies.
(PRESS RELEASE) RINGKOBING/LUXEMBOURG/BRUSSELS, 15-Oct-2024 — /EuropaWire/ — Danish small and medium-sized enterprises (SMEs) and mid-caps are set to benefit from a new guarantee agreement that will provide funding for green investments totaling DKK 320 million. This initiative represents a first-time collaboration between the European Investment Fund (EIF) and Ringkjøbing Landbobank, and it is part of the European Commission’s InvestEU initiative aimed at bolstering sustainability across Europe.
This agreement will facilitate easier access to financing for businesses aiming to implement green initiatives, enhancing their competitiveness in an evolving market. Specifically, the funds will support climate change mitigation projects, with a particular emphasis on renewable energy sources, such as wind and solar energy.
John Fisker, CEO of Ringkjøbing Landbobank, remarked, “This guarantee agreement underscores our commitment to empowering businesses as they embark on their green transitions. Partnering with EIF aligns perfectly with our objectives and reinforces our market position while enabling our customers to pursue innovative investments.”
Marjut Falkstedt, Chief Executive of EIF, added, “This collaboration showcases our dedication to facilitating the green transition for SMEs and small mid-caps in Denmark. The agreement is a reflection of our long-standing relationship with Ringkjøbing Landbobank and our aim to be a leading resource for Danish financial intermediaries focusing on climate financing.”
The agreement is designed to enhance financial access for small enterprises looking to invest in sustainable practices, thereby improving their productivity and competitive edge. The final loan decisions under this initiative will be managed by Ringkjøbing Landbobank.
Earlier this year, the bank established a significant DKK 745 million (€100 million) loan agreement with the European Investment Bank (EIB), which will be utilized to support eligible Danish SMEs and mid-caps in their green transition efforts.
Background information
The European Investment Fund (EIF) is part of the EIB Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. The EIF designs, promotes and implements equity and debt financing instruments targeting SMEs. In this role, EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment.
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable economy. It helps generate additional investments in line with EU policy priorities, such as the European Green Deal, the digital transition and support for small and medium-sized enterprises. InvestEU brings all EU financial instruments together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is implemented through financial partners who invest in projects using the EU budget guarantee of €26.2 billion. This guarantee increases their risk-bearing capacity, thus mobilising at least €372 billion in additional investment.
Ringkjøbing Landbobank A/S is a regional, full-service Danish bank with a loan and guarantees portfolio of approx. €7 billion. The bank is focused on retail customers, primarily SMEs and personal customers, in West, Central and North Jutland together with niches, where the bank has strong expertise, including Private Banking and renewable energy. Ringkjøbing Landbobank builds on customer relationships based on the values of acting competently, responsively and properly. Since the beginning in 1886, the bank has focused on credit line management and cost control.
Media Contacts:
EIB:
Tim Smit
+352 691 286 423
t.smit@eib.org
Ringkjøbing Landbobank:
Joachim Borg Hjalager
+45 7624 9581
jh@landbobanken.dk
SOURCE: European Investment Fund
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