The European Investment Bank (EIB) and Nederlandse Waterschapsbank (NWB Bank) have earmarked €200 million ($220 million) for “climate-relevant investments by local water authorities in the Netherlands,” according to the EIB.
The funding will be used for flood protection and water resources management projects.
“People often underestimate the importance of local water authorities," said Heinz Olbers, EIB director for lending operations – Western Europe. “Yet, especially in the Netherlands, these bodies carry huge responsibility for keeping the country dry and managing its water resources — especially in the face of climate change.”
The EIB will lend €100 million ($110 million) to NWB Bank with advantageous conditions and a tenor of 25 years. Under its mandate, the EIB can lend up to 50 percent of the total amount to any single project, with NWB Bank providing the other half, making €200 million ($220 million) available for local investment water schemes.
“The water authorities set the tone when it comes to climate adaptation and mitigation, as well as biodiversity,” said Frenk van der Vliet, chief commercial officer of NWB Bank. “They are also frontrunners in limiting their own use of energy and sustainably producing it. By providing financing under attractive conditions, we bring the sustainability goals one step closer.”
The EIB also recently partnered with the National Bank of Greece to invest €650 million ($718 million) in renewable energy and urban development projects across the country, as part of a new urban infrastructure investment scheme.
