ABN AMRO has agreed to borrow €250m from the European Investment Bank (EIB) as part of a wider SME funding programme.
Part of the funds will be made available to members of dairy farming cooperative FrieslandCampina, which wishes to invest in a plant which converts fermented manure into energy.
This latest deal marks the fourth collaboration between the two banks as they bid to make cheaper financing available to Dutch SMEs.
“The facility is meant for small companies as well as mid-caps, and at least 20% of the available financing is earmarked for sustainability projects,” said Pim van Ballekom, vice-president of the EIB.
“That is also why we are very pleased with the FrieslandCampina's collaboration under this agreement, as our earlier cooperation has shown how serious they are about climate.
“Their 2016 initiative to cut back greenhouse emissions by dairy farms through its 'Jumpstart' cooperative, is completely in line with the sustainability targets of the EIB.”
The cheaper EIB funding can be used for investments of up to €12.5m per project, depending on specific conditions.
The financing policies of the EIB remain unchanged within this framework.
“We are very happy with the continuation of our longstanding collaboration with the EIB as well as the financing of dairy farmers under this agreement,” added Daphne de Kluis, CEO of commercial banking at ABN AMRO.
“For us, the 20% in sustainable projects is a minimum limit.
“We strive to make a large portion of the facility available to our most sustainable clients and projects.
“That way, we accelerate even further in the way ABN AMRO contributes to financing the circular economy.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
STB introduces 90% LTV mortgages to core range
Secure Trust Bank Mortgages has added 90% LTV products to its core range...
Revolut nears 3 million users
Revolut has announced that it tripled its user numbers in 2017 from 450,000 to 1.3 million...
Arbuthnot provides working capital facility to shower company
Arbuthnot Commercial Asset Based Lending (ABL) has provided a working capital facility to Majestic Shower Company...
Metro Bank names new NED
Metro Bank has announced the appointment of Catherine Brown as an independent non-executive director...
FP Show confirms Zopa co-founder as keynote speaker
James Alexander, co-founder and former CEO at Zopa (pictured above), has been named as the keynote speaker at the forthcoming Finance Professional Show...
Metro Bank provides £4m invoice finance line to healthcare business
Metro Bank has provided a £4m invoice finance line to medical insourcing specialist 18 Week Support Group...
Modulr to create over 30 new jobs in Scotland
Modulr has completed its latest funding round led by digital venture builder Blenheim Chalcot, which takes the latter’s total investment in the payments fintech to £10.5m...
Specialist banks answer need for products that ‘reflect the reality of today’s society’
Better service and products are the main reasons why a broker would use a specialist bank, according to the latest poll by Specialist Banking...
Leeds Building Society cuts rate on retirement interest-only mortgage
Leeds Building Society has reduced its five-year fixed rate on its retirement interest-only mortgage...
60% of people want to know where their money is invested
Six out of 10 people (60%) want to know where their money is invested, according to the latest research published by Charity Bank...
Why commercial banks are in danger of being left behind
Harnessing a customer-first, technology-led approach, retail banks are paving the way with innovation...