By Dieter Holger

 

The European Investment Bank said Friday that it has teamed up with SG Finans AS, an equipment financing unit of Societe Generale SA, to lend money to Norwegian climate change projects and small businesses.

The EIB said the agreement would offer a credit line of 90 million euros ($97.2 million), of which 70% is earmarked for climate projects and the rest for small and medium-sized enterprises.

This builds on a previous credit line of EUR90 million that the banks signed in 2018, which funded electric and biofuel public buses, electric bicycles and equipment for rail, the EIB said.

"Once the threat of the coronavirus will have subsided a potentially bigger danger is still looming: climate change," said Andrew McDowell, EIB vice president, in prepared remarks.

 

Write to Dieter Holger at dieter.holger@wsj.com; @dieterholger

 

(END) Dow Jones Newswires

May 15, 2020 11:51 ET (15:51 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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