SID Bank creating new scheme to finance local communities
Ljubljana – Slovenia’s development bank SID is working on a EUR 100 million scheme to stimulate development at the level of local communities with the help of a loan from the Council of Europe Development Bank (CEB).
In a press release, SID Bank said its chairman Sibil Svilan had agreed fresh borrowing of EUR 50 million with CEB governor Rolf Wenzel and vice-governor Tomaš Boček.
Adding EUR 50 million to the sum, SID Bank will form a new development supporting scheme to finance municipalities both directly as well as indirectly with other commercial banks.
The financing will be available to municipalities and public utilities to finance infrastructural, energy efficiency and environmental projects.
Loans of up to EUR 20 million per project will be available with a 25-year maturity.
Over the past ten years, SID Bank signed 90 loan agreements for projects totalling EUR 74 million from CEB sources, which the release says reflects good cooperation between the two institutions.
“With CEB funds in ten years under the leadership of governor Wenzel, SID Bank has made possible a number of infrastructural projects of Slovenian municipalities,” Svilan said during a meeting with the CEB officials.
He deems the projects and cooperation between the two banks to be key for Slovenia’s sustainable development.
The good cooperation was also highlighted by Wenzel, who said it was important in view of the plans to enhance Slovenia’s economic and social resilience to continue with the good cooperation and to stimulate investments, make sustainable growth possible and provide better access to quality public services.
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