Cooperation EIB and BNG Bank

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Investment in social infrastructure, transport and renewable energy across the Netherlands is expected to benefit following an agreement between BNG Bank and the European Investment Bank. Both institutions have a strong track record of supporting long-term investment in the Netherlands and can share experience of working with both Dutch public bodies and financing similar schemes across Europe.

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A memorandum of understanding was signed between the two institutions, represented by Pim van Ballekom, European Investment Bank Vice President and Pauline Bieringa, Managing Director of Public Finance at BNG Bank.

“Understanding local, regional and national investment needs is essential to ensuring more effective long-term investment in Dutch public services in the years ahead and this was one of the main reasons for opening of a permanent European Investment Bank office in Amsterdam earlier this year. The EIB has worked closely with BNG Bank across a range of sectors and we look forward to strengthening this cooperation. BNG Bank has a unique insight into the financing needs of the Dutch public sector and we hope to not only increase our engagement, but also pass on experience from across Europe that can benefit projects being implemented for the first time in the Netherlands. Earlier this year both BNG Bank, as one of the few Dutch banks involved, and the EIB, one of the world’s most experienced lenders for renewable energy, joined forces with other international banks to support Gemini, the world’s most productive offshore wind farm to be built north of Schiermonnikoog. I am sure this close cooperation can benefit future engagement in new areas.” said Pim van Ballekom, European Investment Bank Vice President.

“As a result of major reforms in the Dutch public sector, the government is transferring risks more and more to public sector institutions and their banks. The Dutch healthcare sector, for example, is nowadays served by a limited number of banks which have seen credit demand rise strongly in recent years. In view of this and other institutional changes the required financial resources are no longer automatically available from banks. BNG Bank has expressed these concerns for some years and is now pleased to strengthen its cooperation with the EIB, a solid multinational bank. I am convinced that this can generate more financing alternatives for the Dutch public sector. In addition to this, both banks will learn from each other when exchanging their experiences.’ said Pauline Bieringa, Managing Director Public Finance at BNG Bank.

Following the new agreement BNG Bank and the European Investment Bank will strengthen cooperation and identify opportunities for joint cooperation and investment to support projects including public transport, hospitals, primary and secondary education, social and affordable housing, renewable energy and energy efficiency and water. Increased cooperation between the two public banks will also include opportunities for staff to be seconded from one organisation to the other and possible mechanisms for joint financing to be explored.

About the European Investment Bank

The European Investment Bank (EIB) is owned by the 28 EU member states, including the Netherlands and has been financing public projects in the Netherlands since 1969. In the last five year the European Investment Bank has provided more than EUR 8 billion in the Netherlands.

This has included support for hospital investment in Amsterdam and Maastricht, upgrading motorways and expanding the Port of Rotterdam at the Maasvlakte. The EIB has also supported investment to improve internet access across the Netherlands by Reggefiber, construction of new facilities at Vrije Universiteit in Amsterdam and investment in energy infrastructure by Tennet and Gasunie. In May this year Prime Minister Mark Rutte opened the EIB’s first permanent presence in the Netherlands in Amsterdam.

About BNG Bank

Founded in 1914 by 37 Dutch municipalities, BNG Bank’s mission is to make a sustainable contribution to minimizing the cost to the public of social provisions including public services, social housing, hospitals, education and renewable energy. Today, almost all Dutch municipalities and provinces as well as a district water board and the central government rank among BNG Bank’s shareholders.

The public long-term debt issued by BNG Bank is rated AA+/Aaa/AAA. With total assets exceeding EUR 131 billion, BNG Bank is one of the relatively large European banks directly supervised by the European Central Bank.

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