The two financial institutions will support, each with €150m, turning the European shipping into a more eco-friendly and energy efficient industry.
The facility, which applies to both inland and ocean shipping, is available to clients with significant European interests, and can be used for projects with a green innovation element covering the construction of new vessels or retrofitting of existing ships.
This sector risk-bearing facility is meant for projects that will improve the vessels' environmental performance, like reducing the emission of pollutants as well as increasing fuel efficiency.
The €300m scheme will be invested with the European Investment Bank (EIB) gradually over the next three years, with ING's shipping team leading and managing the commitment. The deal also benefits from the guarantee of the European Fund for Strategic Investments (EFSI).
Projects should be presented to ING and will be subject to the company's financial and non-financial risk acceptance criteria. This agreement forms part of ING's wider sustainability strategy, which aims to facilitate and finance society's shift to sustainability - environmental and socioeconomic.
"Sustainability is an important strategic priority for ING and we are very proud to partner with the EIB to encourage our shipping clients to think about more green and sustainable financing options. This agreement helps us support our shipping clients into making changes to their business models by adapting for the future in increasingly sustainable way, and supports them throughout their green journey," Isabel Fernandez, Head of Wholesale Banking at ING, said.
Werner Hoyer, EIB President, added, "Climate action is one of the EIB's top priorities, and this type of financing should be seen as an incentive for ship owners to consider doing things differently. The facility was set up after numerous discussions with Dutch counterparts from the public and private sector and aims to help the shipping sector transition to a greener future."
Photo: NYK Group/Elomatic Garroni Design/Monohakobi Technology Institute