Erste Group Bank has signed a guarantee framework agreement with the European Investment Bank to support increased investment in wind energy projects across the European Union. Under the agreement, a 200 million euro framework is put in place as part of an 8 billion euro European Union-wide guarantee programme aimed at strengthening the competitiveness of European wind turbine manufacturers.
The arrangement allows Erste Group Bank to expand its trade finance activities by issuing bank guarantees that are backed by the European Investment Bank for up to 50 per cent of their value. This structure is intended to reduce risk for lenders and unlock additional financing for manufacturing, supply chain and project-related investments in the European wind energy sector.
