BAKU, Azerbaijan, November 29. The European Investment Bank (EIB) has approved a 350 million euro loan to Ceskoslovenska Obchodni Banka (CSOB) to support green financing and expand funding options for businesses in the Czech Republic, Trend reports.
This collaboration will help small and medium-sized enterprises (SMEs) and Mid-Caps diversify their funding sources and enhance their financial stability.
The funds will focus on climate action and environmental sustainability, particularly in energy efficiency projects within manufacturing and agriculture, as well as clean transportation, including electric vehicles, buses, and railway equipment. Renewable energy initiatives, such as solar, wind, and biomass, will also receive support. A significant portion of the loan will target underdeveloped regions in the Czech Republic, referred to as "cohesion" areas.
EIB Vice-President Kyriacos Kakouris emphasized that the loan will not only provide businesses with better access to financing but will also aid in their transition to greener operations, contributing to the Czech Republic's economic competitiveness and environmental resilience.
CSOB’s commitment to sustainability is also reflected in its role as a leader in corporate banking in the Czech market. The bank's partnership with the EIB aims to support the country’s transition to a low-emission, sustainable economy, aligning with the European Green Deal and the EU’s broader goals for climate neutrality by 2050.