The allocation of projects under the loan programme will be based on the mutual interest of both NIB and the IIC, particularly in the field of climate change mitigation.

At least 70% of the loan will be dedicated to renewable energy generation projects, including hydropower, wind power, certain type of biomass projects and clean development mechanism projects.

The remaining 30% can further be allocated to energy efficiency measures, NIB said.

The loan programme will be coordinated with existing climate change programmes developed by IIC and the Nordic Development Fund.