KfW and Britain's Green Investment Bank to cooperate
Press Release from 2012-04-12 / Group
- Continuous exchange on environment and climate finance agreed
Dr Ulrich Schröder, Chief Executive Officer of KfW Bankengruppe, and Sir Adrian Montague, Chairman of the Advisory Group of the UK Green Investment Bank, signed a memorandum of understanding in Frankfurt. It formalises a close and continuous exchange of experience and expertise in environmental protection and climate finance between both institutions.
The UK Government is committed to setting Britain firmlys on course towards a green and growing economy. In October 2010 it announced plans to establish a Green Investment Bank as a key component of this transition. The bank, which is being established under the leadership of the Department for Business, Innovation and Skills, is to be initially capitalised by the Government with GBP 3 billion in equity.
"As a promotional bank with many years of experience in the area of climate and environmental protection, we are more than happy to advise and support the Green Investment Bank with our expertise in these promising fields of business. In order for activities in environmental protection and climate finance to be successful, close bilateral links between the national European promotional banks are indispensable. We therefore look forward to our cooperation and to an even more intensive exchange with our British partners", said Dr Schröder on the occasion of the meeting with Sir Adrian at KfW's headquarters.
Sir Adrian commented, "I very much welcome KfW's interest in the Green Investment Bank. KfW has many years of successful operation as a development bank and is being very generous in the support it is offering. We look forward to building a strong relationship with KfW and other development banks in years to come."
KfW's experts have been in close dialogue with the Advisory Group since the start of the foundation phase of the Green Investment Bank. The memorandum signed today will intensify the existing exchange at various levels in the areas of energy efficiency and renewable energies, but also on the business model of a promotional bank.