NEFCO’s Baltic Sea projects reduced the discharge of phosphorus by 1,000 tonnes last year.  Photograph: Patrik Rastenberger

NEFCO and the Nordic Investment Bank (NIB) are planning to establish a fund for technical assistance aimed at financing projects related to the Baltic Sea Action Plan. This was stated by NEFCO’s Managing Director Magnus Rystedt at the International Environmental Forum in St. Petersburg on Wednesday.

The purpose of the fund would be to improve preparation of urgent projects, which can cost-effectively reduce releases of nutrients into the Baltic Sea.

NEFCO and NIB would administer the fund jointly and be in charge of screening project proposals in order to ensure that bankable projects end up in the pipeline.

So far only the Swedish government has announced that it has committed pledges for the planned fund. The proposed fund would be governed by the donors and open for use by other financial institutions.

Up to 600 participants from the Baltic Sea countries, including government officials, scientists and business leaders, as well as representatives of major regional organizations and NGOs are participating in the tenth International Environmental Forum “Baltic Sea Day”, which is held on 18-19 March in St. Petersburg. Established to support and promote the work of HELCOM, the Baltic Sea Day is considered as an important regional forum to stimulate public awareness of the state of the Baltic marine environment, to enhance political attention to existing problems, and to boost support towards actions needed to protect the sea.

Learn more about the environmental forum

Read more about the Baltic Sea Action Plan

Nordic Investment Bank

Swedish ministry of the environment