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Business in Poland

Law, tax and banking. Chapter 6

Fax: +47 2201 2202

Stockholm Tel. +46 8 613 8525 Fax: +46 8 205 728

Nordic Environmental Finance Corporation (NEFCO)

NEFCO is one of four multilateral finance institutions in the Nordic Finance Group, which is owned by the five Nordic countries.

NEFCO backs financially viable projects in Central and Eastern Europe. Its pur- pose is to facilitate the implementation of environmentally beneficial projects in the region. Projects must be joint ventures between local and Nordic enter- prises.

NEFCO participates in the financing of projects through equity investment, loans on market terms, loans with equity features, subordinated or mezzanine financ- ing, or guarantees. Moreover, NEFCO regularly collaborates with other financial institutions in putting together financial packages with the emphasis on the envi- ronmental aspects of the projects.


NEFCO Helsinki Tel. +358 9 18001

Fax: +358 9 630 976 E-mail: info@nefco.fi Web site: www.nefco.fi

Nordic Project Fund (Nopef)

Nopef grants favourable loans to Nordic companies to pay for feasibility studies of project-export deals and internationalisation projects outside the EU and EFTA. Loans are available for the purposes of developing a business plan, making own-investment studies, drawing up co-operation agreements, investigating joint ventures, and carrying out project-export studies.

In the case of internationalisation projects such as acquisitions and setting up wholly-owned subsidiaries or joint ventures with a local partner Nopef grants loans to cover 40% of acceptable pre-investment expenses. In certain circum- stances, the loan may later be converted into a grant. Successful internationali- sation projects in countries around the Baltic Sea, such as Poland, are eligible for an additional 20% grant.

For project exports, the loan may not exceed 50% of budgeted expenses. If the feasibility study suggests that the project should not be implemented, the loan can be converted into a grant, on condition that reporting requirements have been fulfilled and that expenses have been audited. Loans are interest-free and must be repaid if the project is implemented.

Danske Bank / KPMG / Mazanti-Andersen, Korsø Jensen & Partnere January 2006


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