Austrian bank Raiffeisenlandesbank Niederösterreich-Wien (RLB NÖ-Wien) is receiving a loan totalling €150 million (£136m) from the European Investment Bank (EIB) to support green investments across Austria.

The first €50 million (£45m) tranche of the loan has been signed, with most of the funding being provided to small and medium-sized businesses (SMEs), especially those in the Vienna area and the Lower Austria region, to invest in sustainable projects.

The funds can be used to support the construction of onshore wind and solar and hydropower projects, in addition to financing electric vehicles (EVs) and charging stations as well as the energy efficiency of companies and buildings.

RLB NÖ-Wien will also top up the EU bank’s total investment volume, with its own contribution of €150 million (£136m).

Reinhard Karl, Deputy CEO of RLB NÖ-Wien said: “I am delighted that with this first 100% Climate Action global loan in Austria, we will be working with the EIB to promote environmentally innovative operations for SMEs while also supporting local projects. This will help us generate significant sustainable economic momentum in the region.

“There is a growing focus on sustainable environmental solutions in many financing operations, with businesses often seeking energy efficient improvements and upgrades in their operations that protect the environment while also saving costs. This global loan is an important support instrument for the Austrian economy and an essential component in the financing mix for innovative business projects.”