The Northern Dimension Environmental Partnership
The Northern Dimension Environmental Partnership (the NDEP) is a program with the participation of the Russian Federation and the international community aimed at taking concerted action to tackle some of the most pressing environmental problems of Russia’s North-Western region with the help of international financial institutions as well as governmental agencies and private investors.
The program’s concept was worked out by 2001. 4 international financial institutions are participating in implementing the program and providing the bulk of financial support:
- The European Bank for Reconstruction and Development (the EBRD)
- The European Investment Bank (the EIB)
- The Northern Investment Bank (the NIB)
- The World Bank (the WB)
An NDEP Fund was set up to rationally use financial resources; it is managed by the EBRD. The Special Fund commits funds in the form of grants as part of joint financing. As of today, donors’ funds worth more than 200 million euros are concentrated in it. Russia’s contribution to the Special Fund for 2003-2010 amounted to 20 million euros. Its donors include various entities from Belgium, Great Britain, Germany, Denmark, Canada, The Netherlands, Norway, Finland, France, Sweden, as well the European Commission and the Russian Federation.
Implementation of projects under the NDEP and other programs of the Northern Dimension gives investors certain advantages, for example, an opportunity to use grants provided by the NDEP Fund and raise funds from international financial organizations for longer periods and at interest rates lower than market rates.