3 Dec 2007

European Investment Bank to provide soft loan to New Caledonia for environment

6:22 am on 3 December 2007

The European Investment Bank is to provide a soft loan of nearly seven and a half million US dollars to assist the environmental and renewable energies sector in New Caledonia.

The financial assistance is said to fall under the European Union's Pacific strategy, which promotes, among other things, a so-called ""blue-green" axis, and promotes the environment protection and the use of renewable energies.

New Caledonia, along with the other French Pacific territories, qualifies for European Union aid and subsidies, under the European Development Fund.