W. German Bank to Push Environmental Concerns
FRANKFURT — West Germany’s first bank specializing in projects in the alternative economy opened Monday after a four-year struggle for recognition.
Oekobank, the latest addition to the Green movement in this environmentally conscious country, aims to provide credits for ecological and other alternative projects that more conventional banks might not consider.
Depositors have also been assured that the new bank would not invest in South Africa, the arms industry or in other areas opposed by environmentalist Greens and the left.
But to ensure it remains in business, Oekobank’s interest rates and charges would stay in line with the market.
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