ING and the European Investment Bank (EIB) are teaming up to offer shipowners access to finance for green projects.

The fund is worth EUR 300m ($372m), with each lender contributing equally.

"This agreement will ensure that sponsors of green and sustainable projects in the maritime transport sector can benefit from advantageous financial terms," the two banks said.

The cash is available to clients with "significant European interests", and can be used for projects with a green innovation element covering the construction of new vessels or retrofitting of existing vessels.