Investment Plan in Spain: European Investment Bank and Banco Sabadell join forces to provide €576 million in loans to small businesses
The European Investment Bank is providing Spanish bank Banco Sabadell with a €96 million guarantee, allowing it to lend €576 million to SMEs and mid-cap companies in Spain.
This financing agreement will benefit around 1,400 companies, which employ some 79,000 people. In addition, part of the loans must go to ‘green’ projects such as energy efficiency, renewable energy, retrofitting commercial buildings, and low emission agricultural equipment. The EIB guarantee is backed by the European Fund for Strategic Investments.
Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People, said: “The Commission and the European Investment Bank Group are working together to support the economic recovery after the coronavirus crisis. The more we protect our companies and jobs now, the faster we can rebound.
In addition to supporting SMEs, I am pleased that part of the funding will go to ‘green’ projects such as renewable energy and the retrofitting of commercial buildings to reduce energy consumption. The European Green Deal must be kept at the centre of our recovery plan.” The press release is available here.
As of May 2020, the European Fund for Strategic Investments has mobilised €486 billion of investment across the EU, including €54.8 billion in Spain, and supported 1.2 million start-ups and small and medium-sized businesses.
Marta Wieczorek – Siobhán Millbright –