Luxembourg, 12 March 2014
EIB-Banco Popular: agreement to finance SMEs and midcaps
The European Investment Bank (EIB) and Banco Popular have signed a EUR 200 million agreement aimed at increasing the flow of finance to SMEs (firms with up to 250 employees) and midcaps (firms with up to 3000 employees). Banco Popular will match this EIB funding with the same amount, meaning that a total of EUR 400 million will be made available to such companies.
This credit line will support the financing of investment projects costing up to EUR 25 million in the case of SMEs and up to EUR 50 million in the case of midcaps, mainly in Spain. The EIB loan will be provided on favourable terms: a low interest rate and long maturity. Under the agreement, Banco Popular undertakes to pass on these benefits of the EIB funding to its end customers.
This new operation is the third loan of this type provided by the EIB to Banco Popular in Spain in the past two years and complements another EIB credit line made available to Banco Popular in Portugal. With this new loan, the EIB is continuing to demonstrate its commitment to providing easier access to credit for small and medium-sized business – the drivers of growth and job creation.
Over the course of 2013, the EIB Group provided finance totalling EUR 71 700 million, mainly in the EU. In Spain, its lending reached a record EUR 10 656 million, making that country the biggest recipient of EIB funds for the tenth year running.
In 2013, the EIB Group (including the European Investment Fund) supported SMEs and midcaps to the tune of EUR 21 900 million (EUR 18 500 million of which came from the EIB), benefiting some 230 000 firms throughout Europe. The Bank provided EUR 4 836 million for such firms in Spain.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
Matilde del Valle, +352 4379 83154, firstname.lastname@example.org