The European Investment Bank (EIB) has granted a EUR 200 million loan to Banesto for financing the investment projects of small and medium-sized businesses (with up to 3 000 employees), mainly in the industry and service sectors. A substantial part of the loan will go to projects located in convergence regions. EIB Vice-President Magdalena Álvarez and Banesto’s Chairman Antonio Basagoiti met in Madrid to formalise the loan agreement.
This first EIB loan granted to Banesto under the Bank’s new SME support strategy will facilitate access to finance in the current economic crisis. It will carry favourable maturity and interest rate terms, which Banesto will pass on to its borrowers.
Banesto will match the loan with a further EUR 200 million for financing the projects targeted, bringing the total amount made available to SMEs to EUR 400 million.
In 2011, the EIB Group provided a record EUR 13 billion of finance for small and medium-sized businesses, reaching more than 120 000 companies throughout Europe. It signed loan agreements in Spain totalling EUR 9 079 million, including EUR 1 388 million in support of investment by Spanish SMEs.