EU bank continues to support SME and midcap projects in Slovakia with EUR 50m, targeting growth and employment
- Release date: 09 February 2017
- Reference: 2017-021-EN
The European Investment Bank (EIB) is lending EUR 50m to Všeobecná úverová banka (VUB) to finance the investment projects and working capital needs of SMEs, midcaps and other private and public entities in Slovakia.
EIB Vice-President Mr Vazil Hudák commented: "SMEs and midcaps are a crucial backbone of the European economy, including that of Slovakia. In order to foster this potential, the European Investment Bank is joining forces with VUB, a well-established EIB partner financing institution. This loan facility will boost the EIB’s support and fuel the competitiveness and productivity of small and medium-sized entrepreneurs, one of the core engines of the Slovak economy. I'm confident our loan will have a positive impact on growth and job creation in Slovakia."
The current loan is the continuation of an excellent long-term relationship between the EIB and VUB group. This is the fifth EIB operation with VUB group – which has a well-developed network of branches and now has access to SMEs and midcaps – since 2002. This operation will increase the availability of affordable long-term funding and contribute to the economic development of the country.
“Small and medium-sized enterprises employ almost three quarters of the labour force in Slovakia. Thanks to this joint initiative, companies will have favourable financing solutions to purchase new technologies, equipment or even build new factories. Municipalities can use the money to repair roads, reconstruct municipal buildings, lighting, etc...” explains Jozef Kausich, Member of the Board and Executive Director of Corporate Banking at VÚB bank.
Together with VUB group, the EIB is ensuring that the benefits of granting loans on favourable terms are passed on to eligible final beneficiaries.