MONETA increases support to Czech SMEs through partnership with EIB
- Release date: 23 October 2017
- Reference: 2017-284-EN
MONETA Money Bank, a.s., the leading bank in Czech consumer finance with a growing SME lending offering, and the European Investment Bank (EIB) today acknowledged their partnership to support Czech SMEs. The EIB will provide MONETA Money Bank with a substantial credit line of EUR 150m with more than 80 million EUR already utilized in the pilot stage. The credit line will be utilised to finance projects and the growth of Czech SMEs through affordable credit and leasing facilities supporting SME clients in the fields of agriculture, manufacturing and transport.
MONETA Money Bank is the first fully floated Czech bank on the Prague Stock Exchange. The bank serves over 90 000 self-employed professionals and SMEs. In that context, MONETA Money Bank plans to increase its already strong commitment to this segment of the Czech economy through EIB financing. The bank further believes that the EIB financing will accelerate MONETA’s already strong growth in lending activity to existing and new SME clients.
EIB Vice-President Vazil Hudák said: “I very much welcome the EU bank’s increase in the number of its partner financing institutions in the Czech Republic. Improving SMEs’ and midcap companies’ access to long-term finance is vital for the development of the Czech economy in terms of job creation and growth. Together with Moneta Money Bank, the EIB is extending the funds needed to accomplish priority projects fostering the competitiveness of the Czech economy.”
Tomáš Spurný, CEO and Chairman of MONETA’s Management Board, stated: “The EIB facility further reinforces our capacity to support Czech SMEs with affordable investment financing. MONETA Money Bank aims to be the local champion of self-employed professionals and SMEs. Our cooperation with the EIB substantiates our dedication to their objectives.”
Since 1993, the EIB has provided Czech partner financing institutions with credit lines amounting to EUR 5.2bn – representing a quarter of its total lending commitment in the country. These institutions use the EIB funds to finance projects carried out by SMEs, midcaps and municipalities in the fields of local infrastructure, environmental protection, manufacturing, energy, R&D and innovation, transport, services and tourism.