EIB lends CaixaBank EUR 300 million to finance projects of SMEs and midcaps
The European Investment Bank (EIB) has signed a EUR 300 million loan agreement with CaixaBank to finance small and medium-scale investment projects promoted by SMEs (with fewer than 250 employees) and midcaps (companies with up to 3 000 employees), along with their working capital needs.
CaixaBank is matching this EIB loan with the same amount, meaning that a total of EUR 600 million will be made available for financing such projects.
The loan will mainly serve to finance investment in the industrial and service sectors. Projects eligible for financing will mostly be located in Spain and around 40% of the loan amount is destined for projects in convergence regions.
The loan has been granted under the Bank’s policy of supporting the economic development of SMEs and midcaps by providing credit on preferential terms including longer maturities, flexible disbursement schedules and lower interest rates. These improved terms will be passed on to the end borrowers.
Supporting SMEs to foster growth and employment in the EU is an EIB priority. In 2012, the Bank provided EUR 2 680 million worth of new credit lines to finance 24 280 investment projects mounted by small businesses in Spain alone.