Spain: EIB and Santander sign three agreements to facilitate access to credit for SMEs and young people and to finance infrastructure investment
The European Investment Bank (EIB) and Banco Santander, represented respectively by Vice-President Magdalena Álvarez and CEO Emilio Botín, signed this morning in Madrid three finance contracts totalling EUR 528 million, designed to launch a series of investments aimed at fostering growth and employment.
The EIB Vice-President stressed that “the operations we are signing this morning are further proof of the EIB’s firm commitment to supporting Spain’s economy. These three loans will especially facilitate the financing of a broad range of sectors that are vital to laying the foundations of economic recovery and giving a much-needed boost to job creation”.
She went to express her “particular satisfaction at this first EIB operation designed to give students and young entrepreneurs access to credit, as it provides a solution tailored to the needs of the Spanish economy including creating jobs for young people”.
The following loans were signed this mornin
- EUR 128 million for financing the long-term investment and working capital needs of SMEs and midcap companies (with up to 3 000 employees). This is the first instalment of a new EUR 400 million loan that will unlock total financing of EUR 800 million for these firms as Banco Santander will match the loan with the same amount.
- EUR 200 million for tackling investment needs in the education sector and fighting youth unemployment. The funds under this operation, the first of its kind in Spain and the EU, will go to: i) loans for students in higher education; ii) measures to support young people looking for their first job, such as funding for job placements in small businesses and research grants; iii) loans for young entrepreneurs; iv) financing for the education facilities and research projects of Spanish universities.
- EUR 200 million for financing infrastructure investment of various types in a wide range of sectors including education, water, transport and urban. This will serve to upgrade and improve general infrastructure provision while promoting the more efficient and sustainable use of resources and helping to prevent the congestion of existing facilities.
The operations signed today form part of the EIB’s strategy of fostering sustainable and high quality economic growth that results in job creation.
With today’s agreements, the EIB has provided loans totalling EUR 7.179 billion in Spain in 2013.