The European Investment Bank (EIB), the long-term financing arm of the European Union (EU), announces a loan for EUR 60 million (ESP 10 billion) (1) to Deutsche Bank, S.A.E. in support of small and medium-scale projects mounted by SMEs and local authorities.
This is the third global loan (credit line) concluded by the EIB with Deutsche Bank's subsidiary in Spain and will make for an uninterrupted supply of medium and long-term EIB funding for small and medium-scale capital investment schemes fostering those EU policy objectives intended to promote: improved infrastructure in the assisted areas; essential transport facilities; a clean and well-protected environment; more rational use of energy; health and education schemes, and; social housing, to the extent that this forms part of well-defined urban renewal projects.
The EIB was created in 1958 under the Treaty of Rome, which founded the then European Economic Community, with the remit of contributing to the balanced and integrated development of the Member Countries as well as to underpinning their economic and social fabric by means of long-term financing for capital projects fulfilling EU objectives.
Since 1968, the EIB has been deploying its tailor-made global loan facility in support of small and medium-scale ventures. This is basically a credit line extended to banks and other financial intermediaries operating at national, regional or local level, which on-lend the proceeds piecemeal towards funding SME ventures and smaller local authority schemes meeting the EIB's eligibility criteria.
(1) EUR 1 = ESP 166.386, GBP 0.632300.