The European Investment Bank (EIB) has granted a loan of EUR 25 million to Aktia Savings Bank, in support of investments made by small and medium sized enterprises (SMEs) located throughout Finland. Aktia will act as an intermediary between the EIB and the final customers, appraising each project according to EIB's criteria and passing on the advantageous borrowing terms in its individual loans to a large number of SMEs, operating in such sectors as the environment, health, education and the development of a knowledge-based economy.
This first operation with Aktia will thus help to extend the EIB's efforts in the development of SMEs. Additionally, Aktia's network of branches spreads out to economically weaker regions, which enables the EIB to contribute to their economic development.
The financing agreements were signed today, on the occasion of the EIB's Annual Forum held in Helsinki, by Mr. Mikael Ingberg, Managing Director, and Mr. Asko Rintala, Deputy Managing Director of Aktia Savings Bank, and Mr Sauli Niinistö, Vice-President of the EIB. The latter commented: This new partnership will enable SMEs to benefit from the EIB's keen market rates, through tailored-made loans, granted on the basis of Aktia's in-depth knowledge of the Finnish market.
This loan to Aktia complements the EIB's existing relationship with other banking partners in Finland, such as OKO Bank and Finnvera, also in support of SMEs.
The European Investment Bank, the European Union's long-term lending institution, finances capital investment furthering EU integration, in particular: regional development, research, development and innovation, trans-European transport, telecom and energy networks; industrial competitiveness; SMEs, and environmental protection. It also operates outside the EU within the framework of the EU's policy for co-operation and development. Owned by its Member States, the EIB raises its funds on international capital markets (AAA-rated issuer). In 2004, it borrowed EUR 50bn and lent a total of EUR 43bn, of which EUR 40bn in the EU-25.
The EIB's Annual Forum in Helsinki on the Lisbon strategy
The EU's Lisbon strategy, launched by the European Council in 2000, aims at developing the European Union into a leading knowledge-based economy in the world. Supporting this key policy has become one of the EIB's top priorities, called by the name of the Innovation 2010 Initiative. The EIB has pledged to make loans worth EUR 50 billion available for investment in the fields of education, research and innovation by the end of the decade. This target is well on the way to be reached, since it has already granted a total EUR 32 billion throughout the European Union since 2000.