The European Investment Bank (EIB) has signed a EUR 100 million loan with Caixa Economica Montepio Geral for the financing of capital investment projects promoted essentially by small and medium sized enterprises (SMEs).
The EIB loan will mainly finance smaller projects in the areas of industry, tourism and services, including research and innovation, renewable energy and environmental protection. It may also be used for infrastructure projects promoted by municipalities. Most of these projects will be located in Convergence areas of Portugal.
The loan will contribute to strengthening the productivity and competitiveness of SMEs, reducing the impact of the current economic crisis in these enterprises and will foster regional development and economic and social cohesion in Portugal.
The current loan is a continuation of the successful cooperation between the EIB and Caixa Economica Montepio Geral building upon a previous loan approved in 2008 for EUR 100 Million also supporting mainly SMEs investments in Portugal.
Background information:
The European Investment Bank is the long-term financing institution of the European Union (EU), working to further European objectives. The Bank’s financing is geared to well-defined European policies. The EIB loans contribute to economic and social cohesion, environmental protection, research and innovation, support for SMEs, the development of trans-European transport and energy networks, and sustainable, competitive energy.