The European Investment Bank, the European Union’s long-term lending institution, will provide EUR 400 million for investments undertaken by small and medium sized enterprises throughout the Netherlands. Later today European Investment Bank representatives will sign two loan agreements for EUR 150 million each with Rabobank and ABN AMRO. This follows a EUR 100 million SME financing package agreed with Friesland Bank last week.
Dutch companies will benefit from the European Investment Bank’s engagement through lower interest rates or upfront cash payments. European Investment Bank supported funding will be able to finance 100% of an individual company’s investment costs, up to a maximum of EUR 12.5 million per project.
“The European Investment Bank is pleased to increase funding for SMEs across the Netherlands through leading Dutch banks. This is part of our wider engagement to ensure SMEs across Europe can continue to access investment finance during economically challenging times." highlighted Simon Brooks, European Investment Bank Vice President responsible for lending operations in the Netherlands.
“Rabobank is very pleased to receive a new tranche from the EIB to the full benefit of our SME customers”, said Paul Dirken, senior executive vice-president Rabobank Nederland.
“ABN AMRO fully supports all measures that stimulate the Dutch economy. We are very pleased with this new EIB facility and are glad we can play a facilitating role in implementing this measure.” said Jan van Rutte, Chief Financial Officer of ABN AMRO.
”As part of our engagement to help Dutch SMEs, Friesland Bank is very pleased to offer our clients the opportunity to benefit from support offered by the European Investment Bank. We are confident this measure will support growth of SMEs in the Netherlands in the coming years.” said Kees Beuving, Chief Executive Officer, Friesland Bank.
Between 2008 and 2010 the European Investment Bank provided EUR 30 billion to 160,000 SMEs across Europe to support long-term growth during challenging economic circumstances. Today’s signatures mark a further round of financing for Dutch SMEs through established counterparts Rabobank and ABN AMRO, now that their former loans have been allocated to SMEs.
Past European Investment Bank lending for Dutch SMEs has benefitted companies in agriculture, food, manufacturing and retail sectors, with the average allocation per company close to EUR 1 million. Most companies receiving European Investment Bank support had fewer than 10 employees.
Over the last 5 years the European Investment Bank has provided EUR 6.5 billion for projects in the Netherlands. This has included loans for transport, energy, water, health and education, as well as support for SMEs.
Notes for Editors:
The European Investment Bank is the European Union’s long-term lending institution. Last year the EIB provided EUR 72 billion for 460 projects around the world.