The European Investment Bank (EIB) has provided a credit line of EUR 200 million to Eximbank to support undertakings by SMEs and midcaps located throughout Hungary. A minimum of 70% of the EIB loan will be dedicated to SMEs while the remaining 30% may be utilised to support projects carried out by midcap companies.
The loan underscores one of the EIB’s strategic priorities – supporting regional development and increasing the competitiveness and productivity of SMEs and midcaps. The EIB loan will improve the access of Hungarian SMEs and midcap companies – considered to be the engine of growth, innovation and the creation of new jobs in Hungary – to long-term finance on favourable terms.
The EIB loan to Eximbank is being granted under the Joint IFI Action Plan for Growth in Central and South Eastern Europe, which is focused on providing better access to long-term finance for Europe's SMEs in order to mitigate the effects of the financial crisis. The EIB funds will support growth by enhancing long-term competitiveness through increased availability of long-term credit.
This loan is a continuation of the successful cooperation between the EIB and Eximbank, which was established in December 2013 when the EIB provided a first loan of EUR 100 million to Eximbank. This first EIB loan has been successfully allocated to finance some 170 companies employing in total some 27,000 people.