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Signature(s)

Amount
€ 40,700,000
Countries
Sector(s)
Spain : € 40,700,000
Credit lines : € 40,700,000
Signature date(s)
26/09/2023 : € 20,000,000
26/09/2023 : € 20,700,000

Summary sheet

Release date
19 February 2024
Status
Reference
Signed | 26/09/2023
20220978
Project name
Promoter - financial intermediary
SABADELL ENHANCED SUPPORT FOR SMES&MIDCAPS ABS
BANCO DE SABADELL SA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 41 million
not applicable
Location
Description
Objectives

The project consists of the purchase in a mezzanine tranche of a true-sale securitisation in order to stimulate lending to small and medium sized enterprises (SMEs) and mid-caps.

The current Multi-beneficiary intermediated loan (MBIL) to Banco de Sabadell aims to support investments promoted by the target beneficiaries. This is a sub-operation presented under the EU Programme Loan for ABS Operations (2022-0538).

Additionality and Impact

The project aims to promote and accelerate private sector investments as well as facilitating access to finance for SMEs and Midcaps, a backbone in terms of growth and employment for the Spanish economy. In particular, it will help addressing the working capital, liquidity needs and investment constraints of SMEs and Midcaps located in Spain, who are currently facing an unprecedented energy crisis as a result of the war in Ukraine. The soaring inflation and rise in interest rates pose a risk to the emerging post-pandemic economic recovery in Spain. SMEs and Midcaps which have already been in a fragile position following the pandemic, are poorly positioned to withstand a second major shock. Due to the reliance on the tourism and service sector, Spain was already one of the countries more affected by the C19 outbreak, and unemployment rates are also significantly above the European Union average (Spain's unemployment rate stood at 12.8% at the end of March-2023 versus an EU rate of 6.0% (Source: Eurostat)).

The operation will also have a high contribution to Cohesion (60%), given that a substantial part of the GDP in Spain is generated in cohesion regions. While less developed regions have caught up in terms of GDP per capita over the last two decades narrowing the gap with wealthier regions, divergences in terms of income and living conditions still persist across the European Union. In addition, the current energy crisis is expected to have a very asymmetrical impact aggravating regional disparities, as it has been the case during previous crisis including the C19 outbreak. SMEs and Midcaps in these regions are more vulnerable to financial distress and without continuing to address their short-term liquidity and investment needs, the adverse economic effect of the pandemic could be long-lasting.

Environmental aspects
Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Milestone
Under appraisal
Approved
Signed
2 August 2023
26 September 2023
Related projects

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

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