WOMEN ENTREPRENEURSHIP PROGRAMME IN SPAIN

The Multiple Beneficiary Intermediated Loan will mainly focus on women-led healthcare activities and pharmacies in Spain. The operation will also support the capital markets union (CMU) as it will be implemented through the purchase of a covered bond ("cédulas").

The aim is to finance the establishment of businesses by women entrepreneurs. This initiative is a significant step forward to promote gender equality and foster equal opportunities in the Spanish business landscape.

The proposed operation will be EIB's first intermediated loan within the EU fully dedicated to support women owned/led enterprises, starting with the pharmacy sector in Spain. It aims to address market failures related to access to finance for SMEs, including self-employed pharmacy professionals. Market failure arises due to information asymmetries between lender and borrower resulting in no or costly access to finance. This is particularly the case for new and/or women owned/led businesses. The operation also aims to generate positive externalities by promoting gender equality and women's economic empowerment as well as the provision of health services and products offered by the pharmacies easing systemic pressures, through the implementation of a covered bond with a social focus, the operation advances a more inclusive financial development of Capital Markets Union (CMU).

Additionally, it helps to address the issue of La España vaciada by enhancing healthcare access in rural areas, where pharmacies could help slow depopulation as providers of vital services to underserved communities.

CBNK with its specialisation in financing specific professional groups such as engineers, pharmacists, healthcare workers and other sectors, brings in expertise and its widespread network benefitting the operation. The additional lending capacity with long-term financing and lower financing costs provided through EIB's intervention will promote access to finance for final beneficiaries and generate positive effects on provision of healthcare products and services to citizens.

The operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Financial Intermediary has adequate capacity, systems and processes in place to identify, assess, manage and monitor environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final Beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.

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