Signature(s)
Summary sheet
- Credit lines - Credit lines
The operation is a standard multiple beneficiary intermediated loan (MBIL) to finance small and medium sized enterprises (SMEs) and mid-caps in Portugal.
The aim is to support eligible small and medium-sized investment projects in Portugal.
The proposed transaction consists of an intermediated loan with Banco Santander Totta ("BST"), a financially solid promoter and repeat counterparty of the EIB.
The operation will enable BST to finance small and medium-sized investment projects in eligible sectors carried out by SMEs and MidCaps enterprises operating in Portugal. The loan 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 Portuguese economy, and it will also target Cohesion Regions.
The energy shock of 2023, due to the war in Ukraine, had long lasting effects on the economy, with energy price volatility and supply chain disruption having induced to high inflation and stagnant growth. Although 2024 was marked by lower levels of inflation and easing monetary policy, economic growth in the Euro Area still appears to be sluggish with potential geopolitical tensions and increased trade protectionism for the year ahead putting pressure on the economy.
The EIB has a critical role in fostering on-lending to SMEs, whose role, also during periods of economic recovery, is key in driving economic growth and sustaining employment (Portugal still reports an employment rate of 6.4%, as of September 2024, higher than the EU average of 5.9%).
The proposed operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring 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.
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).
General enquiries and comments
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Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
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Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.
Zero tolerance against fraud and corruption
The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.
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