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    Reference: 20210409
    Release date: 29 September 2022

    Promoter – Financial Intermediary

    AS CITADELE BANKA

    Location

    Description

    The project concerns a guarantee for an existing portfolio of loans and leases to small and medium-sized enterprises (SMEs) and mid-caps by the EIB Group to support Citadele's lending expansion in the SMEs and mid-caps sector, including a focus on projects with Climate Action content.

    Additionality and Impact

    By generating additional lending capacity, the proposed operation supports the financing of small and medium scale projects undertaken by SMEs and Mid-Caps in the Baltic countries. As such, it falls under the scope of EU objectives through its contribution to job creation and to increased competitiveness and productivity of SMEs and Mid-Caps. Moreover, at least 20% of the resulting investments are intended for Climate Action & Environmental Sustainability (CA&ES), which will accelerate the green transition of the three Baltic economies. As the funds will be allocated throughout the territory of three Baltic countries, it is estimated that around 85% of the Citadele's lending to the Final Beneficiaries in association with this operation will reach Cohesion regions, thus contributing to the EU Cohesion Objective.

    Building on the Intermediary's long-standing experience in the Baltics and EIB's financial contribution in terms of Financial Value Added, it is expected that the allocations will be completed in an efficient and timely manner.

    Furthermore, synthetic securitisation is an innovative capital management tool as existing structured finance instruments in the Baltic market are vary scarce. EIB's participation will create a signalling effect that aims crowd-in private sector financial intermediaries thus contributing to the development of the financial market in the Baltics while supporting the CMU objective.

    Objectives

    The project concerns a guarantee for SMEs and mid-caps by the EIB Group to support Citadele's lending expansion in the SMEs and mid-caps sector, including a focus on projects with Climate Action content.

    Sector(s)

    Proposed EIB finance (Approximate amount)

    EUR 260 million

    Total cost (Approximate amount)

    EUR 532 million

    Environmental aspects

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

    Procurement

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

    Status

    Signed - 28/11/2022

    Milestone
    Under appraisal
    Approved
    Signed
    13 October 2022
    28 November 2022

    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).

    Related tags

    Estonia Latvia Lithuania Credit lines