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De-linked risk sharing guarantee aimed at providing new lending to small and medium-sized enterprises (SMEs) and mid-caps affected by the COVID-19 pandemic in Spain. The guarantee facility will be used to cover up to 50% of the credit risk associated with a Spanish bank's corporate and mid-cap loan portfolios.
Spain is currently one of the European countries most affected by the coronavirus pandemic, given the reliance of its economy on the tourism and service sectors. SMEs and mid-caps are facing financial stress and bankruptcies and without addressing their short-term liquidity and investment needs, the adverse economic effect of the pandemic could be long-lasting.
The proposed operation
loan promotes the strategic EU objective to support SME and Midcap financing, and within the context of the COVID19 Pandemic. SMEs and Midcaps
represent approx. 99% of all companies in Spain, and generate close to 74% of
employment, a larger proportion than in other Member States such as Germany or
the Netherlands, where they generate 62.5% and 66.7% of employment,
respectively. Their smaller size entails significant vulnerability and growth
constraint, since it represents barriers to credit access, innovation,
digitalisation and investment capacity, internationalisation and, hence,
overall growth.
This operation will help ensure SMEs and Midcaps' access to finance at favourable rates
and tenors, much needed by small and medium-sized promoters, which usually face
tougher conditions when accessing credit markets. The project will contribute
to a better market coverage of SME and Midcap financial needs in Spain and the
EU, and to a further reduction in the EU market fragmentation in SME and Midcap
financing where Spanish companies still lag. In the current environment, where
market conditions for banks are largely dependent on the duration of the
monetary stimulus, the EIB support to the SME and Midcap sector is important
for continued and stable investment activity.
In accordance with the Bank's policy to ensure that sub-loans comply with the EU acquis, in particular in the fields of environment and public procurement, the Bank will require the intermediary to take all the requisite measures to ensure that the environment and procurement procedures carried out by the final beneficiaries for the sub-projects that the Bank finances will comply with the relevant EU legislation and the applicable national legislation, provided that it is in conformity with EU rules.
In accordance with the Bank's policy to ensure that sub-loans comply with the EU acquis, in particular in the fields of environment and public procurement, the Bank will require the intermediary to take all the requisite measures to ensure that the environment and procurement procedures carried out by the final beneficiaries for the sub-projects that the Bank finances will comply with the relevant EU legislation and the applicable national legislation, provided that it is in conformity with EU rules.