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The project concerns a loan dedicated to small and medium-sized investments carried out in the tourism sector by small and medium sized enterprises in Austria.
The project concerns a loan dedicated to small and medium sized investments carried out in the tourism sector by small and medium sized enterprises in Austria.
The project contributes to the Bank's lending priority objectives for SMEs and climate action (transversal). An intermediated approach enables financing small and mid-size projects that are otherwise difficult to reach. It also aligns with the financial intermediary's sustainability strategy by increasing its climate and environment-related lending and diversifying its funding sources. The financial intermediary has an in-depth knowledge of EIB's eligibility and reporting requirements, in particular in the area of CA&ES investments. The operation tackles two market failures: limited access to finance for SMEs and underinvestment in climate and environmental sustainability (CA&ES) due to information asymmetries and unpriced GHG externalities. EIB's involvement improves access to long-term, cost-effective funding and helps attract additional financiers.
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.