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    Référence: 20220559
    Date de publication: 28 novembre 2022

    Promoteur – Intermédiaire Financier




    Operation supporting mid-caps in Germany and other EU Member States in sectors that are in line with the EIB's long-term mission.

    Additionality and Impact

    This Linked risk sharing operation is designed to provide support to mid-caps in order to foster access to finance and contribute to long-term economic growth. The operation addresses the underlying market failure in access to finance faced by Final Beneficiaries due to information asymmetries and credit considerations on the side of the Financial Intermediaries. Given the economic uncertainty exacerbated by supply chain constraints, inflation, rising interest rates, energy security constraints, the lasting effects of the pandemic as well as the Russian aggression in Ukraine, the proposed risk sharing operation may alleviate some of the pressures faced by the real economy. Specifically, the operation will support social objectives such as employment via the provision of eligible transactions such as loans for working capital and investment purposes to mid-caps. The Financial Intermediary is an established player in the target market and a repeat client of the EIB, having successfully implemented previous operations. The guarantee may alleviate capital- and credit related concerns of the Financial Intermediary and thereby free up additional lending capacity. The EIB contribution rests on assuming credit risks to the Final Beneficiaries and thereby allowing the Financial Intermediary to engage into transactions that it would not have engaged in without the EIB's intervention. The operation is expected to carry a signalling effect, thereby crowding in other parties. The product is not readily available on markets and an alternative means to promoting lending to the real economy compared to other promotional schemes available. 


    The project consists of an unfunded risk participation scheme under a full delegation approach by which the EIB will cover up to 50% of the losses with respect to each defaulted loan of a portfolio of loans to mid-caps. Access to finance remains constrained for the time being as a result of the economic uncertainty exacerbated by the war in Ukraine, supply chain bottlenecks, energy security, and lasting effects of the pandemic. A pressing constraint for financial intermediaries is lending capacity, particularly as the unfolding economic crisis may lead to substantial downgrades in their existing lending books and corresponding increases in their minimum capital requirements. This leads to a vicious circle of a procyclical shift of remaining lending capacity into "lower-risk" assets, which was a main contributor to the last financial crisis. Therefore, the objective of the operation is to provide financing to mid-cap companies.


    Montant BEI envisagé (montant approximatif)

    EUR 200 million

    Coût total (montant approximatif)

    EUR 560 million

    Aspects environnementaux

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

    Passation des marchés

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


    Signé - 5/04/2023

    À l'examen
    7 décembre 2022
    5 avril 2023

    Clause de non-responsabilité

    Avant d’être approuvés par le Conseil d’administration et avant la signature des prêts correspondants, les projets font l’objet d’une instruction et de négociations. Par conséquent, les informations et données fournies sur cette page sont indicatives.
    Elles sont fournies à des fins de transparence uniquement et ne peuvent être considérées comme représentant la politique officielle de la BEI (voir également les notes explicatives).

    Mots-clés correspondants

    Allemagne Pays de l’UE Lignes de crédit