European Investment Bank (EIB) Group continues to boost financing for SMEs, growth, jobs and innovation Published on: 04/11/2013
The EIB’s Board of Directors today approved loans worth up to EUR 1.8 billion for the benefit of small and medium sized businesses (SMEs) and mid-cap companies in the European Union.
This brings total EIB support for SMEs and mid-caps in the EU approved so far in 2013 to some EUR 14 billion compared to EUR 7.3 billion in the same period of 2012.
At EIB Group level, the transactions approved by now in 2013 in support of SMEs amount to EUR 16.8 billion, including EUR 2.8 billion from the European Investment Fund (EIF). By the end of this year, the EIB Group will provide a total of up to EUR 20 billion to SMEs and mid-caps in Europe.
EIB President Werner Hoyer stated: “We are well on track with our ambitious targets for an increased support for European SMEs and midcap companies. This underlines our strong commitment to contributing to the creation of jobs and growth in the EU.”
From the SME loans approved today, up to EUR 1 billion will go to projects in Italy, Spain and Portugal. Projects of SMEs in Poland will benefit from loans of up to EUR 200 million.
Moreover, EUR 200 million were approved for an intermediated loan to boost access to education and youth employment and to improve educational infrastructure, teaching and research in Spain.
In addition, the EIB continues to put strong emphasis on its other priority areas. In the field of research, development and innovation (RDI), the board approved loan for projects worth up to EUR 250 million in order to strengthen the competitiveness of European business. One of them is for Acciona in Spain, financing investments in RDI in the water treatment, infrastructure and renewable energy sectors worth up to EUR 120 million.
The board also approved new loans worth up to EUR 800 million to promote strategic infrastructure in Europe, including a loan of EUR 200 million to Sächsische Aufbaubank, supporting public municipal infrastructure and a loan of EUR 100 million for the modernisation and extension of electricity distribution networks in Estonia. Projects supporting resource efficiency were approved by the Board for up to EUR 2.6 billion.
Also the Board of Directors of the European Investment Fund approved 14 new operations on 21 October through which EIF will continue supporting SMEs. These deals equal EIF commitments of EUR 240 milliion and are expected to leverage EUR 998 million of capital.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.