On 25 June, the European Investment Bank (EIB) and Landesbank Saar (SaarLB) signed a EUR 70 million guarantee agreement to promote the development of renewable energies in France and Germany. The EIB will guarantee a maximum of 50% of the value of up to ten of SaarLB's existing loans for wind and solar power projects in France and Germany, thus helping SaarLB to grant additional loans of almost EUR 140 million for new renewable energy projects. The transaction was made possible by the European Fund for Strategic Investments (EFSI), the core of the Investment Plan for Europe. Meanwhile, the European Investment Fund (EIF) and all seven Erste Group member banks signed a Social Entrepreneurship guarantee agreement on 19 June to provide finance for social organisations under the EU Programme for Employment and Social Innovation (EaSI). This new guarantee agreement will allow Erste Group’s network of local banks to provide a total of EUR 50 million in loans, at a reduced interest rate and with lower collateral requirements, to more than 500 social organisations over the next five years in Austria, Croatia, the Czech Republic, Hungary, Romania, Slovakia and Serbia. In Spain, the EIB is providing a EUR 85 million loan – the initial tranche of a EUR 200 million loan to cover 50% of Metro de Madrid's investments through 2019 to upgrade and modernise its infrastructure. On 15 June, the EIF and Bank Gospodarstwa Krajowego (BGK) announced a doubling of their support to a total of PLN 4 billion (approx. EUR 950 million) in loans for over 18,000 small businesses and entrepreneurs across Poland, under the COSME programme.