The first tranche of €47 million was signed for on 24 January. The EIB financing is backed by the European Fund for Strategic Investments (EFSI), the financial pillar of the Investment Plan for Europe, the Juncker Plan. It will enable Volán to modernize half of its bus fleet and reduce CO2 emissions by 38%. The EIB also agreed on 22 January to provide €27 million to the Arteche Group to help the Spanish multinational to develop safer and more efficient electric power systems. The EIB announced on 20 January that it is providing BBVA with a €300 million guarantee that will enable the Spanish bank to provide €600 million to support the investments of SMEs. This is the first risk-sharing operation to be signed by the EIB and BBVA, and the EIB is granting €150m of this guarantee under the Investment Plan for Europe, the support of which enables the EU bank to finance riskier projects. On 16 January, the EIB signed an agreement to make a €50 million venture debt facility available for Estonian ride-hailing platform Bolt. The investment will enable Bolt to improve and expand its ride-hailing technology as well as develop personalised mobility services like food delivery.