The European Investment Bank (EIB) and Spanish bank Bankia have signed a €50 million agreement to encourage small and medium businesses to hire young unemployed people in Spain.

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The agreement is backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe. This new financing supplements Bankia's professional training programme.

Marianne Thyssen, Commissioner for Employment, Social Affairs, Skills and Labour Mobility, said: “Thanks to EU support, such as the Youth Guarantee and Youth Employment Initiative, Spain has been investing a lot in job opportunities for the young. I am delighted that Europe is now doing even more by mobilising private financing for strategic investments. Cooperation between public and private is important to be able to invest adequately in people. As such, the Juncker Plan plays a vital role in giving people a good start to their working life.”

In November 2018, the Juncker Plan already mobilised almost €360 billion of additional investments in Europe, including €45.8 billion in Spain, with 850,000 small and medium businesses set to benefit from improved access to finance