InvestEU: European Investment Fund and Finnvera sign agreement to finance €280 million of investments by small businesses in Finland to boost the green transition, innovation and digitalisation
The European Investment Fund (EIF) will provide a guarantee worth €170 million to Finnvera Plc, the national promotional institution and official export credit agency of Finland, to finance approximately €280 million of investment by small companies in Finland. This agreement is backed by the InvestEU programme.
The new loan products by Finnverea will allow small and medium-sized businesses (SMEs) in particular to increase their investments in transitioning to a greener and more digital future. The climate and environment loan is intended for investments aimed at mitigating climate change and for circular economy projects. Digitalisation and innovation loans will be used to finance product development, and for digitalising business models and supply chains.
Paolo Gentiloni, Commissioner for Economy, said: ““InvestEU is playing a key role in supporting the sustained investment required to secure the green and digital transition. This agreement will enable the creation of new job opportunities in Finland and help accelerate the country’s transition to a greener and still more digital economy. We are proud to support Finnish businesses with the help they need to achieve this goal.”
The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. As part of the programme, the InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least €372 billion in additional investment.