Investment Plan in Spain: European Investment Bank and Banco de Sabadell join forces to provide €600 million in loans to small businesses
The European Investment Bank (EIB) joins forces with Banco de Sabadell in Spain to increase its capacity to lend to small and medium-sized businesses (SMEs) and mid-cap companies affected by the economic impact of the COVID-19 pandemic. To this end, the EIB will provide financing of €300 million, allowing the Spanish bank to mobilise a total of €600 million over the next two years. The EIB contribution is backed by a guarantee from the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe. The agreement between the EIB and Sabadell backed by EFSI aims to encourage investment by facilitating access to finance for SMEs and midcaps, which are the backbone of the Spanish economy in terms of growth and jobs. Executive Vice-President for An Economy that Works for People, Valdis Dombrovskis, said: “This agreement between the EIB and Banco de Sabadell in Spain, which is backed by the Investment Plan for Europe, is an important sign of EU support for Spanish SMEs which have been hard-hit by the coronavirus crisis. Thanks to this agreement, these businesses will have access to additional financing, which will help them to continue their operations, maintain jobs and kick-start the recovery.” The Investment Plan for Europe has so far mobilised €546.5 billion of investment, supporting over 1.4 million SMEs and start-ups across the EU. The press release is available online.
