EIB and Bankinter sign SME financing agreement
The European Investment Bank (EIB) has signed a EUR 200 million agreement with Bankinter to finance investment by small businesses and midcaps (companies with up to 3 000 employees). The EIB funds will mainly support projects in the industry and service sectors. The agreement was signed in Madrid by EIB Vice-President Magdalena Álvarez Arza and Bankinter’s CEO, María Dolores Dancausa Treviño.
EIB Vice-President Magdalena Álvarez Arza, who is responsible for the EIB’s operations in Spain, stressed “the key role played by operations of this type in boosting the economy and stimulating growth and job creation, especially in the current economic and financial conditions.
At least 70% of the funds made available by the EIB will be allocated to the investment projects of small and medium-sized businesses. The remainder – up to 30% – will go to midcaps. A substantial part of the loan amount is intended for projects in Spain’s convergence regions.
This loan is being granted under the Bank’s policy of fostering the development of small and medium-sized companies by providing resources on favourable terms (i.e. longer maturities, flexible disbursement conditions and lower interest rates). These enhanced terms are passed on to the final beneficiaries.
This new SME credit line follows on from previous EIB loans to Bankinter and will bolster the existing relationship between the two institutions.