EIB and BBVA provide €600m to support Spanish SMEs

Region:

Europe

The European Investment Bank (EIB) and Spain's BBVA are joining forces to provide financing on favourable terms for SMEs and mid-caps in the country.

EU bank Vice-President Emma Navarro and BBVA CEO Onur Genç signed an agreement enabling the Spanish bank to provide €600 million to support the investments of small and medium-sized enterprises. With this agreement, BBVA will be able to offer them favourable financing in terms of both maturity and interest rates.

The EIB has granted a €300 million guarantee to BBVA via a risk-sharing - portfolio guarantee - operation. It represents the first risk-sharing operation to be signed by the EIB and BBVA. The EIB is granting EUR 150m of this guarantee under the Investment Plan for Europe.

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