EIB Group, Banco Sabadell provide €576m to finance SMEs and mid-caps
The European Investment Bank has agreed a €96 million guarantee for a loan securitisation portfolio with Spain's Banco Sabadell to support small and medium-sized enterprises amid the COVID-19 pandemic.
The deal will enable Banco Sabadell to increase its lending capacity to offer €576 million in financing for the projects of Spanish companies, primarily the self-employed, SMEs and mid-caps.
The agreement includes a commitment to direct part of the new Banco Sabadell financing to investments promoting climate action, which is key to a green recovery following the pandemic.
The financing will go to projects focusing on improving companies’ energy efficiency, driving renewable energies, refurbishing commercial buildings to reduce energy use, and investments for purchasing low-emissions commercial vehicles and agricultural equipment with low fuel consumption and a major environmentally friendly element.
