The European Investment Bank (EIB) and BBVA have partnered to provide €300m of funding to Spanish SMEs.
The partnership will see the EIB provide €150m to BBVA to fund SMEs, which the Spanish bank will match by adding €150m of its own resources to this credit line.
The new fund will allow for the financing of up to 100% of projects under €12.5m for small businesses and €25m for mid-size companies.
EIB vice-president Román Escolano and the head of BBVA Spain Cristina de Parias signed the agreement in Madrid.
Ms Parias said the agreement confirmed the strength of the relationship between the EIB and BBVA.
“This agreement will promote digitisation, competitivity, internationalisation and, as a result, the growth of these companies.
“At BBVA, we want to offer and create opportunities for our customers.
“Without a doubt, accompanying SMEs on their road to modernisation reaffirms our purpose.”
The EIB and BBVA have also signed two additional loans: a €50m loan for SMEs in the agricultural industry and a €200m loan to finance SMEs in Spain.
A third agreement was also signed by the banks which will see the EU bank provide BBVA with a €20m loan to finance projects to improve energy efficiency and promote the use of renewable energy sources.
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