€200 million grated by the EIB to investment in Castilla y León
The European Investment Bank (EIB) has granted a €200 million loan to the Castilla y León Region to finance its investment in RDI, heritage conservation and educational and social facilities. The loan's main advantage is its maturity of up to 20 years, which is far longer than the average currently offered by commercial banks.
The Castilla y León Region has been granted by the European Investment Bank (EIB) with a €200 million loan for human capital investment in the region. The loan will provide €200 million towards financing a set of projects grouped together under the “Human Capital in Castilla y León” programme, whose overall cost will be €450 million. Recently, the EIB published its figures for 2011 which show that European Investment Bank funding for SMEs reached a record level in 2011.
The loan was approved by the EIB’s Board of Directors on 13 December 2011, and the loan agreement was signed in Valladolid by the President of the Government of Castilla y León, Juan Vicente Herrera, EIB Vice-President Magdalena Álvarez and the Region’s Finance Minister, Pilar del Olmo. According to the EIB, its main advantage is its maturity of up to 20 years, which is far longer than the average currently offered by commercial banks.
With this loan, the refurbishment and construction of care facilities for the elderly and disabled will be financed. RDI and the refurbishment, enlargement, construction and equipping of various educational establishments in the region will be also financed. And different schemes under Castilla y León’s cultural heritage plan, mainly involving the restoration of historic buildings.