The European Investment Bank (EIB) has granted two loan to two Spanish banks for 200 million each with the aim at financing investment projects of small and medium-sized businesses mainly in the industry and service sectors. Furthermore, a substantial part of the loan will go to projects located in convergence regions.

Banesto and Banco Popular -two Spanish banks, have been granted with a €200 million loan for financing the investment projects of small and medium-sized businesses (with up to 3,000 employees), mainly in the industry and service sectors, by the European Investment Bank (EIB). Both loans will carry favourable maturity and interest rate terms, which Banesto and Banco Popular will pass on to theirs borrowers.

For its part, Banesto will match the loan with a further €200 million for financing the projects targeted, bringing the total amount made available to SMEs to €400 million. Banco Popular will also make available the additional same quantity for financing the projects targeted.

During 2011, the EIB signed loan agreements in Spain totalling €9,079 million, including €1,388 million in support of investment by Spanish SMEs. Also in 2011, the EIB Group provided a record €13 billion of finance for small and medium-sized businesses, reaching more than 120,000 companies throughout Europe. It signed loan agreements in Spain totalling €9,079 million, including €1,388 million in support of investment by Spanish SMEs.