EIB and BBVA provide € 1.015 billion to support Spanish companies

The operation involves a risk-sharing guarantee scheme within the framework of the European Guarantee Fund (EGF), approved by the European Council as part of the European Union’s € 540 billion package of measures to tackle the economic impact of COVID-19. The EIB provides this guarantee to BBVA on a portfolio of new loans, creating additional financing capacity to support Spanish industry and projects aligned with the EIB’s long-term mission of investing in innovation-related operations , the environment and support for small and medium-sized enterprises. small businesses (SMEs).

The agreement aims to help accelerate private sector investments and facilitate access to finance for eligible businesses on favorable terms, usually in the form of lower interest rates, longer maturities and lower collateral requirements. The European Guarantee Fund will provide BBVA with default protection covering up to 65% of the loan principal.

The EIB and BBVA have worked together for over 30 years. Over this period, the two institutions have signed more than 140 operations in 17 countries, providing 4.5 billion euros in direct financing to SMEs and mid-cap companies.

Vice-President of the EIB Ricardo Mourinho Felix said: “The EIB Group continues to work with economic measures such as the European Guarantee Fund to mitigate the devastating effects of the pandemic on the economy. This includes easing the financial strains that many businesses face today. Thanks to our solid 30-year partnership with BBVA, we have signed a new transaction to allow companies to support their investments with greater liquidity, a key element in fostering economic recovery in Spain and throughout Europe.

CEO of BBVA Onur Genç added: “This new agreement with the EIB symbolizes BBVA’s commitment to the Spanish industry as it emerges from this crisis. BBVA will play a key role in the revival and transformation of the Spanish economy by channeling European funds to the best projects and amplifying their impact with the financing of projects related to innovation, the environment and support for SMEs. .

The European Investment Bank (EIB) is the long-term credit institution of the European Union owned by its member states. It makes long-term funding available for sound investments in order to contribute to the political objectives of the EU.

The European Guarantee Fund (EGF) was created by the EIB Group with contributions from Spain and other EU member states to protect businesses suffering from the COVID-19 crisis. Using nearly € 25 billion in guarantees, the EGF enables the EIB and EIF to quickly make loans, guarantees, asset-backed securities, equities and other financial instruments available primarily to small businesses. and mid-sized and mid-cap companies. The EGF is part of the European Union’s stimulus package to provide a total of 540 billion euros to stimulate the sectors of the EU economy that have been hit the hardest.

BBVA is a global, customer-centric financial services group, founded in 1857. The group has a strong leadership position in Spain, is Mexico’s largest financial institution, and has leading franchises in South America. It is also the main shareholder of the Turkish company Garanti BBVA and has a significant investment, transaction and capital markets banking business in the United States. Its objective is to open up opportunities for everyone, according to the real needs of customers: to provide the best solutions, to help them make the best financial decisions, thanks to a simple and practical experience. The institution is based on solid values: the customer comes first, we think big and we form a single team. Its responsible banking model aspires to a more inclusive and sustainable society.

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