EIB delivers boost to Spanish SMEs
The European Investment Bank (EIB) has announced that it is to lend €200 million to La Caixa, Spain's largest savings bank, to boost productivity among the country's small and medium sized enterprises (SMEs). La Caixa will use the funds to offer long-term loans to SMEs at lower interest rates. The loans will go to SMEs investing in research, development and innovation (RDI) activities to increase their own productivity. SMEs that are promoting the rational use and diversification of energy and environmental protection will also receive support. Finally, loans will also be granted for education and health sector schemes developed as private initiatives. This latest EIB loan is part of the bank's pledge to provide sustained support to the EU's policy objectives, among which is the Lisbon Strategy, which calls for an information and knowledge-based economy. In 2005 alone, the EIB lent €47.7 billion to the EU-25 Member States, €6 billion of which went to partner banks for financing of SMEs and smaller scale public investment. The Lisbon Strategy is also at the heart of the bank's 'Innovation 2010 Initiative' (i21), which aims to make available €50 billion for investment in education, research and innovation by the end of the decade.
Countries
Spain