Community Research and Development Information Service - CORDIS

EIB lends 99 million euro to help Belgian SMEs

To finance small or medium-sized investments in the industry, agriculture, services, health, education and urban renewal sectors, as well as environmental protection and energy management, the European Investment Bank (EIB) has granted KBC Bank NV of Belgium a general-purpose ...
To finance small or medium-sized investments in the industry, agriculture, services, health, education and urban renewal sectors, as well as environmental protection and energy management, the European Investment Bank (EIB) has granted KBC Bank NV of Belgium a general-purpose line of credit for 99 million euro (4 billion BEF).

The loan agreement was signed during an official visit of the President and Vice-President of the European Investment Bank, Sir Brian Unwin and Mr. Rudolf De Korte, to Belgian political and business leaders.

"Supporting investment in small enterprises, both in the industrial sector and in the important fields of health, education and urban environment, is a top priority for the EIB in its contribution to future growth and employment in the European Union," said EIB President Sir Brian Unwin. "I am particularly glad to be able to achieve all these objectives with this loan of 4 billion BEF to KBC, one of our oldest and most valued banking partners".

This general-purpose line of credit is part of the EIB's "Amsterdam Special Action Programme" (ASAP) which runs until 2000 to stimulate growth and job creation in Europe. This programme broadens the scope of EIB support to include two labour-intensive sectors, namely education and health.

The loans will be made available via KBC's widespread network of branches to small and medium-sized enterprises (SMEs) and to local authorities (communes, provinces and regions) or their utilities. This agreement is part of EIB's programme of support for SMEs.

The EIB was founded in 1958 under the Treaty of Rome, which created the European Economic Community, with the aim of fostering enhanced integration, balanced development and economic and social cohesion in the Member States by providing long-term financing for capital investment furthering attainment of European Union objectives.

To support small and medium-scale projects, the EIB makes use of its global loan facility, devised by the Bank in 1968. Global loans are basically lines of credit opened to banks and other financial intermediaries operating at national, regional or local level, which pass on the proceeds, in the form of sub-loans, for smaller-scale investment schemes complying with the EIB's lending criteria.

Related information

Countries

  • Belgium

Subjects

Economic Aspects
Follow us on: RSS Facebook Twitter YouTube Managed by the EU Publications Office Top