{"id":55562,"date":"2020-05-14T23:33:12","date_gmt":"2020-05-14T21:33:12","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=55562"},"modified":"2020-05-14T23:33:12","modified_gmt":"2020-05-14T21:33:12","slug":"eib-ico-channel-eur-1-5-bn-into-smes-in-spain","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/eib-ico-channel-eur-1-5-bn-into-smes-in-spain\/","title":{"rendered":"EIB, ICO channel EUR 1.5 bn into SMEs in Spain"},"content":{"rendered":"<p dir=\"ltr\" style=\"text-align: left;\">The<a href=\"https:\/\/www.eib.org\/en\/index.htm\"> European Investment Bank (EIB)<\/a> and the Instituto de Cr\u00e9dito Oficial (ICO) have agreed to extend EUR 1.5 billion for supporting the self-employed, SMEs and mid-caps in Spain under the plight of the coronavirus (COVID-19).<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">According to European Commission data, Spain\u2019s small businesses account for 72% of employment in the country. The EUR\u00a01.5 billion that the EIB has approved providing to ICO under this operation will help to support small and medium-sized Spanish firms employing more than 230 000 people.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The first EUR\u00a01 billion instalment of this financing package has been signed under an accelerated approval procedure introduced by the EIB in response to this emergency, enabling the funds to reach Spanish firms as quickly as possible.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">The EIB is providing this finance on favorable terms, especially regarding interest rates, maturities and flexibility.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">ICO will pass on these funds through its different instruments: Mediation Lines, in cooperation with financial institutions, and direct financing programs, to meet the liquidity needs of the self-employed, SMEs and mid-caps in order to safeguard jobs and support economic recovery.<\/p>\n<p dir=\"ltr\" style=\"text-align: left;\"><em>\u00a0\u201cWe are very pleased to be once again joining forces with ICO, especially in these times of crisis. This agreement makes clear the EIB\u2019s firm commitment to supporting smaller Spanish businesses, meeting their most urgent financing needs triggered by the pandemic\u201d,\u00a0<\/em>said\u00a0EIB Vice-President\u00a0Emma Navarro, responsible for the Bank\u2019s activity in Spain.\u00a0\u201cAt the EIB, we will continue working to help alleviate the economic fallout of the COVID-19 crisis in Spain<em>.\u201d<\/em><\/p>\n<p dir=\"ltr\" style=\"text-align: left;\">ICO\u2019s CEO Jos\u00e9 Carlos Garc\u00eda de Quevedo\u00a0added that\u00a0<em>\u201c<\/em>ICO is focusing all of its firepower on managing and implementing measures to alleviate the social and economic impact of the COVID-19 crisis, including this new agreement with the EIB\u201d.\u00a0He went on to stress the close cooperation between the two institutions, saying that \u201cit is extremely important at a time like the present as it is enabling EU bank funding to be channelled into Spain\u2019s business fabric so that the self-employed and SMEs can access the necessary finance to carry out their activity.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Investment Bank (EIB) and the Instituto de Cr\u00e9dito Oficial (ICO) have agreed to extend EUR 1.5 billion for supporting the self-employed, SMEs and mid-caps in Spain under the plight of the coronavirus (COVID-19). According to European Commission data, Spain\u2019s small businesses account for 72% of employment in the country. The EUR\u00a01.5 billion that [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":55565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[984,6095],"tags":[6556,8836,6370],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>EIB, ICO channel EUR 1.5 bn into SMEs in Spain - Csr Egypt<\/title>\n<meta name=\"description\" content=\"The (EIB) and the (ICO) have agreed to extend EUR 1.5 billion for supporting the self-employed, SMEs and mid-caps in Spain).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/csregypt.com\/en\/eib-ico-channel-eur-1-5-bn-into-smes-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EIB, ICO channel EUR 1.5 bn into SMEs in Spain - 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