{"id":73915,"date":"2022-01-04T23:09:37","date_gmt":"2022-01-04T21:09:37","guid":{"rendered":"https:\/\/www.csregypt.com\/?p=73915"},"modified":"2022-01-04T23:09:37","modified_gmt":"2022-01-04T21:09:37","slug":"eib-bbva-join-hands-to-secure-e960-m-to-support-spanish-smes","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/eib-bbva-join-hands-to-secure-e960-m-to-support-spanish-smes\/","title":{"rendered":"EIB, BBVA join hands to secure \u20ac960\u00a0m to support Spanish SMEs"},"content":{"rendered":"

The European Investment Bank Group (EIB)<\/a> and BBVA are joining forces once again to support working capital and liquidity needs, as well as to cover the investment constraints of Spanish small and medium-sized enterprises (SMEs) affected by the COVID-19 crisis. <\/span><\/p>\n

To this end, the EIB and the European Investment Fund (EIF) will guarantee a junior tranche of a \u20ac120 million synthetic securitization of an SME and small mid-cap loan portfolio originated by BBVA, enabling the Basque bank to provide more than \u20ac960 million of financing to support SME investments.<\/span><\/p>\n

The EIB Group guarantee will unlock additional capital to be used by BBVA to provide new loans to SMEs for a multiple of the guarantee amount, thereby having a major impact. This agreement will enable BBVA to expand its lending capacity and grant \u20ac960\u00a0million in extra financing at a critical time for the Spanish economy.<\/span><\/p>\n

The operation covers the first loss piece of a synthetic securitization structure under the\u00a0European Guarantee Fund<\/a>, approved by the European Council as part of the European Union’s \u20ac540\u00a0billion package of measures to address the economic impact of COVID-19.<\/span><\/p>\n

The EIB and BBVA have been working together for more than 30 years. Over this period, the two institutions have signed more than 140 operations in 17 countries, providing \u20ac4.5\u00a0billion of direct financing to SMEs and mid-caps.<\/span><\/p>\n

EIB Vice-President\u00a0<\/span>Ricardo Mourinho F\u00e9lix<\/a>\u00a0said:\u00a0<\/span><\/em>\u201c<\/i>BBVA has been a key counterpart of the EIB Group for 30 years. Together, we continue to promote new initiatives on the Spanish market to meet EU policy objectives, supporting the financing needs of SMEs, the backbone of the European economy.\u201d<\/span><\/em><\/i><\/span><\/p>\n

EIF Chief Executive Alain Godard<\/span>\u00a0added: \u201c<\/i>We are pleased to have concluded one of the first securitisation transactions under the European Guarantee Fund with BBVA. This shows that BBVA and the EIB Group are committed to helping SMEs in Spain, particularly in difficult times such as these.\u201d<\/span><\/em><\/i><\/span><\/p>\n

BBVA CEO\u00a0<\/span>Onur Gen\u00e7<\/a>\u00a0said: \u201c<\/i>The self-employed and SMEs play a key role in the Spanish economy.<\/span><\/em>\u00a0<\/i>Following this new agreement with the EIB, we will continue to help them tackle their projects, above all in the areas of sustainability and digitalization, thereby supporting the recovery.<\/span><\/em>\u201d<\/i><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The European Investment Bank Group (EIB) and BBVA are joining forces once again to support working capital and liquidity needs, as well as to cover the investment constraints of Spanish small and medium-sized enterprises (SMEs) affected by the COVID-19 crisis. To this end, the EIB and the European Investment Fund (EIF) will guarantee a junior […]<\/p>\n","protected":false},"author":410,"featured_media":73916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6038,984,6095],"tags":[],"yoast_head":"\nEIB, BBVA join hands to secure \u20ac960\u00a0m to support Spanish SMEs - Csr Egypt<\/title>\n<meta name=\"description\" content=\"EIB and BBVA are joining forces once again to support working capital and liquidity needs, as well as to cover the investment constraints of Spanish SMEs affected by the COVID-19 crisis.\" \/>\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-bbva-join-hands-to-secure-e960-m-to-support-spanish-smes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EIB, BBVA join hands to secure \u20ac960\u00a0m to support Spanish SMEs - 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