ANNOUNCEMENT 28 Apr 2020
In April 2020, the European Investment Bank (EIB) and Crédit Mutuel Alliance Fédérale (BFCM) signed a EUR 250 million (approx. USD 270.9 million) to support SMEs and mid-caps in France.
NUMBER OF INTERVENTIONS
European Investment Bank. Financed Projects. BFCM PRET POUR PME ET ETI III. 28/04/2020. Available at: https://www.eib.org/en/projects/loans/all/20190634
European Investment Bank. Projects to be financed. BFCM PRET POUR PME ET ETI III. 11/11/2019. Available at: https://www.eib.org/en/projects/pipelines/all/20190634
European Investment Bank. Press Release. "France: EIB and Crédit Mutuel Alliance Fédérale commit €1.2 billion to support SMEs and mid-caps". Available at: https://www.eib.org/en/press/all/2020-182-credit-mutuel-alliance-federale-et-la-bei-s-engagent-a-hauteur-de-1-2-milliard-d-euros-pour-soutenir-les-pme-et-eti
On 28 April 2020, the European Investment Bank (EIB) and Crédit Mutuel Alliance Fédérale (BFCM) signed a EUR 250 million (approx. USD 270.9 million) oriented to finance small scale projects carried out by SMEs and mid-caps located in France.
Moreover, according to the press release, in July 2020 the credit line was adapted to respond to the COVID-19 emergency via subsidized short, medium, and long-term financing. In this sense, the EUR 250 million (approx. USD 270.9 million) loan also forms part of the EIB’s response to the COVID-19 pandemic. There are no restrictions in terms of the economic sector, as long as the final beneficiaries comply with relevant national and EU legislation (particularly in terms of SMEs and midcaps classification).
BFCM is a French cooperative bank founded in 1882 composed of 18 regional Federations under a single framework. Its equity capital, as of 30 June 2020, was EUR 47.5 billion. In this sense, EIB Vice-President Ambroise Fayolle highlighted that they “Crédit Mutuel Alliance Fédérale is a longstanding partner of the EIB and we are therefore particularly pleased that it will be the first French bank to benefit from our emergency post-COVID-19 support programme”.
A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory.
A second loan with BFCM was signed in June 2020 (see related state act), adding EUR 350 million (approx. USD 393.5 million) to the pool of funds from which BFCM can finance SMEs and mid-caps in France. In this sense, the total amount of funds of EIB funds lend to BFCM is EUR 600 million (USD 664.4 million).