ANNOUNCEMENT 18 Mar 2021
In March 2021, the European Investment Bank (EIB) and Sabadell Bank signed a new EUR 300 million (approx. USD 357.7 million) guarantee to continue supporting Spanish companies in the context of the COVID-19 pandemic.
NUMBER OF INTERVENTIONS
European Investment Bank. Financed projects. SABADELL RISK SHARING SMES & MIDCAPS COVID-19. 18/03/2021. Available at: https://www.eib.org/en/projects/loans/all/20190068
European Investment Bank. Projects to be financed. SABADELL RISK SHARING SMES & MIDCAPS COVID-19. 29/03/2021. Available at: https://www.eib.org/en/projects/pipelines/all/20190068
European Investment Bank. Press Release. “Spain: EIB provides €300 million in financing to Banco de Sabadell to support Spanish companies affected by the pandemic”. 31/03/2021. Available at: https://www.eib.org/en/press/all/2021-112-el-bei-financia-con-300-millones-de-euros-a-banco-de-sabadell-para-apoyar-a-las-empresas-espanolas-afectadas-por-la-pandemia
On 18 March 2021, the European Investment Bank (EIB) and Sabadell Bank signed a new EUR 300 million (approx. USD 357.7 million) guarantee to continue expanding the bank’s capacity to provide loans to Spanish SMEs and mid-caps that have been negatively affected by the COVID-19 pandemic.
Specifically, the support takes the form of a risk-sharing guarantee on a portfolio of existing corporate loans under the European Fund for Strategic Investments (EFSI). The objective is to create additional lending capacity. In this sense, final beneficiaries will be SMEs and mid-caps. No restrictions in terms of economic activity were provided, as long as companies comply with the EU and national legislation with regards to the size of the undertaking.
In this context, EIB Vice-President, Ricardo Mourinho Félix, highlighted that “this kind of operation is key to protecting European industry and enabling small and medium-sized enterprises to overcome the financial difficulties caused by the coronavirus crisis”.
Sabadell Bank, founded in 1881, is one of Spain’s largest banks. It currently operates in over 20 countries with approximately 250 000 shareholders around the world. Sabadell encourages the financing of sustainable projects with a social and environmental impact, through direct investment in energy efficiency and renewable energy projects.
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.