EIB and ICO renew support for SMEs in agrifood sector with EUR 600 million loan

EIB and ICO renew support for SMEs in agrifood sector with EUR 600 million loan

The European Investment Bank (EIB) has granted a EUR 600 million loan to the Instituto de Crédito Oficial (ICO) to improve access to credit for small and medium-sized businesses in the Spanish farming and agrifood sectors. Under the agreement, ICO will match the EIB loan with an additional EUR 600 million, meaning that total financing of EUR 1 200 million will be made available.

The loans will serve to finance new projects and/or the working capital requirements of small and independent agrifood businesses.

This is the second operation mounted by the EIB and ICO to boost the farming sector. A first EUR 150 million loan was signed in September 2013, with ICO contributing the same amount. The EUR 300 million committed was fully disbursed and financed 5 374 projects.

With this new operation, the EIB is continuing to work together with ICO to finance small Spanish businesses. The loan comes on top of the EUR 1 075 million already provided in 2014. In 2013, the EIB granted loans totalling EUR 1 650 million to ICO.