The European Investment Bank (EIB) and Instituto de Crédito Oficial (ICO) signed a EUR 100m loan agreement for financing the self-employed and SMEs in the agri-food sector. ICO will match this EIB loan with the same amount, bringing the total financing volume up to EUR 200m.
The loan signed today is the fourth agreement concluded between the EIB and ICO for boosting the agri-food sector. Since 2013, EUR 2 000m has been made available for this sector and has been almost fully utilised, enabling more than 20 000 operations to be financed.
EIB Vice-President Román Escolano stressed “this is the fourth dedicated loan for the financing of projects in the agricultural sector that we have signed with ICO, reflecting the importance of this sector for the EIB.”
ICO's CEO, Emma Navarro, stated, “with the signing of this loan, ICO strengthens its position as a standard-bearer for financing businesses by making available the resources that they need and supporting a wide range of sectors in Spain, in this case the agri-food sector”.
The loans may be used to finance new investment projects and/or working capital requirements. The credit lines will be open to small and medium-sized enterprises, including the self-employed and cooperatives in different areas of the agricultural and agri-food sector, such as livestock farming, forestry, fisheries, the agri-food industry and the wholesale food trade.
The funds will be channelled through financial institutions with which the ICO has signed agreements for the distribution of intermediated facilities, ensuring that the finance reaches all Spanish businesses.
Photographer: EIB ©ICO
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