Portugal: EU supports employment and innovation with a EUR 20 million EIB loan under the Investment Plan for Europe

The European Investment Bank (EIB) has signed today a EUR 20 million loan with Caixa Económica Montepio Geral to foster employment and start-ups in Portugal. The loan is guaranteed by the European Fund for Strategic Investments, the heart of the Juncker Commission's Investment Plan for Europe. This loan is part of a total EUR 300 million EIB lending programme to support the Portuguese economy by providing finance to projects implemented by Portuguese SMEs and Mid-Caps that promote job creation.

The EIB signed four loans under this programme to contribute to increasing the funding capacity of Portuguese banks in order to unlock investment in start-ups and companies hiring young and long term unemployed people. This EIB lending under the Investment Plan for Europe is also aimed at supporting businesses run by the self-employed. The Investment Plan is the European Commission's landmark strategy to support investments and bring back jobs and growth to Europe. It allows its strategic partner, the EIB, to take on innovative and higher-risk projects.    

Speaking in Lisbon about this EIB programme loan to support the Portuguese economy EIB Vice-President, Roman Escolano, highlighted “the strong commitment of the European Investment Bank to support the priorities of the Portuguese economy, in particular jobs creation and innovation. This loan is part of an important EIB program under the Investment Plan for Europe that is providing financing to those who have more difficulties to access to credit.”

European Commissioner Carlos Moedas, responsible for Research, Science and Innovation, added: "The Commission's Investment Plan has proven to be a great resource for stimulating innovative SMEs and start-ups, and is delivering beyond our expectations. This new deal, specifically designed to promote job creation, is just what the Investment Plan is mainly about - creating new jobs and growth opportunities."

With today’s signatures, 10 projects and financial agreements have been signed in Portugal under the Investment Plan for Europe with a total investment of EUR 614 million, mobilising more than EUR 2 billion.

For additional information about the Investment Plan for Europe in Portugal, please click here.