The European Investment Bank (EIB) welcomed the launch of a new partnership with the Crédit Agricole SA (CA SA) Group to support the energy transition in France, announcing an agreement for an initial EUR 250m financing tranche.
This first credit tranche will enable the Crédit Agricole Group to provide finance of up to EUR 500m to SMEs, mid-caps, public entities, farms and local authorities for their investments in the fight against climate change. It is expected to be complemented by a second tranche for the same amount when the credit under the first tranche has been fully utilised, making it possible to finance climate change projects totalling EUR 1bn.
This new partnership between the EIB and Crédit Agricole will consist of various financing products distributed by Crédit Agricole's banking network. It is one of the pillars of Crédit Agricole’s new proactive strategy for energy transition in the coming years. It will also help to better highlight to Crédit Agricole's customers the role played by the EIB – the EU bank – in the fight against climate change, a role that largely involves partnerships with the private financial sector.
"This agreement marks a very important new step in the partnership that has linked the CA SA Group and the EU bank for many years now," said EIB Vice-President Ambroise Fayolle. “Our priorities, at the EU level and also in France, are the financing of energy transition and of innovation. Together with Crédit Agricole SA, we have an opportunity to provide more SMEs and local authorities with attractive loan terms to help them make the energy transition a success.”
Bertrand Corbeau, Deputy Chief Executive Officer of Crédit Agricole SA, stated, "Through this new partnership, the Crédit Agricole Group is confirming its commitment to working alongside its customers to further the energy transition. Our Group's strength lies in its ability to provide support at the heart of the regions; our role is therefore also to promote the energy transition and, through our expertise, to support our customers in the development of their business models.”