- The EIB and Luzaro signed the first tranche for €25 million today in San Sebastián.
- The financing operation is being supported by the Basque Government.
- It is expected to mobilise over €280 million in investment for more than 1 000 SMEs in the Basque Country.
The European Investment Bank (EIB) has approved a new financing package of up to €100 million for Luzaro, with the objective of increasing investment and liquidity for small and medium-sized enterprises (SMEs) and mid-caps in the Basque Country.
The first tranche of financing, for €25 million, was formally signed today in San Sebastián by Gemma Feliciani, Director of Financial Institutions at the EIB, and Elena Urbizu, Luzaro Managing Director at an event held by Luzaro to conclude new collaboration agreements with the Basque government and the EIB.
The EIB financing is guaranteed by the Basque government, and will help mobilise more than €280 million in investment in the real economy, facilitating access to credit with favourable conditions for more than 1 000 Basque firms.
The operation will further strengthen the collaboration between the EIB and Luzaro, and this fifth agreement will bring its total volume to €350 million in financing for Basque SMEs.
EIB Director of Financial Institutions Gemma Feliciani stated, “This new agreement reaffirms our commitment to the business landscape in the Basque Country, providing crucial financing so that SMEs and mid-caps can grow, innovate and create quality jobs.”
Luzaro Managing Director Elena Urbizu stated, “Thanks to this EIB loan guaranteed by the Basque government, we will continue to increase our lending and to build our own funds in order to grant financing to a greater number of companies. Our task is to promote business development in our region through cooperation between the public and the private sector.”
Background information
European Investment Bank
The ElB is the long-term lending institution of the European Union, owned by the Member States. Built around eight core priorities, it finances investments that pursue EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.
The EIB Group, which also includes the European Investment Fund, signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in the group’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects that contribute directly to climate change mitigation and adaptation, and a healthier environment.
In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for inhabitants.
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Luzaro
Luzaro is a financial institution granting long-term participatory loans. It was established in 1992 to promote, foster and provide capital to SMEs in the autonomous community of the Basque Country, and to spur and support SME creation, growth and financing with other initiatives and loans. It is a unique entity stemming from public-private partnership between the Basque government, Kutxabank, Laboral Kutxa, Abanca, Sabadell, IVF and Enisa. It also collaborates with the EIB, and certain operations enjoy the support of the ELKARGI Guarantee Society (SGR). Luzaro has agreements with different government institutions in the Basque Country, such as the SPRI Group’s Ekintzaile programme for young SMEs. It currently has seven members of staff.