The European Investment Bank (EIB) is lending EUR 100 million to the Slovene Export and Development Bank (SID) to co-finance small and medium-sized investments in the area of research, development and innovation (RDI) in Slovenia.
The EIB loan will improve the access of small and medium-sized companies (with fewer than 250 employees), mid-cap companies (with more than 250 and fewer than 3 000 employees) and public authorities to long-term funds to finance projects necessary for fostering the development of the knowledge-based economy in Slovenia.
This loan is in line with the EIB’s priority of strengthening its support for Europe’s SMEs to help mitigate the effects of the financial crisis. To this end, the EIB is joining forces with well established financing institutions, like SID Bank, that know the local market and have SMEs, midcap companies and municipalities as their customers.
The current loan represents the continuation of the EIB’s successful cooperation with SID. The Bank has previously granted loans to SID totalling EUR 430 million, providing indirect financing of the investments of SMEs and automotive sector enterprises and smaller projects in the areas of infrastructure and the environment.
Background:
The EIB is the long-term lending bank of the European Union. Its main task is to contribute towards the integration, balanced development and economic and social cohesion of the EU Member States. Besides supporting projects in the EU Member States, its lending activities also include financing investments in future Member States of the EU and EU partner countries.
The EIB raises substantial volumes of funds on the capital markets, which it lends on favourable terms to projects furthering EU policy objectives. It is the largest supranational borrower and its consistent AAA rating is underpinned by firm shareholder support, a strong capital base, excellent asset quality, conservative risk management and a sound funding strategy.