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Investment Plan for Europe: EIF and BCEE confirm EUR 40 million for businesses in Luxembourg

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    Date: 11 October 2018

The European Investment Fund (EIF) and Banque et Caisse d'Épargne de l'État, Luxembourg (BCEE) have signed a new guarantee agreement on a portfolio of loans of EUR 40 million to improve access to finance for small and medium‑sized enterprises (SMEs) in Luxembourg. This agreement benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, the Juncker Plan.

Under the new InnovFin agreement, BCEE will provide loans and leases on favourable terms to innovative SMEs and small mid-caps for the next two years. EIF’s guarantee is provided under the initiative “EU InnovFin finance for Innovators” with the financial backing under Horizon 2020, the EU research and innovation programme. The EU’s support for this transaction is expected to benefit around 100 companies.

European Commissioner for Research, Science and Innovation, Carlos Moedas, said: “This is great news for Luxembourgish innovative small and medium businesses, which sometimes just need a little financial boost to turn their ideas into concrete projects with high commercial values. Innovative businesses across Europe can expect even more support from the EU to develop new products and expand in next long-term EU budget, especially with the new Horizon Europe and InvestEU programmes.”

Speaking at the signing event in Luxembourg, EIF Chief Executive Officer, Pier Luigi Gilibert, commented: “I am delighted to be signing this InnovFin agreement to support innovative Luxembourgish businesses. Banque et Caisse d'Épargne de l'État, Luxembourg, will help us to target innovative companies across the country, ensuring that innovative SMEs and small mid-caps can develop and grow. In addition to the more than EUR 190 million contributed under EFSI via banks in Luxembourg, we are pleased that more finance will be at businesses’ disposal”.

Banque et Caisse d'Épargne de l'État, Luxembourg Chief Executive Officer, Françoise Thoma said: “As a long standing shareholder of the European Investment Fund and in light of one of BCEE’s missions consisting in the contribution by its finance activities to the economic and social development of the Luxembourg economy, BCEE is particularly proud to announce the partnership with the EIF which will benefit the innovative small and medium sized companies among its client base. BCEE is convinced that this partnership with the EIF will enable these companies to grow their businesses contributing thereby, as part of the backbone of the Luxembourg economy, to the value and job creation in Luxembourg and beyond.”

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments, which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. More information on EIF's work under the EFSI is available here.

About BCEE

Founded in 1856, BCEE, the Luxembourg State and Savings Bank, is the doyen of the country's financial institutions and one of the cornerstones of the financial community. BCEE's assets are entirely owned by the Luxembourg State, making it the only major financial institution in the country without foreign shareholders. Today, BCEE is a full-fledged universal bank and offers the complete range of services that a national and international clientele can expect from its financial intermediary. With 64 branches, of which 11 are finance centres, BCEE has the largest network in the Grand-Duchy and also plays an important role in the industry and the SME sectors.

About the Investment Plan for Europe

The Investment Plan for Europe - the Juncker Plan - focuses on boosting investments to create jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects. The European Fund for Strategic Investments (EFSI) is the central pillar of the Juncker Plan. It provides a first loss guarantee, allowing the EIB group to invest in more projects. The projects and agreements approved for financing under the EFSI so far are expected to mobilise more than EUR 344 billion in investments and support around 787,000 SMEs across all 28 Member States. The latest figures on EFSI by sector and country can be found here.

About InnovFin

The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between EUR 25,000 and EUR 7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by EIF against a proportion of their losses incurred on the debt financing covered under the facility.

Press contacts:

EIF:
David Yormesor
Tel.: +352 24 85 81 346
E-Mail: d.yormesor@eif.org

Banque et Caisse d'Épargne de l'État, Luxembourg: 
Marco Rasqué Da Silva
Tel. +352 4015-2075
E-Mail: m.rasque@bcee.lu

European Commission:
Sophie Dupin de Saint-Cyr
Tel. + 32 (0)2 29 56 169
E-Mail: sophie.dupin-de-saint-cyr@ec.europa.eu

 

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