The European Investment Fund and Caixa Geral de Depósitos sign InvestEU-backed guarantee agreement to provide €378 million of financing for SMEs in Portugal

• The agreement includes seven new credit instruments and it is part of the European Union´s InvestEU program

Caixa Geral de Depósitos (CGD) and the European Investment Fund (EIF) signed a guarantee agreement to mobilize up to €378 million in new credit lines to improve access to finance for Portuguese small and medium-sized companies (SMEs).

The agreement, supported by the InvestEU program, aims to leverage the financing of eligible companies in Portugal and targets 7 thematic areas: Sustainability, Innovation, Social Economy, Cultural and Creative Sectors, Skills and Education, Competitiveness and Microcredit.

The operations will benefit from a guarantee of between 50% and 80% from the EIF and have a maximum maturity of 12 years. The maximum funding amounts vary depending on the sector, and may reach, in the case of Sustainability and Innovation, €7.5 million.

The multi-sector credit lines (Caixa InvestEU Green, Caixa InvestEU Inovação, Caixa InvestEU Start) will support investments that contribute to the green and sustainable transformation of SMEs, the adoption of digital technologies and the digital transformation of companies, promoting transference of technologies and research results for the market and supporting investments that contribute to the development of activities and the competitiveness of new companies (Start-ups).

The activities of Private Institutions of Social Solidarity (IPSS) and of the public entities that promote objectives of a social nature will be supported through Caixa InvestEU IPSS, while entrepreneurship and activities that generate income, especially for people who intend to create or develop a microenterprise, will be available through Caixa InvestEU Social Projeto. Caixa InvestEU Cultura Criativa will support projects in the Cultural and Creative Sectors. The education sector and the training needs of SMEs will benefit from the credit facility Caixa InvestEU Competências e Educação.

Paulo Moita de Macedo, Chairman of the Executive Committee of CGD, states that “These credit facilities that CGD just launched associated with guarantees from the EIF are important for coping with the financing needs of micro and small Portuguese companies that face rapid transformations in the market, in areas that are fundamental for their present and future growth.”

Marjut Falkstedt, Chief Executive of the EIF, stresses that “I am delighted to be signing this InvestEU-backed agreement with Caixa Geral de Depósitos to support micro and small businesses in Portugal. The diverse credit lines will help fuel the transformation of small business in key areas such as innovation, sustainability, and the social economy”.

Ricardo Mourinho Félix, Vice-President of the EIB, stated that: “It’s essential to support SMEs with investments that provide a pathway to a desirable digital transformation. This ability to unlock important growth is key to companies whose mission is to innovate and boost the green transition, generating growth and creating jobs”.

Paolo Gentiloni, European Commissioner for the Economy, says that “Small and medium-sized businesses have long been Europe’s driving force for growth and job creation. This investment can also enable them to be a major contributor to a green, digital and inclusive economy. I am proud that, thanks to this agreement, InvestEU is playing a crucial role in providing businesses in Portugal with the finance they need to fulfill their potential”.

Background information

The EIF is part of the European Investment Bank Group. Its core mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by helping them access finance. The EIF designs and develops venture capital, guarantees and microfinance instruments specifically aimed at this market segment. In this role, the EIF advances the EU's objectives of supporting innovation, research and development, entrepreneurship, growth and jobs.

The InvestEU Program aims to finance sustainable investments, innovation and job creation in Europe. It supports the funding of the European Union's political priorities, such as the European Green Deal and the digital transition. The InvestEU program brings together several EU financial instruments, making the financing of investment projects simpler, more efficient and more flexible. The program consists of three components: the InvestEU Fund, the InvestEU advisory platform and the InvestEU portal. Under the program, the InvestEU Fund is implemented through financial partners who invest in projects using the guarantee of the EU budget, thus mobilizing at least €372 billion of additional investment.

Caixa Geral de Depósitos, is the Portuguese leading financial group with more than 143 years and sound international presence. CGD’s mission consists of creating value for the Portuguese society, by providing quality banking services to individuals and companies, thus contributing for the well-being of Portuguese families and for the development of the corporate sector, while generating and adequate return to the shareholder. CGD’s ensures clients have access to diversified array of quality financial products and services, with special emphasis on savings and medium and long term credit solutions, based on an efficient corporate governance model and respect for the highest ethical standards.

Press contacts 

EIB Group
Maite Cordero | m.corderomunoz@eib.org | tel.: +34 606 66 82 62
Filipe Carvalho | f.carvalho@ext.eib.org | tel.: +351 96 507 21 07
Website: www.eib.org/press | Press Office: +352 4379 21000 — press@eib.org 

Caixa Geral de Depósito
sLuís Goldschmidt - Press Officer
Tel: +351 963001680 – Luis.goldschmidt@cgd.pt