Spain: Fostering economic recovery
The CEB is boosting job creation in Spain by providing a € 280 million loan to Instituto de Crédito Oficial (ICO), Spain’s public development financial institution, to partially fund its lending to micro, small and medium-sized enterprises (MSMEs).
Spain
continues to struggle with the second highest unemployment rate in the EU at
24% (as of July 2014), and the highest youth unemployment rate at 54%.
MSMEs are a major contributor to employment in Spain and play a vital role in the country’s current efforts to foster economic recovery and sustain employment.
Through the provision of often scarce financial resources, the CEB’s loan will facilitate access to cost-effective funding for the financing of longer term productive investments, enhancing MSMEs’ competitive position and reinforcing their ability to create and maintain jobs.
The loan is expected to finance at least 4 300 sub-projects throughout Spain, bringing manifold social and economic benefits.
It builds on a successful € 300 million
CEB programme with ICO, approved in 2013 by the Administrative Council.