If your proposal is accepted, you will be asked to sign a detailed contract called the Grant Agreement. The European Investment Bank (EIB) has granted a EUR 1 billion loan to the Instituto de Crédito Oficial to finance investments for SMEs and ETIs in Spain. President Werner Hoyer said: “By providing this new line of credit for SME financing, the EIB once again underlines the key role SMEs play in strengthening the competitiveness of the European economy by promoting sustainable and economic growth and employment.” ICO President Irene Garrido added: “I would like to underline the EIB`s continued support for the ICO and to thank the Bank for the confidence it has once again placed in the OIC and in Spain, convinced that this will undoubtedly help to improve the financing of Spanish small and medium-sized enterprises and to give a boost to the recovery already begun in the Spanish economy.” As part of the agreement, the ICO will cross-reference this EIB loan with the same amount. The total budget allocated to Spanish SMEs will therefore amount to 2 billion euros. This is the EIB`s third EUR 1 billion ICO loan since November 2013, with ico providing the same amount; the two previous financings have already been extended to more than 49,000 SMEs and ETIs during the 2013-2014 period. Intermediate and final payments are contingent on project results. It is important to report on the progress of your project in accordance with the reference schedule of the grant agreement. President Werner Hoyer and Vice-President Escolano of the European Investment Bank travelled to Spain today to meet with Spanish Prime Minister Mariano Rajoy and Economy and Competitiveness Minister Luis de Guindos. The meetings focused on the EU Bank`s commitment to the country and support for THE EU`s competitiveness. The 1 billion euro loan agreement was signed during the visit. This agreement once again marks the excellent cooperation between the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) over the years to support the access of small and medium-sized enterprises (SMEs) to the financing of their investments in Spain. signing a grant agreement and how payments are made. Subsidies are usually paid in several tranches over the life of the project.
Once you have signed the grant contract, you will receive a pre-financing that can be followed by one or more interim payments. You will receive the last payment after the project is completed. Vice-President Romén Escolano said he was “very pleased with this new EUR 1 billion loan to the ICO. This operation is a further step in our firm commitment to provide SMEs with the backbone of the European economy with much-needed funds at very favourable interest rates, and will help stimulate economic activity in a large number of sectors and regions across Spain. Find out what the steps are and access the project management tools. Pre-accession aid instrument (IAP) (2007-2013) The European Union spends about 10% of its budget on external action. We make funds available to our partner countries in the form of grants, contracts and budget support. We are also working hand-in-hand with international organisations, private institutions and EU Member States to increase the impact of our support.
. The EIB loan will provide SMEs and SMEs with long-term financing for their investment projects and credit lines on favourable terms. The underlying credits will finance investment projects in Spain of up to EUR 25 million for SMEs and up to EUR 50 million for small and medium-sized enterprises.