Brussels, 7 March 2023
The European Investment Fund (EIF) and Santander Portugal have signed a guarantee agreement, supported by the InvestEU programme, for up to €250 million in loans. The targeted financing will benefit Portuguese businesses in the areas of i) sustainability, ii) education and iii) culture and creative sectors.
EIF guarantee products under InvestEU signed with Santander include the Sustainability Guarantee, the Skills and Education Guarantee, and the Cultural and Creative Sectors Guarantee. The EIF Sustainability Guarantee supports projects that contribute to climate change mitigation and adaptation to a more sustainable, circular and carbon-neutral economy. The EIF Skills and Education Guarantee has been set up to finance educational, training and re-qualification projects, in order to attract and qualify more people for the labour market. Finally, the EIF Cultural and Creative Sectors Guarantee aims to support companies that invest in these areas (such as restoration, libraries, press, architecture, performing arts and audiovisuals).
Paolo Gentiloni, Commissioner for the Economy, said:
“Thanks to this significant agreement, InvestEU will help businesses in Portugal to unlock up to a quarter of a billion euros in funding. This financing will support multiple aspects of the green transition, develop skills and boost the creative and cultural sectors. This is great news for Portuguese firms and workers as they navigate the current challenging economic conditions.”
The InvestEU programme provides the EU with long-term funding by leveraging private and public funds in support of EU policy priorities. As part of the programme, the InvestEU Fund is implemented through financial partners who will invest in projects using the EU budget guarantee and thus mobilising at least €372 billion in additional investment.
A press release is available online.
Source – EU Commission