Investment Plan supports small businesses in Poland and farmers in Romania

The European Investment Bank (EIB) Group has signed two new financing agreements in Poland and Romania that benefit from the guarantee of the European Fund for Strategic Investments. In Poland the EIB Group is providing financial backing worth €450 million to Santander Bank Polska Group allowing it to lend up to €625 million of funding to companies impacted by the coronavirus crisis. Executive Vice-President Valdis Dombrovskis said: “The EU continues to provide financial support to small and medium sized companies, in light of the enormous pressure the coronavirus pandemic is placing on SMEs. I welcome this financing agreement between the EIB and Santander Bank Polska Group, which will help to lighten the burden for hundreds of businesses in Poland.” In Romania, the EIB and the European Bank for Reconstruction and Development are providing new financing of €7.5 million and €5 million respectively to Agricover Credit IFN, expanding Romanian farmers’ access to finance. Commissioner for the Economy, Paolo Gentiloni, said: “To recover from the economic consequences of the coronavirus pandemic, we must continue to promote European solidarity. Working together with the European Bank for Reconstruction and Development and the European Investment Bank, the Commission is proud to support this financing deal with Agricover Credit, aimed at protecting farmers in Romania.” As of June 2020, the European Fund for Strategic Investments has mobilised €514 billion of investment across the EU, including €22.3 billion in Poland and €4 billion in Romania, and supported 1.4 million start-ups and small and medium-sized businesses.