The European Investment Bank (EIB) offered 2.5 billion euros (about 3.6 billion U.S. dollars) in 2009 to help small businesses and local authorities in Spain, an increase of 55 percent
compared with 2008, according to a press released issued here on Monday.
The money was provided in 16 credit lines for financing the investment projects of small- and medium-sized enterprises (SMEs) and infrastructure projects of local authorities in a
time of economic hardship, the press release said.
The credit lines for local authorities aimed to improve public services while creating jobs during the construction period, it said.
"This large amount of credit made available to Spanish SMEs and local authorities -- 55 percent more than in 2008 -- is especially important at a time of difficult access to credit and makes clear the Bank's commitment to helping SMEs and local authorities, whose investment is proving to be
essential to economic recovery," said Carlos da Silva Costa, the EIB vice president responsible for operations in Spain.
The loans were managed by Spanish financial institutions which provided the same amount of money to SMEs and local authorities according to agreements signed with the EIB.
Created in 1957, the EIB operates in the 27 EU member states and more than 130 countries worldwide. It raises substantial volumes of funds on the capital markets which it lends on favorable terms to projects furthering EU policy objectives.