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Portugal’s strategic businesses get credit boost with €150 million EIB guarantee for Caixa Geral de Depósitos
PRESS RELEASE
2024-475-EN
28 November 2024
Portugal’s strategic businesses get credit boost with €150 million EIB guarantee for Caixa Geral de Depósitos
The European Investment Bank (EIB) is offering Portuguese bank Caixa Geral de Depósitos (CGD) a €150 million guarantee to increase financing for strategic industrial sectors in the country. The EIB move will help CGD expand lending to mid-caps and public entities in Portugal, mobilising projected new investments of up to €420 million.
Eligible companies in Portugal will benefit from lower interest rates, more generous financing volumes and less stringent collateral requirements.
Access to finance for mid-caps, which together with small and medium-sized businesses form the backbone of the Portuguese economy, promotes economic growth and employment. The new guarantee from the EIB also contributes to its cross-cutting cohesion objective because most beneficiaries are expected to be located in less developed regions.
“Caixa Geral de Depósitos is one of our most trusted partners in Portugal”, said Jean-Christophe Laloux, EIB Director General and Head of EU Lending and Advisory. “We are pleased to be working with them to support the long-term success of the Portuguese economy, for which the competitiveness and innovation of small companies and mid-caps is key.”
Francisco Cary, Executive Board Member of CGD, emphasised the importance of this new agreement in promoting the growth of Portuguese companies: ‘We have a long-standing and fruitful relationship with the EIB, and we both believe in the power of collaboration and partnership between Banks and Companies to achieve success. This new agreement reinforces our commitment and Vision for Corporate Banking: a proactive and collaborative approach, with financial solutions tailored to the specific needs of our companies, promoting a business environment geared towards sustainable growth. We will operationalise this new instrument as soon as possible, in order to get this support to Midcaps and the Public Sector.”
Background information
About the EIB
The European Investment Bank (EIB) is the European Union’s long-term financing institution owned by its Member States. It makes finance available for investment in order to contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The European Investment Bank Group (EIB Group) – comprising the European Investment Bank (EIB) and European Investment Fund (EIF) – signed a total of €2.1 billion in financing in Portugal in 2023. Almost half of this financing went to supporting small and medium-sized businesses and mid-caps. The EIB Group signed a total of €88 billion in new financing in 2023.
About CGD
Caixa Geral de Depósitos is the leading bank in Portugal and its mission is to create value for Portuguese society by providing quality banking services to individuals and companies, thus contributing to improving the well-being of Portuguese families and the development of the business sector.
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