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EIB, Millennium have €150M to finance companies affected by the forest fires...


EIB, Millennium have €150M to finance companies affected by the forest fires... 

The European Investment Bank (EIB) and Millennium bcp joined forces to foster economic growth and employment creation in the areas impacted by the forest fires that spread in the north and centre of Portugal in 2017.

The EU Bank has granted a €75M loan to Millennium bcp to provide financing in advantageous conditions to companies affected by the wildfires. Under the agreement, Millennium bcp undertakes to match the loan with at least the same amount. Therefore, the final funds provided to facilitate economic recovery in the affected areas will reach €150M.

A ceremony to ratify the contract was held last week in Lisbon with EIB Vice-President Román Escolano and Millennium bcp’s Executive Vice President João Nuno Palma. João Nuno Palma said that “with this new credit facility, Millennium bcp offers its customers an exclusive solution in Portugal for equipment acquisition, re-building of facilities or working capital needs, enabling the faster recovery of business activity of the companies affected by the fires that devastated Portugal in 2017. We reiterate our positioning as a close Partner of Companies, at all times and in all phases of their life”.

This new loan reinforces the long-standing relationship between Millennium bcp and the EIB to support small and medium-sized Portuguese companies. A previous €250M loan was signed in June 2017 to facilitate access to credit for SMEs and midcaps located in Portugal. In 2017, the EIB Group delivered €29,6B for small businesses, reaching 285,800 companies throughout Europe. In Portugal, also last year, the EIB Group signed loan or guarantee agreements totalling €1,9B, including €1,02B that contributed to supporting more than 6,600 Portuguese SMEs.

 

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2017 – Millennium bcp supports victims of the fires in the central region of the country