The German Finance Minister, Wolfgang Schäuble, and the Economy Minister, Philipp Rösler, and his Spanish colleagues in Economics and Competitiveness, Luis de Guindos, and Industry, José Manuel Soria, today presented in Berlin an agreement to finance small and medium-sized companies in Spain, for a total of 1.6 billion euros. The German credit institute KfW and the Spanish ICO will contribute 800 million euros each. The agreement has been signed today by the presidents of both institutes, Ulrich Schröder and Román Escolano, respectively.
The agreement aims to address the problems of financing and liquidity of SMEs and improve access to credit for these types of companies. Specifically, the contribution of 800 million euros from KfW will reach Spanish SMEs through the ICO Mediation Lines with the intermediation of the collaborating entities.
During the event, Minister Wolfgang Schäuble said that “with the loan we want to support Spanish SMEs and facilitate the financing of companies with a solid business model and growth prospects. These companies must be able to re-expand their workforce and, above all, create jobs for young people and training positions. ”
The head of the Economy, Philipp Rösler, said for his part that “the loan is good news for Spanish SMEs and a good sign for Europe. In this way we improve and facilitate financing conditions, support companies and, consequently, jobs and training in Spain. As in Germany, SMEs in Spain have a capital importance for growth and well-being. ”
The Spanish Minister of Economy, Luis de Guindos, stressed that “Spain has made great efforts to return to the path of growth and job creation. The result today is a competitive economy with great potential. There are, however, important challenges such as the fight against unemployment. The agreement signed today is an important support for small and medium enterprises that are the largest source of jobs. ”
The Minister of Industry, Energy and Tourism, José Manuel Soria, highlighted “the Government's support for SMEs, which make up the majority of the Spanish business fabric and therefore play an important role in job creation. This agreement will help alleviate one of the main current problems, access to financing. Europe has to eliminate national borders to the financing of companies that the crisis has caused, especially to SMEs. ”
As in Germany, SMEs have a determining importance for the Spanish economy. The program implies that Spanish SMEs take advantage of both the strengthening of the ICO lines and the advantageous refinancing conditions of the KfW. The agreement signed today is part of the Spanish Government's strategy to ensure that European instruments support SMEs. The project was announced at the end of last April by Ministers De Guindos and Schäuble in Granada.