• Financial institutions agree to increase the credit granted in 2012 by 10,000 million euros
  • Special attention will be given to credit for working capital and new investment projects

The Ministry of Economy and Competitiveness has signed today two agreements with the Spanish Banking Association (AEB) and the Spanish Confederation of Savings Banks (CECA) to favor the financing of small and medium enterprises with a commitment of 10,000 million euros of credits additional. The signing ceremony was attended by the Secretary of State for Economy and Business Support, Fernando Jiménez Latorre, the president of the AEB, Miguel Martín, and the president of the ECSC, Isidre Fainé.

The objective of the agreement is to favor the reactivation of credit to micro, small and medium enterprises, a sector that represents 99.88% of the business fabric and that plays a key role in generating employment and wealth in the Spanish economy. Together, the entities associated with the AEB and the ECSC undertake to make available to SMEs at least an additional 10,000 million euros of credit with respect to what was granted in 2012, with special attention to the financing of working capital and new investment projects .

It also stipulates the creation of a Monitoring and Coordination Commission with the objective of implementing the necessary actions for the execution of the agreement, as well as for monitoring the achievement of its objectives. This commission will consist of a representative of the Ministry of Economy and Competitiveness, who will also chair it, a representative of the Bank of Spain, and a representative of each bank employer.

This new financial commitment to boost financing for SMEs, included in the Spanish Economic Policy Strategy for 2013, reinforces the Government's commitment to favor financing for the productive sectors. This effort also frames the intense sanitation carried out by the financial sector, the measures aimed at favoring non-bank financing of companies and the strengthening of the ICO lines, which have an endowment of 22,000 million for this year.

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