The European Investment Bank (EIB) and the Official Credit Institute (ICO) are planning to sign a loan of 1,000 million euros tomorrow in Madrid to finance projects for SMEs and midcaps (medium-capitalization companies). This line of credit is the highest amount granted by the EIB to Spain for financing SMEs. The ICO, for its part, undertakes to contribute another 1,000 million euros for the same purpose.

The funds obtained will be used to finance investments, working capital and sale of goods and services of SMEs and midcaps. The term of each provision may be up to 12 years, with a maximum of four years of lack of principal. The interest rate may be fixed or variable, at the discretion of the ICO, and will be determined on the date of request for the provisions.

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