These transactions have the backing of the European Fund for Strategic Investments (EFSI) which is at the heart of the Commission’s €315 billion Investment Plan for Europe.
The InnovFin agreements signed today, which receive financial backing from the Horizon 2020 programme, will make it possible for Banco Internacional do Funchal (Banif), Banco Comercial Português (Millennium bcp) and Novo Banco to offer innovative companies in Portugal additional financing totalling €420 million over 2 years at favourable conditions.
Welcoming the new agreements, Commissioner Carlos Moedas, responsible for Research, Science and Innovation said: “I am honoured to welcome this deal backed by the European Fund for Strategic Investments and Horizon 2020. This is an important EU contribution to the benefit of innovative companies in Portugal that will have access to €420 million in new loans over the next two years. Portugal has a fantastic innovation potential and this deal will help more companies invest in innovative ideas and business projects. In doing so, we are investing in the economic growth of Portugal and the EU.”
Loans will be supported by an EIF guarantee under the “EU InnovFin finance for Innovators” initiative with financial backing from the European Commission’s Horizon 2020 programme. The agreements signed today in Portugal will make it possible for Banif, Millennium bcp and Novo Banco to offer innovative companies additional financing at favourable conditions.