Tag Archives: Román Escolano

EIB supports Argentina SMEs

The positive impact of this loan will be its contribution to private sector economic development in Argentina, granting credit to businesses to provide liquidity to all productive sectors. The operation signed today shows the EU’s commitment to working with Argentina and our steadfast support for its economic reforms.” Said at the signing ceremony, EIB Vice-President Román Escolano.

The operation signed in Buenos Aires is the EIB’s first with the Argentine Republic since 1996.

The Argentine Bank of Investment and Foreign Trade will manage the funds

The European Investment Bank (EIB) will provide USD 71m to the Argentine Republic to finance investment in Argentine small and medium-sized enterprises (SMEs). This liquidity will enable them to continue growing and creating jobs in the country. EIB Vice-President responsible for Latin America Román Escolano and Argentine Minister of Finance Luis Caputo signed the USD 71m loan today in Buenos Aires. It will enable the EU bank to assist Argentine businesses via the Bank of Investment and Foreign Trade (BICE), which will manage the funds and provide at least an additional USD 71m.

The operation signed today is the EIB’s first with the Argentine public sector since 1996. The EU bank began operations in Argentina in 1994, and since then has signed 13 operations in the public and private sectors aiming to support the country’s economic growth. The loan granted today is intended to foster productivity in Argentine SMEs, which are the main drivers of the national economy and will be able to benefit from the favourable borrowing conditions provided by the EIB in terms of both maturities and interest rates.

Argentine Minister of Finance Luis Caputo highlighted the EIB’s support for granting loans to SMEs. “Recovering the world’s trust in Argentina is a central pillar of the strategy of the Government and this Ministry. This work has made it possible for us to obtain good financing terms for SMEs and entrepreneurs.”

The funding secured with the EIB will enable us to achieve our goal as a development bank: promoting financial inclusion and extending the maturities of the loans used to finance businesses across the country. We will steer these funds into loans granted directly or via our second-tier channel, where they will be used to finance productive investment, exports and renewable energy projects promoting sustainable growth,” said BICE President Pablo Garcia.

The EIB loan signed today with the Argentine Republic is covered by the EU guarantee agreement and is granted under the EU Latin America lending mandate 2014-2020.

The EIB Vice-President responsible for Latin America is in Argentina as part of a visit to several countries in the region, where he has signed other related agreements to drive economic, social and environmental development.

 

EIB-NAFIN supports climate action projects in Mexico

“The EIB is pleased to sign this USD 100 million loan with NAFIN to support climate action projects in Mexico today.  With this financing operation, one of the first ones between EIB and Mexico’s public sector, EIB and NAFIN are initiating a strategically important cooperation that will provide further support to sustainable energy solutions across the country and thereby help Mexico and the EU contribute to the fight against climate change.” Said Román Escolano, European Investment Bank Vice-President overseeing operations inter alia in Latin America.

The European Investment Bank (EIB) and Nacional Financiera (NAFIN), one of Mexico’s leading development banks, have signed a USD 100 million loan to support climate action projects in Mexico.

The loan to NAFIN will be on-lent to private sector borrowers to develop wind farm projects, including one 200 MW farm located in the State of Coahuila, northern Mexico and a 130 MW farm in the State of Zacatecas.

The development of wind energy in Mexico supports national targets for renewable energy generation and contributes to the Bank’s Renewable Energy and Energy Efficiency and Climate Action objectives.

EIB Vice-President, Román Escolano, is in Mexico to meet with Government officials, including the Ministry of Finance, Banobras and NAFIN.

Jacques Rogozinski, General Director of NAFIN said: “We are very happy with the signature of this loan, since it contributes to the strengthening of NAFIN’s green strategy and helps us move forward in achieving Mexico’s climate goals. This financing agreement is also a great example of how working with international partners, such as the EIB, in addressing common goals has an enhanced impact, particularly in an area of great relevance as tackling climate change. This USD 100 million loan is a milestone in NAFIN’s prosperous relationship with the EIB, and I am pleased that we will continue working together to support capacity building and to promote more sustainable projects in Mexico”.

This new loan was signed following the signature of a Memorandum of Understanding (MoU) in March this year, setting out to strengthen the cooperation and collaboration between the EIB and NAFIN.

Nacional Financiera (NAFIN) is one of Mexico’s development banks, fully owned by the Mexican government. NAFIN’s mission is to contribute to the economic development of the country through facilitating the access of SMEs and entrepreneurs to financing and other services for business development, as well as supporting priority projects of the Federal Government, including clean and renewable energy projects. NAFIN is key to promoting the Mexican government’s policies for expanding economic and social development in Mexico with the primary objective of generating jobs and regional growth by strengthening and modernizing SMEs.

With EUR 75 billion of investments in 2016, the EIB, the Bank of the European Union, is the largest international financial institution in the world.  It dedicates some 10% of its lending and financing to support investment projects outside of the European Union.

The European Investment Bank has supported development and economic activity in Latin America with loans and equity investments worth EUR 7 billion since its first operation in the region in 1993. In Mexico, the EIB has provided a total of EUR 646 million to projects, including in the energy and small business sectors and industry.