CaixaBank’s MicroBank has signed an agreement with the European Investment Fund (EIF) €650m over the next three years.
The initiative is part of EIF’s Competitividad de las Empresas y las Pyme de la Comisión
Europea (COSME) which aims to cover part of MicroBank’s risk of giving access to microcredit.
The programme will provide funds for some 60,000 in Spain, who will be able to access credit up to €25,000, according to MicroBank’s estimate.
The European Investment Bank (EIB) also joined the agreement by lending €100m to MicroBank, which will be offered to its clients through its product range “Microcréditos BEI”.