CEB supports MSMEs in the Czech Republic and the Slovak Republic with a € 100 million loan
17 Mar 2017
The Council of Europe Development Bank (CEB) approved today a € 100 million programme loan to SG Equipment Finance Czech Republic for job creation and improving living conditions in the Czech Republic and the Slovak Republic.
Micro, small and medium-sized enterprises (MSMEs) employ more than a half of the total workforce in Czech and Slovak economies, as well as more than two-thirds of those employed in the private sector. It remains crucial to support the creation of additional jobs in this segment by contributing to improved access to finance and reduced borrowing costs.
The CEB loan is expected to finance more than 600 MSMEs, mostly in manufacturing and transportation sectors.
CEB funding will also contribute to revitalisation of public infrastructure in urban and rural areas by supporting investments from regional and local government entities, and private entities providing public services.
Set up in 1956, the CEB (Council of Europe Development Bank) has 41 member states. Twenty-two Central, Eastern and South Eastern European countries, forming the Bank's target countries, are listed among the member states. As a major instrument of the policy of solidarity in Europe, the Bank finances social projects by making available resources raised in conditions reflecting the quality of its rating (Aa1 with Moody's, outlook stable, AA+ with Standard & Poor's, outlook stable and AA+ with Fitch Ratings, outlook stable). It thus grants loans to its member states, and to financial institutions and local authorities in its member states for the financing of projects in the social sector, in accordance with its Articles of Agreement.