Banco Sabadell and EIB to support Spanish SMEs

Spains Banco Sabadell and the European Investment Bank (EIB) have signed an agreement to open a 200 million credit line to Spanish SME-sized firms. The agreement covers both loans and leasing contracts to meet the financial needs of local small and medium-sized companies for investments in fixed assets to cover the costs of financing needed to ensure their growth. The agreement follows a larger plan approved by the EIB in September to earmark 15 billion over the period 2008-2009 for loans to SMEs throughout Europe granted via commercial banks and their leasing subsidiaries.