EIB and OP boost access to finance for Finnish companies
OP is part of Finland's financial services group, OP Financial Group. It is the first time that such a transaction is signed with a Finnish bank.
The agreement was made possible by the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, which was launched by the EIB Group and the European Commission to boost the competitiveness of the European economy.
Although Finland is one of the most developed and competitive economies in Europe, medium-sized companies, especially innovative businesses, still consider financing as an obstacle to development and growth in some situations.
The EIB support for OP targets this market need by improving their long-term access to finance, to stimulate investment and employment.
The guarantee agreement allows OP to create a new loan portfolio of EUR 300m for companies with a minimum turnover of EUR 30 m. The EIB will take up to 50% of the risk of this new portfolio. ■