Under the new InnovFin agreement, CGD will provide loans on favourable terms with to innovative SMEs and small mid-caps for the next two years. EIF’s guarantee is provided under the initiative “EU InnovFin finance for Innovators” with the financial backing under Horizon 2020, the EU research and innovation programme. The EU’s support for this transaction is expected to benefit 1,250 companies.

European Commissioner for Research, Science and Innovation, Carlos Moedas, said: "With today's Juncker Plan agreement with Caixa Geral de Depósitos, an additional EUR 200 million is being made available to around 1,250 Portuguese companies in need of risk finance to help them grow and realise their ambitions. The EU is proud to continue supporting Europe's small businesses and innovators."

Speaking at the signing event in Lisbon, EIF Chief Executive, Pier Luigi Gilibert, commented: “I am delighted to be signing this InnovFin agreement, to support innovative Portuguese businesses. With Caixa Geral de Depósitos’ extensive branch network in Portugal, InnovFin finance will be deployed rapidly across the country ensuring that innovative SMEs and small mid-caps can develop and grow their businesses. In addition, to over EUR 1.5 billion under EFSI via Portuguese banks, we are pleased that more finance will be at businesses’ disposal”.

Caixa Geral de Depósitos Chief Executive Officer, Paulo Moita de Macedo, said: “Our ambition is to grow our credit concession to innovative SMEs.”

Background information:

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. More information on EIF's work under the EFSI is available here.

About Caixa Geral de Depósitos

CGD is the largest financial institution in Portugal, 100% owned by the Portuguese State, and is active in all areas of financial services, with reported market shares of 21% in lending and 26% in deposits. The support to innovation and to small and medium sized business (SMEs) is important to CGD. More information on Caixa Geral de Depósitos is available here

About the Investment Plan for Europe

The Investment Plan for Europe - the Juncker Plan - focuses on boosting investments to create jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment and providing visibility and technical assistance to investment projects. The European Fund for Strategic Investments (EFSI) is the central pillar of the Juncker Plan. It provides a first loss guarantee, allowing the EIB group to invest in more, often riskier, projects. The projects and agreements approved for financing under the EFSI so far are expected to mobilise more than €287 billion in investments and support around 635,000 SMEs across all 28 Member States. The latest figures on EFSI by sector and country can be found here.

About InnovFin

The InnovFin SME Guarantee Facility provides guarantees and counter-guarantees on debt financing of between €25,000 and €7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by EIF, and is rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by EIF against a proportion of their losses incurred on the debt financing covered under the facility.