The Crédit Agricole Group and EIB Group are working together to support French SMEs and ISEs

The Crédit Agricole Group and EIB Group, comprised of the European Investment Bank and its subsidiary the European  Investment  Fund,  are  working  together  to  support  French  SMEs  and  ISEs  by  injecting  over €1.1 billion in new funding into the economy through two operations. 

The EIB, EIF and Crédit Agricole have finalised the first large-scale operation under the European Investment Plan (Juncker Plan). Through a synthetic securitisation carried out by Crédit Agricole CIB, the EIB Group has provided French SMEs and ISEs with a €830 million subsidised financing package that will be disbursed over 3 years by the Crédit Agricole regional banks, consolidated by an additional €100 million refinancing package. The second operation is part of the EIF’s InnovFin SME Guarantee Facility programme. This agreement between Crédit Agricole Leasing & Factoring and the EIF covers equipment lease financing and provides a guarantee facility of €200 million over two years, earmarked for innovative ISEs and SMEs.  

For Dominique Lefebvre, Chairman of Fédération Nationale du Crédit Agricole and Crédit Agricole S.A., “These major, innovative operations aimed at promoting French businesses have strengthened the ties between the Crédit Agricole Group and the EIB Group. Through the combined efforts of several Group entities, more than €1.1 billion will be added to Crédit Agricole's initiative to fund SMEs and ISEs.” 

For Ambroise Fayolle, Vice-President of the EIB, “This large-scale partnership with Crédit Agricole reflects our strong determination to support businesses. Thanks to the European security provided by the Juncker Plan and a set of innovative and attractive financing tools, we are in a position to step up our support of French companies and their efforts to expand their business. Supporting SMEs and ISEs is a top priority for the EIB Group, as they represent a key sector of the EU economy, with 23 million companies employing some 75 million people. SMEs and ISE are responsible for creating nearly one out of every two jobs.” 

Finally, for Pier-Luigi Gilibert, Chief Executive of the EIF: “These operations mark a major milestone in the development of the EIB Group, giving rise to the first synthetic securitisation and the first InnovFin agreement with Crédit Agricole CIB and Crédit Agricole Leasing & Factoring, respectively. The EIF welcomes this opportunity to work with the EIB and the Crédit Agricole Group, because the regulatory capital freed up will be redistributed in part to issue new loans to French SMEs-ISEs and in part allocated to innovative SMEs-ISEs. The EIF's investment and structuring expertise, combined with the efficient allocation of EFSI funds by the EIB, offers an optimal solution to the Crédit Agricole Group, which will serve to expand funding to the real economy. This cooperation between the EIF and the Crédit Agricole Group demonstrates how well the EFSI and InnovFin work together and make each other stronger, all in the interest of helping SMEs and ISEs grow and create jobs.” 

For more information, read the press release below:

17.01.2018

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