January 31 (SeeNews) - Slovenia's SKB Group, part of France's Societe Generale, said on Wednesday the European Investment Bank has agreed to lend it 50 million euro ($62.3 million) to finance projects of small and medium-sized companies and midcap businesses.
The financing will support around 500 small corporate investments projects in Slovenia, while a part will be allocated under the Jobs for Youth (JfY) Initiative to small and medium-sized enterprises (SMEs) and mid-caps employing people under the age of 30, SKB said in a statement filed with the Ljubljana bourse.
EIB funds will co-finance projects of companies offering vocational training, internships and/or training programmes for young people, or having a cooperation agreement with technical colleges, schools and universities.
Over the past nine years, the EU bank has provided SKB Group with four loans totalling 250 million euro, including the current transaction, to improve the access of Slovene SMEs and MidCaps to long term loans provided under favourable terms.
"The EIB again joins forces with a well established partner in Slovenia – SKB - to address financial needs of SMEs and midcaps. This is important as small businesses are an engine for growth and job creation," EIB vice-president Vazil Hudak said.
"In addition, this is the first operation in Slovenia under the Job for Youth Initiative designed to help increase the employment of young people to provide them with a better life perspective," Hudak noted.
SKB Group consists of SKB Bank, SKB Leasing and SKB Leasing Select. Since 2001, SKB has been a member of the Societe Generale Group, one of the largest European financial services entities.
($=0.802860 euro)