Czech and Slovak businesses to get financing support with €400 million in EIB loans to Komerční banka and SGEF

November 29, 2024 by European Investment Bank Leave a Comment

This article is published in association with European Investment Bank.

The European Investment Bank (EIB) is lending a total of €400 million to two Czech financial institutions to spur the growth of small and medium-sized enterprises (SMEs) and Mid-Cap companies in the Czech Republic and neighbouring Slovakia.

The EIB loans of €200 million each to Komerční banka and SG Equipment Finance Czech Republic (SGEF) will facilitate access to finance for a range of businesses in both countries, bolstering the economy and job creation.

A portion of the funds is allocated to climate action and environmental sustainability, demonstrating EIB’s commitment to combating climate change. Support will go to projects that promote renewable energy and energy efficiency, including in transport, buildings and machinery. In addition, the loans will be directed towards initiatives that foster regional economic and social cohesion, with more than 90% of the financing unlocked by the EIB expected to benefit less developed areas.

“SMEs and Mid-Caps form the backbone of the European economy, and supporting their growth is one of our core priorities,” said EIB Vice-President Kyriacos Kakouris. “Through our partnership with Komerční banka and SGEF, we provide long-term, stable financing for innovative projects that drive green and digital transitions, strengthening Europe’s competitiveness.”

By blending EIB funding with resources from Komerční banka and SGEF, these initiatives will offer more favourable financing terms to beneficiaries and, by extension, improve their access to finance.

The EIB credit to Komerční banka will primarily finance investments by SMEs and Mid-Caps in the Czech Republic and Slovakia. A part of the loan is dedicated to climate action and environmental sustainability, including investments in solar, wind and biomass. The loan will also support housing cooperatives and associations of owners in improving the energy efficiency of large private-housing buildings.

“Our long-term cooperation with the European Investment Bank enables us to provide our clients with favorable financing for their business projects,“ said David Formánek, Board member for Corporate and Investment Banking at Komerční banka. „Thanks to the support of the EIB we can effectively contribute to the development of business and the strengthening of the economy in the Czech Republic,”

The EIB loan with SGEF will finance investments by SMEs, Mid-Caps, other private entities and public ones in the Czech Republic and Slovakia. A part of this loan is dedicated to climate action and environmental sustainability.

“It’s an absolute honour for us to have cooperated with EIB for such a long period,” said SGEF CFO Petr Němec. “Our decades-long partnership with EIB has brought attractive conditions to our Czech and Slovak clients, improving their competitive position. The invested billions of EUR have positively influenced the growth and development of both countries and helped shape the sustainability landscape.”

The two loans build on long-standing EIB collaboration with Komerční banka and SGEF that has led to better financing conditions for thousands of companies. Over the past 19 years, the EIB has provided significant funding to the two institutions, a total of €2.1 billion signed with SGEF since 15 July 2005, and a total of €1.2 billion with Komerční banka since 24 November 2006.

The EIB remains committed to fostering economic growth and sustainability in the Czech Republic and Slovakia through continued support for SMEs and Mid-Caps.

Background information

About EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB supports projects that make a significant impact on economic growth, innovation, and job creation. It is also one of the largest providers of climate finance, supporting projects that contribute to environmental sustainability and the fight against climate change.

About Komerční banka

Komerční banka, a.s. is the parent company of KB Group and a member of the Société Générale international financial group. KB ranks among the leading banking institutions in the Czech Republic, as well as in Central and Eastern Europe. It is a universal bank providing a wide range of services in retail, corporate, and investment banking. Member companies of Komerční banka Group provide additional specialised financial services, such as pension savings and building society schemes, leasing, factoring, consumer lending, insurance, and fintech services. These are accessible through KB’s branch network, its direct banking channels, the subsidiaries’ own sales networks, or networks of the business partners. The Bank also provides services in the Slovak Republic through its branch focused on serving corporate clients as well as through selected subsidiaries.

About SG Equipment Finance Czech Republic

Sóciété Générale Equipment Finance Czech Republic s.r.o. is a leading financial company in the Czech Republic and Slovakia, providing finance lease, operating lease and loans, including subsidy-based aid, to almost 5 000 clients. SGEF finances investments in industrial equipment, technology, freight and passenger vehicles, Healthcare and Green energy. SGEF reported new business totalling EUR 668 million (CZK 16 billion) in 2023. SGEF is part of the Société Générale international finance group.

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