The European Investment Fund (EIF) and Banque Internationale à Luxembourg SA (BIL) today signed an agreement to increase lending to innovative small and medium-sized enterprises (SMEs) as well as small mid-caps in Luxembourg. This is the first transaction in Luxembourg to benefit from the support of the European Fund for Strategic Investments (EFSI). The new agreement allows BIL to provide €60 million of finance to innovative companies in Luxembourg over the next two years. The loans will be backed by a guarantee of the EIF, enabled by the InnovFin initiative with financial backing from Horizon 2020, the EU's research and innovation funding programme.
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