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Caixa Geral de Depósitos, EIF to boost Portuguese SMEs' access to funding

Portuguese state-owned bank Caixa Geral de Depósitos SA and the European Investment Fund signed a guarantee agreement on a €200 million loan portfolio in a move aimed at boosting funding for small and medium-sized businesses in the country.

Caixa Geral de Depósitos will provide loans on favorable terms to innovative businesses and small mid-caps for the next two years as part of the "Innovfin" agreement. The EIF's guarantee will have financial backing from the EU's research and innovation program, Horizon 2020, with the support from the bloc expected to benefit 1,250 Portuguese firms.