27.12.2004
Bank Millennium Concluded a Loan Agreement with the European Investment Bank
Bank Millennium SA has now concluded a framework loan agreement with the European Investment Bank (EIB) under which the latter will open a 100 million EUR credit line for co-funding small and medium-sized investment projects carried out by Bank Millennium clients.
Soon the following clients will be eligible for the credit line proceeds:
- small and medium-sized enterprises (SMEs), i.e. companies which satisfy among others the criterion of employing no more than 500 people and with net fixed assets no higher than EUR 75 million
- local governments and enterprises carrying out projects connected with the development of local infrastructure (broadly conceived, a .o. road construction and rehabilitation, environmental protection, urban transport development, energy, education and health service)
The total value of particular EIB-co-financed projects must not be lower than the equivalent of EUR 40 thous. and not higher than 25 million EUR, and the EIB loan share must not exceed 50% of value of the investment outlays (however, the balance can be financed by Bank Millennium). If a given project is also funded from other European funds – the sum total of the funds from such source and from the EIB loan must not be higher than 90% of the investment amount.
Loans will granted for a period from 4 up to 12 years (to 15 years in the case of infrastructural investments). Bank Millennium clients will be able to take them in zloties, euro or in other convertible currencies at a fixed or floating interest rate.