ING Belgium to make up to €214 million in extra financing available for Belgian SMEs through EIF and InvestEU
ING Belgium has signed a guarantee agreement with the European Investment Fund (EIF) to support projects in the field of sustainability, innovation and digitalisation. A total guaranteed portfolio of up to 214 million euros has been allocated in order to boost access to finance for Belgian businesses. The transaction is supported by the InvestEU programme, which aims to mobilise over €372 billion in additional investment for EU policy priorities over the 2021-27 period. ING is now accepting applications from business customers looking to accelerate their sustainable transition and growthi.
Under the guarantee agreement, two thirds of the guaranteed portfolio will be made available to support the financing of sustainable projects such as energy-efficient renovations, renewable energy production or environmentally-friendly mobility, while the other third will be devoted to innovation or digitalisation projects.
“Many Belgian companies are now moving up a gear in terms of sustainability, innovation and digitalisation. This requires not only vision and decisiveness, but also investment and financing. We are delighted to have reached an agreement with the EIF to provide a guarantee envelope of 214 million euros to give Belgian SME’s and small midcaps easier access to credit for sustainable and innovative investments. We would like to thank the EIF for the confidence it has shown in us over many years,” said Peter Göbel, Head of Business Banking at ING Belgium.
European Commissioner for the Economy Paolo Gentiloni said: "Small and medium-sized businesses are a key driver for Europe's growth. I am delighted that with this agreement, backed by the InvestEU programme, SMEs in Belgium will receive financing support to invest in sustainability, innovation and digitalisation. This will not only contribute to advancing the digital and green transition, but also create jobs in the process.”
“Transactions like this one are testimony to the important role the financial world has to play when it comes to key topics like sustainability and energy efficiency.” commented Roger Havenith, Deputy Chief Executive of the EIF. “This is the largest single sustainability transaction we have signed in Belgium so far, and we are happy that ING shares our sense of urgency when it comes to this topic.”
ING Belgium will inform its customers about the details of the guarantee in accordance with its legal requirements.
i See ing.be for general terms and conditions.
About ING
ING Belgium is a universal bank that provides financial services for private individuals, businesses and institutional customers. ING Belgium S.A./nv is a subsidiary of ING Group N.V. via ING Bank N.V. (www.ing.com).
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is to empower people to stay a step ahead in life and in business. ING Bank’s more than 58,000 employees offer retail and wholesale banking services to customers in over 40 countries. ING Group shares are listed on the Amsterdam (INGA NA, INGA.AS), Brussels and on the New York) Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING's Environmental, Social and Governance (ESG) rating by MSCI was affirmed 'AA' in September 2022. As of August 2022, Sustainalytics considers ING’s management of ESG material risk to be ‘strong’, and in June 2022 ING received an ESG rating of 'strong' from S&P Global Ratings. ING Group shares are also included in major sustainability and ESG index products of leading providers Euronext, STOXX, Morningstar and FTSE Russell.
About the European Investment Fund (EIF)
The European Investment Fund (EIF) is part of the EIB Group. It supports Europe's SMEs by improving their access to finance by designing, promoting and implementing equity and debt financing instruments targeting small business. Under the InvestEU programme the EIF supports European projects, which foster entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment.
About the InvestEU programme
The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union's policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.