BCP signs €100 million farming protocol
Portuguese bank Millennium bcp has signed two agreements, one with the Portuguese Industrial Association (AIP) and the other with the Portuguese Farmers Confederation (CAP) which will provide the sector with €100 million.
“With this we are strengthening our commitment to support Portugal’s company network with support of €120 million and €100 million respectively,” says the bank in a communiqué.
According to the CAP, BCP has signed up to open credit lines and/or guarantees up to €100 million aimed especially for: providing incentives and upfront money on the back of European community finance relative to the Pluriannual Financial Framework 2021-2027; opening up lines of specific credit support to help the cashflow of agricultural companies with factoring/leasing contracts and confirming; financial investment support and other building structure and farming machinery leasing.
The BCP explains that both agreements leverage capital which will come in over the next seven years as part of European Structural and Investment Funds directed at investment jobs creations, a sustainable and healthy European environment and essentially centred in areas such as research and innovation, digital technologies, support for the carbonless economy, sustainable management of natural resources and SMEs, with a special focus on those companies that adopt greener measures and require funding for digital transition.
On the back of funds received through these protocols, BCP says that it will use credit lines from the European Investment Fund (EIF) – Millennium EIF Cosme and EIF Innovation and others that will come via the EIF; and money from the European Investment Bank for SMEs in various sectors of the economy; the different lines of credit in Mutual Guarantee Societies; and credit lines made available from the Portuguese development bank Banco Português de Fomento.
“We know that you get further in good company and that these partnerships that we at Millennium bcp are signing emphasise our determination to be a bank for companies, the leading bank in helping the Portuguese economy and the bank for entrepreneurs,” said Miguel Maya, bank CEO.