#JunckerPlan supports first #EuropeanInvestmentBank loan to social economy enterprise in #Spain

The European Investment Bank (EIB) is providing Spanish social enterprise ILUNION with €35 million in financing with the objective of creating jobs for people with disabilities and investing in improving energy efficiency.  This is the first loan made by the EIB to a social economy enterprise in Spain and it receives the backing of the Investment Plan for Europe, the Juncker Plan.

The project is expected to create 200 new jobs. The agreement was signed in Brussels on Tuesday afternoon by Vice-President of the EIB, Emma Navarro, and President of ILUNION, Alberto Durán, during a ceremony attended by Commission Vice-President Jyrki Katainen, and President of the ONCE Group, Miguel Carballeda. The financing will go towards renovating the group's chain of industrial laundrettes to incorporate more energy-efficient technologies, building a new hotel in Spain while renovating its existing ones, and developing of a range of devices to improve the lives of people with any type of disability.

Jobs, Growth, Investment and Competitiveness Vice President Jyrki Katainen said: "The project shows perfectly what the European Fund for Strategic Investments was created to support: it is highly innovative, promoting social inclusion, energy efficiency and job creation. ILUNION's success shows us once more that doing good and running a successful business are perfectly compatible. The Commission has put forward a pillar of social rights and is committed to increasing social investment, and this project is the embodiment of this commitment. And we aim to do even more to support the social economy in the future through the InvestEU Programme."

As of September, the Juncker Plan has mobilized €38.7 billion of new investment in Spain and €344bn across the EU. Full press release can be found here.

Share this article: