The European Investment Bank (EIB) is lending €100m to Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse A.G. (BAWAG P.S.K.) to finance small and medium-sized projects across Austria.
Using up to half of EIB funds, BAWAG P.S.K. will support projects implemented by SMEs (with fewer than 250 employees) and mid-cap companies (max 3.000 employees), especially in the areas industry, infrastructure and services, including tourism.
The residual amount will be used to support priority investments in the public infrastructure sector covering energy and environment, health and education and development of the knowledge based economy.
The current loan continues the successful cooperation between the EIB and BAWAG P.S.K, which ranks among the five largest banks in Austria and is the leading retailbank for the middle-income market.
EIB has already provided thirteen credit lines to BAWAG P.S.K, amounting to €512m supporting smaller investments.