For several years, SID banka has been collaborating very successfully with EIF, of which it is also a shareholder, and regularly exchanges best practices with other promotional and development institutions in the EU. Today, EIF and SID banka, as the first developmental and promotional institutions in the Republic of Slovenia, are signing a Guarantee Agreement worth EUR 42 million of InvestEU guarantees. Under the Guarantee Agreement, EIF will provide two types of portfolio guarantees for new favorable loans by SID banka, with a total amount of EUR 72 million, intended for micro-enterprises and small and medium-sized enterprises. The key advantages of these loans are lower interest rates and lower collateral requirements.
Marjut Falkstedt (EIF's Chief Executive Officer) and Borut Jamnik (President of SID banka's Management Board)
By utilizing the EIF Sustainability Guarantee InvestEU, a new program called SID ZELEN (SID GREEN) will be available with a total amount of EUR 44.3 million. These loans will be covered by a 70% guarantee for those companies that qualify as sustainable or contribute to the green transition or sustainable economic development (e.g., climate change mitigation and adaptation, transition to a circular economy, pollution prevention and control, etc.). The maximum amount of favorable loans will be EUR 2 million, with the possibility of additional loans up to EUR 7.5 million or EUR 15 million, and a maximum maturity of 12 years.
By utilizing the EIF Innovation and Digitalization Portfolio Guarantee InvestEU, a new program called SID DIGITALEN (SID DIGITAL) will also be available with a total amount of EUR 27.5 million. These loans will be covered by a 40% guarantee and will be aimed at fast-growing or innovative companies, financing innovations (process, product, organizational), as well as investments in intellectual property and digitalization. Similarly, the maximum amount of favorable loans will be EUR 2 million, with the possibility of additional loans up to EUR 7.5 million or EUR 15 million, and a maximum maturity of 12 years.
Since 2010, SID banka has been paying special attention to promoting the transformation of the economy towards more sustainable and circular business practices. SID banka has been a pioneer in the sustainable assessment of clients with a five-balanced evaluation system (financial, raw material, environmental, energy, and innovation balances). In 2018, SID banka issued a Green Bond, the proceeds of which enabled the financing of 22 projects with a total amount of EUR 87 million, earning the bank a prestigious international award from the Climate Bonds Initiative organization. In cooperation with MGTŠ (Ministry of Economic Development and Technology), SID banka has also implemented the financing of circular economy projects through joint loan funds.
From left to right: Matevž Frangež (State Secretary, Ministry of Economic Development and Technology), Saša Jazbec (State Secretary, Ministry of Finance), Stanka Šarc Majdič (Member of SID banka's Management Board), Borut Jamnik (President of SID banka's Management Board), Marjut Falkstedt (EIF's Chief Executive Officer), Vincent van Steensel (Head of Portfolio Guarantees, EIF), Simon Savšek (Head of EIB Representation in Slovenia), Jerneja Jug Jerše (Head of EC Representation in Ljubljana), Fran Vuletič (Financial Manager at EIF).
More information in Press release
Representatives of 18 European development banks and incentive financial institutions, the European Investment Fund and the European Commission attended a high-level meeting in Ljubljana...