Abanca and CEG sign an agreement on the allocation of 600 million for the energy transition of Galician small and medium-sized enterprises

The CEO of Abance, Francisco Botas, and the president of the Confederation of Galician Entrepreneurs, Juan Manuel Vieites, signed on Tuesday in Santiago a cooperation agreement between the two entities to support Galician companies in the process of transitioning the Galician business structure towards the use of non-fossil energy sources fuels.

The pact implies that in the next three years, the bank will make loans in the amount of 600 million euros available to companies integrated in the employers’ association, at a rate of 200 million per year, which can be increased if necessary. information bank.

“We are an entity that is always focused on the needs of Galician companies, but we also want to double our commitment in occasions of particular importance, such as the current energy transition, a key process both for the competitiveness of the business fabric, and for the competitiveness and future of society as a whole “, said the bank’s chief executive officer, Francisco Botas.

The arrival of financing in the Galician production structure will be carried out through a special offer of banking products under preferential conditions, consisting of loans, guarantees and advances of Next Generation subsidies. These financing formulas will be aimed at investments in projects aimed at or oriented towards the energy transition.

“The agreement that was signed today will be a useful instrument for our companies, at a time when they have to face important changes that affect their competitiveness. An important part of these changes is and will be directly related in the coming years to the energy transition,” said the president of the Galician employers’ association.

Botas pointed out that “companies that need it can request the creation of bilateral work teams with the participation of experts from the bank in the energy transition through our unit Abanca Energyrecently created.

Vieites pointed out that “strategic projects are currently being planned and developed in Galicia within the framework of the goals of decarbonization and reindustrialization. Therefore, access to finance is crucial as it allows companies to invest in new technologies, training, product development, etc. Limited access to finance can prevent investment in modernization and improvement of production processes.