EIB’s financing will facilitate investments in eco-friendly vehicles. Credit: Alexandros Michailidis/Shutterstock.

The European Investment Bank (EIB) has agreed to lend €100m ($111.62m) to SG Equipment Leasing Polska (SGEF Poland) to bolster small and medium-sized enterprises (SMEs) in Poland.

The move is set to unlock a total of €200m in new loans, with a significant portion earmarked for climate action and sustainable development.

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At least 20% of the funds provided by the EIB will be dedicated to environmental initiatives, including those aimed at reducing greenhouse gas emissions.

The financing will facilitate investments in eco-friendly vehicles, industry and agricultural machinery, as well as renewable energy projects.

This agreement stipulates that 90% of the loan to SGEF Poland will finance SME projects, with the remainder supporting public sector initiatives.

EIB vice-president Teresa Czerwińska said: “SMEs are the cornerstone of our economies and supporting them is one of the EIB’s key tasks.

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“Another priority is to help fill the investment gap towards achieving EU climate objectives that, in Poland’s case, often take the form of energy transition and reductions of greenhouse gas emissions. This agreement, sealed under our long-standing, proven partnership with SGEF Poland, responds to both these needs.”

Last year, the EIB Group allocated more than half of its €5.1bn financing in Poland to climate-friendly projects. Over €630m of this funding supported SMEs, aiding nearly 47,700 companies and maintaining close to 450,000 jobs.

Following the strategy of its parent company Société Générale, SGEF Poland is committed to financing sustainable and energy transition investments.

SGEF Poland CEO Olivier Rambert said: “Our long-lasting cooperation with EIB demonstrates our commitment to support the real economy. Our core business is to finance small and medium-sized enterprises.

“The alignment between EIB’s mission and SGEF Poland’s vision is demonstrated once again with this new funding.”