The European Investment Bank (EIB) has signed a €100m (£84.5m) promotional lending agreement with Deutsche Leasing.

The deal was designed to provide finance for SMEs and mid-caps in Germany and Europe more widely, targeting businesses with up to 3,000 employees with long-term growth projects.

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The EIB Group, which includes the European Investment Fund (EIF), conducted more than €33bn of lending in 2016, to 300,000 businesses.

The EIB said it may increase its loan to Deutsche Leasing to €150m at a later date. The two institutions first established a joint promotional lending facility four years ago, according to Deutsche Leasing.

EIB vice-president Ambroise Fayolle, responsible for operations in Germany, said the EIB’s funding was made possible through partnerships.

Fayolle said: “We can only achieve this if we work together with institutions like Deutsche Leasing, which have superb local investment funding know-how, and not only in Germany but throughout Europe, making them the EU bank’s ideal partner. So I am delighted that we are taking our successful cooperation forward with this new agreement.”

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Kai Ostermann, chairman of Deutsche Leasing’s group board, said: “For small German businesses it is important to have at their side financing partners that support their Europe-wide investment projects simply and directly”.