Germany will grant Spanish small and medium-sized companies (SMEs) aid of roughly 1 billion euros ($1.3 billion) as part of a push to combat rising unemployment in southern Europe, a paper from the finance ministry showed.
The ministry said in a draft of the plan obtained by Reuters on Monday that state development bank KfW would provide loans of 800 million euros as part of the program.
KfW would also provide additional funds aimed at boosting the capital structure of Spanish SMEs, which have struggled to obtain credit from banks weakened by the euro zone debt crisis. These funds still need to be approved for Germany’s 2014 budget.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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