- New transaction with the Basque Country (“Euskadi”)
- pbb provides €100 million financing for major public investments
Munich/Madrid, 6 April 2017 - pbb Deutsche Pfandbriefbank, the specialist public investment and real estate lender, has provided a €100 million long term loan to the Basque Country (“Euskadi”) to finance several investment projects. The facility will be used to fund projects including the construction of educational and health centers, public works and investments in industrial and rural development. The transaction was closed in March 2017.
Euskadi is a three-province region located in the North of Spain, with almost 2.2
million inhabitants. The main cities are Bilbao, San Sebastian and Vitoria, the capital city of the Region. Euskadi’s economy is based on an internationally-oriented industrial sector and it is one of Spain’s top three wealthiest regions, with a higher GDP and lower than average unemployment rates per capita.
The Basque Country, together with Navarra, is one of the only two autonomous
communities in Spain with Foral Status, a special regime based on historical rights which entitles them to their own particular fiscal system.
Jean Christophe, Head of Public Investment Finance of pbb Deutsche Pfandbriefbank said: “pbb can offer public administrations many years of experience and know-how in financing public sector projects across Europe. We are pleased to start 2017 granting the Basque Country a new loan to support its public Investment program in this internationally well reputed region”.