- New transaction with Spain’s Navarra’s Region
- pbb provides €100 million financing for major public investments
Munich/Madrid, 24 April 2017 - pbb Deutsche Pfandbriefbank, the specialist public investment finance and real estate lender, has provided a €100 million long term loan to the Region of Navarra, Spain to finance several investment projects. These include the construction of educational and health centers, road networks as well as industrial and rural development. The transaction closed in February 2017.
The “Comunidad Foral de Navarra”, located next to the French border in Northern Spain, has 272 municipalities, with Pamplona as its capital city. With a strong industrial tradition, Navarra is among the country’s top three wealthiest regions and has the lowest unemployment rate in Spain.
Navarra, together with the Basque Country, is one of only two autonomous communities in Spain with Foral Status. It is a special regime based on historical rights which entitles regions to their own particular fiscal system. External rating by S&P at A/Stable is two notches higher than the Sovereign, based on high fiscal autonomy and a sound financial profile.
Jean Christophe, Head of Public Investment Finance at pbb Deutsche Pfandbriefbank, said: “pbb wants to maintain its geographic footprint across different European markets and Spain is one of its core countries. As such, we are delighted to start 2017 as we did in 2016, granting Navarra a new loan to support its public investment program in this dynamic and financially sound region.”