Business news
August 9, 2019 SCNI has more than tripled its financial support
LUXEMBOURG - The National Credit and Investment Corporation, which co-finances business projects, has awarded 60 million euros in 2018.
SNCI has significantly increased its financial support to businesses, according to a recentannual report. For example, the National Credit and Investment Corporation granted a total of just over 60 million euros last year, compared with 17.8 million euros in 2017. SNCI explains this sharp increase (up 237%) by, in particular, a "significant" increase in the number of medium- and long-term loans granted to Luxembourg companies, totalling EUR 44.5 million.
SNCI, which defines itself as "complementary to local banks", has also granted EUR 11.1 million in equipment loans to Luxembourg's small and medium-sized enterprises (SMEs). A total of 17 such loans were granted, SNCI said. The craft sector was also entitled to 7.3 million euros, trade to 2.9 million euros.
SNCI, which defines itself as "complementary to local banks", has also granted EUR 11.1 million in equipment loans to Luxembourg's small and medium-sized enterprises (SMEs). A total of 17 such loans were granted, SNCI said. The craft sector was also entitled to 7.3 million euros, trade to 2.9 million euros.
In addition, SNCI generated profits of 38.9 million euros in 2018, thanks in part to its stakes in companies such as SES and Cargolux. In 2017, the profit was 28.5 million euros