BBVA Reinforces Commitment to Basque Businesses with Substantial Funding
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Fueling Basque Economic Growth: BBVA’s Strategic Investment
BBVA is doubling down on its support for Basque businesses, recognizing their pivotal role in the region’s economic vitality.the bank’s commitment includes significant financial backing and collaborative partnerships designed to navigate current economic challenges and foster future growth.
Carlos Torres Vila, President of BBVA, emphasized the critical role of businesses in driving economic and social progress. He highlighted the importance of fostering an environment where companies feel confident in making investments, supported by robust banking institutions capable of facilitating that investment.
Companies are the engine of any economy and the key to the economic and social development of a country.Carlos torres Vila,President of BBVA
Significant Financial Injection for Basque Companies
In 2024,BBVA channeled €3.5 billion in new credit towards Basque companies, demonstrating a tangible commitment to the region’s economic development. This financial infusion is intended to empower businesses to pursue transformative projects and adapt to evolving market demands.
Looking ahead, BBVA pledges to maintain its support for the Basque business community through increased investment and closer collaboration.This ongoing commitment aims to bolster the region’s economic resilience and competitiveness.
Torres Vila acknowledged the “great challenges” facing businesses today,including the need for innovation and a commitment to sustainability. He stressed that strategic financing is essential for companies to overcome these hurdles and capitalize on emerging opportunities.
Economic forecasts for the Basque Country remain positive, with projected GDP growth of approximately 2.5% in 2025 and 1.9% in 2026. This growth is expected to generate around 31,000 new jobs over the two-year period, significantly exceeding the 20,000 jobs created between 2023 and 2024. these figures underscore the region’s economic strength and potential for continued expansion.
The Basque Autonomous community’s proactive approach to championing the interests of its businesses has also been lauded by Torres Vila,recognizing its crucial role in fostering a supportive environment for economic growth.
Supporting SMEs: A Cornerstone of BBVA’s Strategy
BBVA’s commitment extends beyond large corporations to include small and medium-sized enterprises (SMEs) and the self-employed, recognizing their vital contribution to the Basque economy. This inclusive approach ensures that businesses of all sizes have access to the financial resources and support they need to thrive.
According to recent data from the European Commission, SMEs account for 99% of all businesses in the EU, providing two-thirds of private sector jobs.This highlights the critical importance of supporting SMEs in driving economic growth and job creation.
