The European Investment Bank (EIB) and MicroBank have concluded a €22.5m agreement to provide loans to students on Master’s courses in European universities.

The loans will be used to finance the studies and overheads of Spanish residents studying for a Master’s in one of the countries covered by the Erasmus+ programme, or students from other countries covered by the programme on Master’s courses in Spain.

“This agreement is a clear sign of the European Investment Bank’s firm commitment to supporting education in Europe, a vital element in securing the European Union’s future as a knowledge and innovation society,” said EIB vice-president Román Escolano, who signed the finance contract alongside MicroBank CEO Antoni Vila Bertrán.

Over the next three years, more than 2,000 students are expected to benefit from the loans, which will carry favourable interest rates and repayment tenors. In this way, the EIB is contributing to the initiative launched by the European Commission and European Investment Fund to support education in Europe by increasing students’ mobility.

The EIB loan is designed to provide MicroBank with part of the funds necessary to develop its Erasmus+ Master’s Loan product. With this, MicroBank expects to provide loans totalling €30m to eligible students over the next three years.

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