The European Investment Bank and the Spanish national entity, Instituto de Crédito Oficial, announced on 21 November that they will jointly finance the innovation investments of Spain’s department store chain, El Corte Inglés, to accelerate its digital transformation, thus strengthening its competitiveness on the market.
Under the ten-year agreement, the EIB will provide €110 million for the operation under the Juncker Plan, while ICO will provide €100 million.
As supporting innovation and business digitalisation is one of the EIB’s priorities in Spain, the investments will focus on the implementation of new technologies to expand multichannel sales and improve the logistics chain management.
El Corte Inglés has more than 90.000 employees. Developing new software and improving the cybersecurity of its online business will also mean creating new jobs in its IT department.