The European Investment Bank (EIB) has launched a € 1 billion "Loans for SMEs and MidCaps" credit line to Greek banks. The loans will be used by Greek banks for on-lending to SMEs and MidCaps active in the agriculture, tourism, manufacturing, services and other sectors.
Within the context of EIB's "Skills and Jobs - Investing for Youth" initiative, additional financial advantages will be offered to companies promoting youth employment.
The first agreements with Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank for a total amount of EUR 400m, equally split between the four banks, were signed in a public ceremony in Athens attended by the Governor of the Bank of Greece Yiannis Stournaras. EIB President Werner Hoyer signed on behalf of the EIB. On behalf of the Greek banks, Demetrios Mantzounis, CEO of Alpha Bank, Fokion Karavias, CEO of Eurobank, Leonidas Fragkiadakis, CEO of National Bank of Greece and George Poulopoulos, Deputy CEO of Piraeus Bank, signed the agreements.
“The four loan agreements signed today with the four systemic banks in Greece bear particular significance as they contribute, and with a sizable amount, towards one of EIB's top priorities, namely the improvement of access to finance for SMEs, which are the backbone of the country’s economy,” President Hoyer said.
The agreements signed today incorporate EIB’s "Jobs for Youth" initiative, offering competitive interest rates to enterprises that promote youth employment. The agreements will contribute actively and decisively to the strengthening of Greek entrepreneurs, the creation of sustainable development and the enhancement of youth employment.
“We are particularly pleased that part of the EIB loans is expected to be on-lent under our “Jobs for Youth” initiative to companies that support youth employment; this is yet another area we are very keen to have a lasting impact on.
The EIB remains committed to supporting private sector growth and investing in young people. These are among the principal objectives of the EU Bank’s engagement in Greece. The combined efforts of the EIB in Greece and the four systemic Greek banks will help companies across the country to expand business activity and create much needed new jobs, especially for talented young people who represent the country’s future,” added EIB President Hoyer.
Additional Information is available on the EIB Website.
For support in accessing EIB financing for projects in Greece, please contact us.