Small and medium sized businesses in Greece will benefit from a new € 500 million investment programme launched by Prime Minister Mitsotakis and EIB Vice President Andrew McDowell. The scheme is designed to address the financing gap holding back investment and job creation by businesses across Greece.
Athens, Greece: 6 March 2020
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
The new business financing initiative, supported by the European Investment Fund, will help Greek companies to better access finance and unlock investment to encourage innovation, enhance competitiveness and foster greater entrepreneurship. The scheme is designed to address the significant financing gap holding back investment and job creation by businesses across Greece.
According the Prime Minister of Greece, this will also help to strengthen resilience to new challenges linked to the corona virus.
The funding agreement to enable the European Investment Fund to set up a € 100 million guarantee facility to support € 500 million of financing for small and medium sized enterprises across Greece was signed in the presence of Prime Minister Mitsotakis, by Deputy Minister Yiannis Tsakiris and EIB Vice President Andrew McDowell.
According the Vice President McDowell, the economic and social impact of the new initiative will be strengthened by the combined financial expertise and technical experience of local banks, the Greek government, the European Commission and the European Investment Bank Group.
The European Investment Fund will manage EU budget funds provided under the Operational Programme for Competitiveness, Entrepreneurship and Innovation.
Lending will be managed by banks active in Greece following selection of financial institutions in the coming months.
Over the last 4 years, the European Investment Bank Group has provided more than € 4.7 billion of private sector investment across Greece.
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Sources
European Investment Bank. 6 March 2020
Devdiscource. 6 March 2020