EIB provides a further EUR 50 million via Piraeus Bank under the Guarantee Fund for Greek SMEs
The European Investment Bank (EIB) signed today with Piraeus Bank a EUR 50 million line of credit for small and medium-sized enterprises (SMEs) in the fields of industry, tourism and services in Greece. This is the second line of credit under the Guarantee Fund for Greek SMEs, a joint initiative between the Hellenic Republic, the European Commission and the EIB specifically designed to cater for the financing needs of SMEs in Greece. Using EUR 500 million from unabsorbed Structural Funds for Greece, it will guarantee EIB loans to SMEs via partner banks in Greece totalling up to EUR 1 billion.
At the signing ceremony the EIB Vice-President responsible for Greece, Dario Scannapieco, stated: “In November we announced that the Guarantee Fund for Greek SMEs would be operational by year end, and we have delivered. I am pleased to announce a further EUR 50 million for Greek SMEs in partnership with Piraeus Bank. With this loan signatures under the Guarantee Fund for Greek SMEs now total EUR 150 million, following the Eurobank signature for EUR 100 million last week. When added to the EUR 140 million in loans signed with Alpha Bank and those made with Ethniki Bank (EUR 250 million) and PanCretan Bank (EUR 50 million) in the last three weeks, this brings new EIB support for Greek SMEs to a total of EUR 590 million, of which EUR 212.5 million had already been disbursed by the EIB last week”.