Signature(s)
Summary sheet
- Credit lines - Credit lines
Operation under the European Guarantee Fund (EGF) to support Austrian mid-caps and large corporates in sectors that are in line with the EIB's long-term mission and affected by the COVID-19 pandemic. Small and medium-sized enterprises (SMEs) will be supported through the Additional Portfolio.
Support of mid-caps and large corporates in sectors that are in line with the EIB's long-term mission and affected by the COVID-19 pandemic. SMEs will be supported through the build-up of an Additional Portfolio, equivalent in volume to the guarantee amount.
The proposed operation with Erste Bank der österreichischen Sparkassen AG ("Erste Bank") under the Pan-European Guarantee Fund (EGF) will support Mid-Caps, Large Corporates and indirectly SME in response to the current Covid-crisis, addressing the identified market failure in terms of access to finance. The operation will be implemented by a trusted intermediary with a solid track record. It will support employment and economic recovery by providing an EIB guarantee covering working capital and investment loans. The resulting capital relief will in turn translate into additional lending to SMEs. The EIB's contribution will also consist in introducing a new product in the target market, which is expected to crowd in additional financing by mobilising other financiers and by sending a positive signal to other market participants.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.