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    Reference: 20120444
    Release date: 6 December 2012

    Promoter – Financial Intermediary

    Selected banks operating in trade finance in Greece

    Location

    Description

    The EIB would provide guarantees to a network of geographically distributed international banks (“Counterpart Banks”) covering their risk on selected Greek banks (“Guarantee Beneficiaries”) carrying out trade finance operations for SMEs and mid-caps located in Greece.

    Objectives

    Following the current market failure experienced by Greek companies and banks in the area of trade finance, the EIB proposes to establish the SMES Trade Finance Facility. The EIB guarantees will help re-activating credit lines in favour of Greek banks by international banks.

    Comments

    This operation, subject to approval by the EIB’s Governing Bodies, will be the first fully-dedicated trade support operation established by the Bank.

    Sector(s)

    • Services - Financial and insurance activities

    Proposed EIB finance (Approximate amount)

    EUR 450 million

    Total cost (Approximate amount)

    EUR 500 million

    Environmental aspects

    Final beneficiaries will be requested to comply with the applicable national and EU legislation, to the extent relevant.

    Procurement

    Final beneficiaries will be requested to comply with the applicable national and EU legislation, to the extent relevant.

    Status

    Signed - 12/06/2013

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Related tags

    Greece Services