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    Reference: 20210725
    Release date: 29 June 2022

    Promoter – Financial Intermediary




    European Guarantee Fund (EGF) guarantee instrument to support new lending to small and medium-sized enterprises (SMEs).

    Additionality and Impact

    The proposed transaction consists of an EGF operation, in the form of a first loss piece guarantee on an SME and Midcap portfolio originated by Alpha Bank S.A. (Greece) in order to support new lending to SMEs. Alpha is well-known to the Bank, one of the four systemic banks in the country and an experienced promoter in deploying EIB mandates. The quick mobilisation of SME financing is strategic considering their high contribution to the country's growth and employment. The proposed operation addresses a market failure related to SMEs access to finance in the aftermath of the Covid-19 pandemic. The operation is expected to mitigate the financial constraints for this market segment and help viable companies to sustain their economic recovery and to relaunch their business activity severely hit by the pandemic. The operation also supports the strengthening of the EU's economic, social and territorial cohesion by tackling the disparities in the regional development and by helping companies located in the transition and less developed regions to grow there. Eventually, this will support the ultimate goal of regional policies, namely convergence. EIB contribution is notable as it offers a guarantee for a subordinated (junior) tranche (novel product in the market). EIB/EIF also leveraged their status as supranational institutions and their AAA rating to provide the guarantee that is acceptable from a regulatory point of view. The EIB participation will have a positive signalling effect to the market and reduce risk perceptions.


    The project aims to improve the access to finance for SMEs in Greece and hence support the economic recovery from the COVID-19 pandemic. SMEs are the backbone of the Greek economy and thus play an important role for value creation and employment. Moreover, the proposed operation will target 100% of the loan amount eligible projects promoted by SMEs located in less developed and transition regions.


    Proposed EIB finance (Approximate amount)

    EUR 85 million

    Total cost (Approximate amount)

    EUR 740 million

    Environmental aspects

    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.


    Signed - 29/06/2022


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

    Related tags

    Greece Credit lines