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The operation is a multi-beneficiary intermediated loan for on-lending to small and medium-sized enterprises (SMEs) and mid-caps. At least 50% of the total amount will target enterprises active in the security and defence sector.
The aim is to finance small/medium projects carried out by SMEs and mid-caps in Greece, with a focus on companies that are active in the security and defence sector.
The operation shall aim to address the constrained access to finance and/or higher cost of financing experienced by SMEs and Midcaps that are active in the security and defence sector due to sector-specific sensitivities, dual-use activities, and lack of tailored financial instruments. These challenges are compounded by information asymmetries and perceived reputational risks. On top of this, given the targeted region Greece, which is a Cohesion region, the operation aims to support final beneficiaries that face particular challenges when it comes to financial inclusion.
The Financial Intermediary is a repeat EIB counterpart with proven origination capacity and specialist experience in the implementation of EIB loans, which it is keen to expand also in the area of security and defence.
Enhancement of access to finance for final beneficiaries and improvement of financing conditions for them shall be achieved through the transfer of financial advantage deriving from the EIB funding, longer tenor of sub-loans and additional funding mobilised. In turn, improved access to finance shall contribute towards companies' improved viability and competitiveness, also serving to maintain jobs and create new ones.
Therefore, the EIB's contribution in the project is notable. The financial contribution is based on the long maturity of the EIB loan, whereas the non-financial contribution is based on the visibility to the security and defence market that the EIB's involvement brings, as well as the crowding in of other private financiers, given that the EIB's participation sends a signalling effect to the market by reducing risk perceptions.
The proposed operation falls within the scope of the EIB's Environmental and Social Standards - "Standard 11 Intermediated Finance". The Borrower / Financial Intermediary has adequate capacity, systems and processes in place for identifying, assessing, managing and monitoring environmental, climate and social (ECS) risks related to the potential sub-projects benefitting from EIB support. The Final beneficiaries will be required to comply with applicable national and EU legislation in respect of environmental and social matters, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.