Further support for Greek SMEs & MidCaps: EIB & Eurobank sign EUR 150 million financing agreement
The European Investment Bank (EIB) and Eurobank have signed a EUR 150 million loan agreement to finance eligible projects undertaken by small and medium-sized enterprises and midcaps operating in Greece. Through this credit line, SMEs and MidCaps active in the agriculture, tourism, manufacturing, services and other sectors, may obtain financing in the form of investment loans and working capital liquidity.
This is the second loan to be signed between the EIB and Eurobank under the EIB’s EUR 1 billion “Loan for SMEs and MidCaps” credit line to Greek banks. The first one, signed in December 2016 for an amount of EUR 100 million, has been fully taken up by SMEs. As is the case with the previous financing agreement signed with Eurobank, the latest loan also incorporates the EIB’s “Skills and Jobs – Investing for Youth” initiative, offering competitive interest rates and additional financial advantages to enterprises that promote youth employment.
The agreement will contribute actively and decisively to the strengthening of Greek real economy, the creation of sustainable growth and youth employment. “This loan to Eurobank marks the continuation of the EIB’s long-standing partnership with Greek banks, through which we are together improving access to finance for small and medium sized enterprises, and provides further support for the real economy,” said Jonathan Taylor, EIB Vice-President responsible for lending in Greece.
“We are particularly pleased that part of the EIB loan is expected to be on-lent under our “Jobs for Youth” initiative to companies that support youth employment. The EIB remains committed to supporting private sector growth and investing in young people. These are among the principal objectives of our engagement in Greece,” Mr Taylor added.
Fokion Karavias, CEO of Eurobank, stated: «This agreement underlines the contribution that the long – term cooperation between EIB and Eurobank has, to the national effort which is in process aiming to support real economy. The new EIB loan strengthens Eurobank’s strategic choice to support small and medium sized enterprises and midcaps operating in Greece. At the same time we contribute to the success of EIB’s initiative “Skills and Jobs – Investing for Youth” that helps Greece to cope with the challenge of brain drain through creating job opportunities for young people who seek employment. Today, Greek banks have the will and are in the position to finance real economy and they have accumulated valuable know – how so that they can contribute in a decisive manner to the implementation of large as well as smaller scale investment projects”.
The EIB launched the “Jobs for Youth” initiative, the Bank’s first ever dedicated lending programme specifically to support young people, in July 2013. Complementing youth employment policies at European and national level, the programme finances vocational training, student and apprentice mobility, and aims to help smaller companies create more jobs for young people.
The European Investment Bank The European Investment Bank (EIB) is the European Union’s bank. The EIB is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. It makes long-term finance available for sound investments in order to contribute towards EU policy goals. The EIB works closely with other EU institutions to implement EU policy.
As the largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects which contribute to furthering EU policy objectives. More than 90% of EIB activity is focused on Europe but it also supports the EU’s external and development policies.
Since 2010 the European Investment Bank has provided more than EUR 11 billion to ensure continued investment in crucial infrastructure including education, energy, transport, waste and water, and in companies across Greece.
The Eurobank Group is a dynamic banking organisation active in seven countries, with total assets of €64.0 billion and 15,846 employees. With a total network of 897 branches in Greece and abroad, the Group offers a comprehensive range of financial products and services to its retail and corporate customers.
In Greece, Eurobank is one of the four systemic banks. With two distinct retail branch networks, the Eurobank Network and the New TT Branch Network, as well as business specialised centres, a private banking network and award-winning electronic service channels, the Group’s philosophy focuses on high quality services to its customers.
The Group also holds a strategic position in retail and business banking in Bulgaria, Romania and Serbia, as well as offering offers distinguished Wealth Management services in Cyprus, Luxembourg and London.
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