EIB launches 1 bln euro investment fund in Greece

22 December 2016
1070 Views

The European Investment Bank (EIB) launched a one billion euro credit line to Greek banks on Thursday to be channeled to small and medium-sized companies and firms promoting youth employment.

The first agreements with commercial lenders Alpha Bank , Eurobank, National Bank of Greece and Piraeus Bank were signed in Athens on Thursday for 400 million euros, equally split between the four.
The remaining 600 million in the program will be allocated over the next two years, provided the banks absorb and channel the first tranche to businesses.

The loans will be used by Greek banks for on-lending to SMEs and MidCaps active in the agriculture, tourism, manufacturing, services and other sectors, the EIB said.

“The four loan agreements signed today with the four systemic banks in Greece bear particular significance as they contribute, and with a sizable amount, towards one of EIB’s top priorities, namely the improvement of access to finance for SMEs, which are the backbone of the country’s economy,” EIB President Werner Hoyer said.

Greek Prime Minister Alexis Tsipras, who was present at the signing ceremony, said the program provided vital financial aid to innovation and business, and could stem a ‘brain drain’ which has seen thousands of highly-qualified Greeks flee the country since it plunged into financial crisis in 2010.

You may be interested

Confrontation between Dendias & Cavusoglu at the press conference
POLITICS
shares66 views
POLITICS
shares66 views

Confrontation between Dendias & Cavusoglu at the press conference

makis - Apr 15, 2021

Diplomatic etiquette was cast aside in an astonishing joint press conference between Greek Foreign minister Nios Dendias and his Turkish…

Russia suspends flights to Turkey
DEFENCE
shares49 views
DEFENCE
shares49 views

Russia suspends flights to Turkey

Panos - Apr 15, 2021

Russia will restrict flights to and from Turkey from April 15 to June 1 due to a rise in COVID-19…

EU member-states agree to issue Covid-19 travel certificate
GREECE
shares70 views
GREECE
shares70 views

EU member-states agree to issue Covid-19 travel certificate

Panos - Apr 15, 2021

European Union countries today formally agreed to issue Covid travel certificates as a step towards reopening tourism this summer with…

Leave a Comment

Your email address will not be published.