Brussels, 21/12/2012 (Agence Europe) - On 18 December 2012, the European Investment Bank (EIB) Board approved a new financing instrument for the first time for Greece, which will enable the EIB to provide trade finance support to Greece for an amount of up to €500 million.
The EIB, which is traditionally involved in providing long-term finance on favourable terms, is thus adding a short-term credit support instrument that will address the gap left by retreating commercial banks. The EIB will provide guarantees to the commercial banks for trade financing, and as these guarantees will be utilised on a revolving basis, they are expected to support a volume of transactions in the order of €1.5 billion a year. (OL/transl.fl)