On Thursday 22 December, the European Investment Bank (EIB) launched its €1 billion “Loans for SMEs and MidCaps” credit line to be used by Greek banks for on-lending to companies in Greece.
This money will allow Greek banks to provide loans to small and medium-sized enterprises (SMEs) and companies with average share capital (MidCaps) active in manufacturing, agriculture, tourism, and other sectors. As part of its “Skills and Jobs – Investing for Youth” initiative, the EIB will offer additional financial advantages to companies promoting youth employment.
The first agreements between the EIB and Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank worth a total of €400m, split equally among the four banks, were signed at a public ceremony in Athens attended by Governor of the Bank of Greece Yiannis Stournaras.
EIB President Werner Hoyer welcomed this ambitious new credit line which will further strengthen the long partnership between the EIB and the Greek banks. The first agreements signed in Athens will “contribute … towards one of EIB’s top priorities, namely the improvement of access to finance for SMEs”, he added.
Leonidas Fragkiadakis, head of the National Bank of Greece, said that the credit line would help keep young talent in Greece. The agreements between the EIB and the Greek banks would provide a boost to economic activity and create essential new jobs, particularly for young people who are Greece’s future.
Since 2010, the European Investment Bank has provided more than €9 billion to ensure continued investment in key sectors for Greece, such as infrastructure, education, energy, the economy with a particular focus on the country’s businesses. (Original version in French by Thomas Régnier)