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Greece : Eurobank, EIB sign EUR150M loan deal
Publish Date : 26-Sep-2017
The European Investment Bank (EIB) has inked with Eurobank a 150 million euros loan deal to fund eligible projects undertaken by small and medium-sized businesses and midcaps operating in Greece.
Eurobank said this credit line may allow SMEs and MidCaps active in the agriculture, tourism, manufacturing, services and other sectors to obtain funding in the form of investment loans and working capital liquidity.
This is the second credit facility to be inked between the EIB and Eurobank under the EIBs 1 billion euros "Loan for SMEs and MidCaps" credit line to Greek banks.
The first one, inked in last December for an amount of 100 million, was fully taken up by SMEs.
Jonathan Taylor, EIB Vice-President responsible for lending in Greece, said, "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. 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."
Fokion Karavias, CEO of Eurobank, added, 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 Eurobanks strategic choice to support small and medium sized enterprises and midcaps operating in Greece. At the same time we contribute to the success of EIBs 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".
