EU Bank Launches Credit Line for Agriculture, Tourism, Manufacturing in Greece

The European Investment Bank (EIB) announced on Thursday the launch of a 1 billion euro “Loans for SMEs and MidCaps” credit line to Greek banks. 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.

Under the EIB’s “Skills and Jobs – Investing for Youth” initiative, additional financial backing will be made available to companies promoting youth employment.

The first agreements with Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank for a total of 400 million euros was equally split between the four banks.

“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,” said EIB President Werner Hoyer.

The deals offer competitive interest rates to enterprises that promote youth employment and aim to contribute to the strengthening of Greek entrepreneurs, the creation of sustainable development and the enhancement of youth employment.

“This facility, amidst challenging times, provides new prospects towards further development of our business customers and a useful tool for the enhancement of their liquidity,” added Alpha Bank’s Managing Director – CEO Demetrios P. Mantzounis.

“Jobs for Youth’’, the EIB’s first lending program supporting young people, was launched in 2013, funding vocational training, student and apprentice mobility, and aiming to address the shortage of jobs for young people in smaller companies.

The EU’s bank, the European Investment Bank (EIB) has provided more than 9 billion euros to ensure continued investment in crucial infrastructure including education, energy, waste and water and by companies across Greece.