Greece: EIB supports further SME funding

Tuesday April 29th, 2014

The European Investment Bank Group (EIB) signed in Athens a Memorandum of Understanding with the Hellenic Republic concerning the contribution of the EIB to the “Institution for Growth in Greece” (IfG). The IfG aims to promote growth, innovation and employment through the provision of short and long-term debt and equity capital to small and medium-sized enterprises (SMEs), as well as smaller infrastructure projects necessary to enhance competitiveness in key selected sectors of the Greek economy.

The agreement was signed by Kostis Hatzidakis, Minister of Development and Competitiveness, for the Hellenic Republic, and Werner Hoyer, EIB President, for the EIB Group, in the presence of Minister of Finance Yannis Stournaras.

EIB President Werner Hoyer, who is visiting Greece for the fourth time in the last six months, said: “This agreement underpins our strong commitment to Greece. As the EU bank, we are natural partners in the country’s recovery efforts, for which we provide continuous and effective support. We are determined to enhance our cooperation with the Hellenic Republic, other European development finance institutions and private investors in further assisting recovery in Greece. Our cooperation, based on our comparative advantages, will help to avoid duplication of resources and maximise the impact for the benefit of the Greek citizens. We are ready to provide additional support to Greek small and medium-sized enterprises through the IfG, subject to satisfactory due diligence by the EIB of the IfG business plan upon reception from the Greek authorities.”

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