<Tenders, Govt contracts & EU funding for SMEs / >

An agreement signed by the European Investment Bank and the Hellenic Republic will facilitate up to €750 million of new EIB funding in Greece over the next few months. The Agreement facilitates the signature of new loans for investment in energy, transport and education, and paves the way to disbursements for projects where the Guarantee of the Hellenic Republic is a prerequisite. In 2011, the European Investment Bank funding for SMEs reached a record level.

Werner Hoyer, the EIB President highlights that the agreement is the result of EIB's fruitful cooperation with the Greek Government, which allowed them to engineer innovative solutions to overcome difficulties pro-actively. Economic recovery is crucial to overcome the crisis. The EIB focuses on economic and social infrastructure, as well as SMEs. Mr Hoyer underlined that the EIB is ready to continue and strengthen the financing with stronger and additional forms of cooperation, such as enhanced technical advisory services.

Moreover, the agreement enables the operation of the SME Guarantee Fund established in March of this year, as a joint initiative between the Hellenic Republic, the European Commission and the EIB. The Fund that uses €500 million from unabsorbed Structural Funds for Greece, will be guaranteeing EIB loans to SMEs via partner banks in Greece totaling up to €1 billion. SME financing is key in re-launching growth, securing and creating jobs, as well as strengthening the competitiveness of the Greek economy. Also, this new and innovative instrument through its multiplier effect improves the effective use of the EU grant funds allocated to the country. It will provide support to the banking sector in order to reduce the cost of financing for SMEs.