Greek companies impacted by COVID will receive 1.125 billion euros

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Greek companies impacted by COVID will receive 1.125 billion euros

This financial support will be available for SMEs, ETIs and large companies

The past year and a half has caused significant damage to businesses, forcing many small and medium-sized enterprises (SMEs) to close their doors. Recognizing that business is at the heart of economic growth and national recovery, the European Investment Bank (EIB) and the European Investment Fund (EIB) have partnered with the National Bank of Greece (NBG) to provide financial support for those affected by the COVID crisis.

More than one billion euros will be allocated to Greek companies

The EIB announced that EUR 1.125 billion of financing will be distributed to support SMEs, ETIs and large companies in Greece. This was agreed on Thursday June 24 at a signing ceremony in Athens. To go further, the CEO of NBG Pavlos MylonasPresident of the EIB Werner HoyerEIB Vice-President in charge of Greece Christian Kettel Thomsenand CEO of EIF Alain Godard agreed to this financial assistance.

In an EIB press release, Christian Kettel Thomsen commented“The EIB’s latest cooperation with NBG comes at a crucial time for the Greek economy and together we will help Greek businesses contribute to the national recovery. The deployment of the European Guarantee Fund marks the first time the EIB has provided guarantees for corporate finance in the country and the first ever EIB support for corporate finance in Greece through a banking partner local.

What is the European Guarantee Fund?

Shortly after the outbreak of COVID, the EIB Group and EU Member States agreed on a model that would help tackle the economic impact of the pandemic. Thus, they created the European Guarantee Fund: a pan-European fund of 25 billion euros this would protect businesses that have been hit hard by the effects of COVID.

From now on, Greek companies in all sizes will be able to access financing that will help them overcome the challenges posed by the pandemic and allow them to invest for their future growth.

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