The European Investment Fund (EIF) has signed four contracts with Alpha Bank and Piraeus Bank to channel €420m to more than 2,000 small and medium-sized enterprises (SMEs) in Greece.
The signing of these funding contracts was made with the support of the European Fund for Strategic Investments (ESFI), and the European Commission’s Investment Plan for Europe (also known as ‘the Juncker Plan’).
The Juncker Plan is expected to mobilise investments worth more than €3bn in Greece and €183.5bn in Europe.
The contract signed will allow the two banks in Greece to offer loans with significantly reduced collateral requirements in the framework of the European Commission COSME programme.
Banks will also support innovative enterprises in the framework of the European Commission initiative ‘InnovFin’ supported under the Horizon 2020 programme.
The signing ceremony was held during a conference on the funding tools available for the development of SMEs in Greece, organised by the European Commission and the Greek economy and development ministry.
George Aronis, deputy CEO in Alpha Bank, said the agreements signed were a significant step towards the recovery of Greek entrepreneurship and economy, strengthening the long-term and constructive co-operation between Alpha Bank and EIF.
Elias Milis, managing director in Piraeus Bank, added that the bank had set a top strategic goal to support Greek enterprises to help the restart and growth of Greek economy.
Deputy economy minister Alexis Charitsis added: “We support SMEs. A close and organised interconnection of all activities from primary production until manufacturing and product distribution to markets is needed.”