The European Investment Bank (EIB) and Greece’s four systemic banks announced on Thursday that they have agreed on a new partnership in the form of a 700-million-euro guarantee program to support mid-cap companies in Greece, ANA reports.
More specifically, the EIB committed to cover loan-by-loan 50% of the losses that may occur in portfolios of new financings amounting to 1.4 billion euros that will be granted by the four participating banks, Alpha Bank, National Bank, Eurobank and Piraeus.
As a result, eligible firms with 250 to 3,000 employees will be able to obtain soft loans through the four banks to finance their working capital and investment needs, which are vital to their viability and competitiveness.
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