EIB-Nat’l Bank financing scheme of 1.12bln€ for funding to Greek SMEs battered by pandemic

SMEs around Greece impacted by COVID-19 are eligible for funding from a new 1.125-billion-euro financing scheme by National Bank of Greece (NBG), itself supported by the European Guarantee Fund (EGF).

The first operations supported by the EGF in the east Mediterranean country were formally finalized on Thursday at the NBG offices in Athens, in the presence of NBG CEO Pavlos Mylonas and European Investment Bank (EIB) President Werner Hoyer, among others.

According to a press release on Thursday, the EIB and the European Investment Fund will guarantee business financing provided by the NBG to “enable companies of all sizes access advantageous financing, better withstand business challenges posed by the pandemic and invest for the future.”

“COVID-19 has created unprecedented challenges for business across Greece and demanded rapid response to help businesses adapt and protect jobs. NBG has responded to the needs of our clients during these challenging times and welcomes the significant new support from the EIB and EIF available by the first use of the European Guarantee Fund in our country. Today’s agreements will enable NBG to channel EUR 1.125 billion of financing to hundreds of companies across Greece,” Mylonas said.