€180 mln EIB partnership with ATEbank, Marfin Egnatia benefits Greek SMEs

The European Investment Bank has signed new partnership contracts with ATEbank and Marfin Egnatia Bank worth a total of EUR 180 mln in support of small and medium-sized investments in Greece.
This new EIB partnership creates an alliance with two top Greek banks with extensive branch networks and wide SME portfolios. EUR 100 mln goes to ATEbank, with which the EIB has had regular cooperation in 1979-1986. EUR 80 mln is for Marfin Egnatia Bank, with which the EIB is joining forces for the first time.
The funds will be used to provide finance to SMEs in the fields of industry, agroindustry, commercial services and tourism, as well as to small infrastructure projects undertaken by public and/or private promoters in Greece.
“This is the second EIB signature for SMEs within the last two months in Greece,” said EIB Vice-President Plutarchos Sakellaris. “It brings our newly signed support to EUR 680 mln. As our partner banks match this amount with an equivalent amount from their own resources, a total of EUR 1.3 bln flows in the Greek real economy.”
“In the first quarter of 2009, ATEbank provided a total of EUR 2 bln to 12,000 SMEs, which, in their majority, were not its clients before,” said ATEbank’s Governor, Demetrios Miliakos. “This year, together with the EUR 100 mln of EIB financing, our target is to provide at least EUR 500 mln, double from last year, for the modernisation and extension of already existing plants with the emphasis on the energy, competitiveness and natural environment sectors.”
In Greece, in addition to the two loan agreements, the EIB has also signed a total of EUR 500 mln with Alpha Bank and Eurobank EFG.