The EU is backing €150 million of investment in Greek small and medium-sized companies and signed the first financing agreement for a project backed by the European Fund for Strategic Investments in Greece: Creta Farms.
Investing in Greek small and medium-sized companies
Three deals were signed between the European Investment Fund and Greek intermediary banks and funds providing €150 million of additional investment to very small, small and medium-sized companies (SMEs) in Greece. Each agreement is backed by European Commission programmes.
The COSME agreement with Diorama Investments will trigger investments of more than €125 million to SMEs. The EU Programme for Employment and Social Innovation (EaSI) agreement with Cooperative Bank of Karditsa will cover a loan portfolio of €5 million for over 300 micro-borrowers targeting mainly farmers, young unemployed borrowers, cooperatives and social enterprises, as well as micro businesses active in the green economy.
The European Fund for Strategic Investments (EFSI)-backed InnovFin deal with ProCredit group will provide €20 million to innovative SMEs.
First EFSI-project signed
The European Investment Bank (EIB) today signed a EUR 15 million financing agreement with Creta Farms SA, marking the first EIB transaction in Greece that benefits from the support of the European Fund for Strategic Investments (EFSI), the financing arm of theInvestment Plan for Europe. Creta Farms will use the new finance to develop new product lines in the cold cut meat and dairy food industry. The investment will improve the company’s competitiveness, both domestically and in export markets, and help to create more than 100 quality new jobs in Greece.
Compliments of the European Commission