The EIB and Alpha Bank have signed a second EUR 150 million loan agreement under EIB’s EUR 1 billion “Loan for SMEs and MidCaps” credit line to finance eligible projects undertaken by small and medium-sized enterprises and midcaps operating in Greece. The financing to SMEs and MidCaps active in the agriculture, tourism, manufacturing, services and other sectors, may take the form of investment loans and working capital liquidity.

The European Investment Bank (EIB) and Alpha Bank have signed a second EUR 150 million loan agreement under EIB’s EUR 1 billion “Loan for SMEs and MidCaps” credit line to finance eligible projects undertaken by small and medium-sized enterprises and midcaps operating in Greece. The financing to SMEs and MidCaps active in the agriculture, tourism, manufacturing, services and other sectors, may take the form of investment loans and working capital liquidity.

This second loan follows the full disbursement and successful allocation of the EUR 100 million loan signed between the EIB and Alpha Bank in December 2016 under the EIB’s EUR 1 billion “Loan for SMEs and MidCaps” credit line to Greek banks. As is the case with the previous agreement signed with Alpha Bank, this loan also incorporates EIB’s “Skills and Jobs – Investing for Youth” initiative, offering competitive interest rates and additional financial advantages to enterprises that promote youth employment. The agreement will contribute actively and decisively to the strengthening of Greek entrepreneurs, the creation of sustainable development and the enhancement of youth employment.

“This loan to Alpha Bank marks the continuation of the EIB's long-standing partnership with Greek banks, through which we are together improving access to finance for small and medium size enterprises”, said Nicholas Jennett, EIB Deputy Director General and Head of the Investment Team for Greece.

“We are particularly pleased that part of the EIB loan is expected to be on-lent under our “Jobs for Youth” initiative to companies that support youth employment. The EIB remains committed to supporting private sector growth and investing in young people. These are among the principal objectives of our engagement in Greece,” Mr Jennett added.

George C. Aronis, Deputy CEO of Alpha Bank, stated: “Following the prompt and full absorption of EUR 100 million out of the Euro 1 billion credit line on April 2017, Alpha Bank expanded its cooperation with the European Investment Bank, by signing a new contract of EUR 150 million, further utilising the above line. Having secured a total amount of EUR 250 million, Alpha Bank significantly enhances the portfolio of liquidity financial instruments, thus actively supporting Greek entrepreneurship.

The new loan agreement strengthens the long-standing cooperation between Alpha Bank and  EIB and contributes to the successful implementation of the Bank's business planning to offer flexible and innovative financing solutions that support the growth of its Customers’ business activities, while ensuring jobs’ creation and boost the national economy”. The EIB launched the "Jobs for Youth" initiative, the Bank’s first ever dedicated lending programme to specifically support young people, in July 2013. Complementing youth employment policies at European and national level, the programme finances vocational training, student and apprentice mobility, and aims to address the shortage of jobs for young people in smaller companies.