EIF, ProCredit to provide EUR 800 mln in additional support for SMEs in 11 countries

Tuesday 23 July 2019 00:56 CET | News

The European Investment Fund (EIF) and ProCredit Group have announced that they would provide an additional EUR 800 million to innovative small and medium-sized companies (SMEs).

This brings a total of EUR 1.62 billion to companies in eleven countries: Albania, Bosnia and Herzegovina, Bulgaria, Georgia, Germany, Greece, Moldova, the Republic of North Macedonia, Romania, Serbia and Ukraine.

The EIF-backed financing is now available through ProCredit banks in South Eastern and Eastern Europe and targets companies using new technologies and producing new products in one of the eleven countries where the facility is available.

To date, agreements with ProCredit have already supported around 2,000 SMEs, predominantly in manufacturing and wholesale and retail trade, and many more should be financed in the coming years.
These agreements were signed under the European Commission’s InnovFin initiative, backed by the EU’s research and innovation programme Horizon 2020.

The InnovFin initiative enables participating banks to provide loans to innovative companies with the support of a guarantee provided by the EIF. The agreements signed in EU Member State countries were made possible by the support of the European Fund for Strategic Investments (EFSI). The EFSI is the central pillar of the European Commission’s Investment Plan for Europe, also known as the “Juncker Plan”.

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Keywords: European Investment Fund, EIF, ProCredit Group, SMEs, financing , loans
Countries: World