EIB activates 400 mln euro Trade Finance Facility programme to boost Greek companies

epa02773679 An exterior view of the European Investment Bank (EIB) Headquarters in Luxembourg, where Tajikistan's President Emomali Rahmon and Philippe Maystadt, the President of the European Investment Bank, withe their delegations met for talks, on 10 June 2011. EPA/NICOLAS BOUVY

The European Investment Bank (EIB) announced on Wednesday that it will activate the second programme of the Trade Finance Facility that amounts to 400 million euros.

The aim is to help small and medium sized Greek companies to increase their exports and to secure the necessary imports for development.

The EIB will guarantee letters of credit, financial guarantees and other trade and export finance instruments issued by Greek banks. The EIB’s guarantee will provide overseas customers of Greek companies assurance that financial commitments made through these trade instruments will be met. Small and medium sized enterprise all over Greece can receive support for trade and export transactions with a maximum duration of three years.

The facility will also guarantee performance bonds issued on behalf of Greek companies that will help Greek businesses participate in domestic and international tenders.