European Investment Bank signs 50-mln-euro credit line with Pancreta Bank

European Investment Bank (EIB) agreed to offer a 50-million-euro loan to support funding programs by Pancreta Cooperative Bank to selected investment plans by small- and medium-sized enterprises and medium capitalization enterprises in Greece.

The agreement is part of a “Loans for SMEs and Medium Capitalization Enterprises” program and will allow Pancreta Bank to support investment plans by offering business loans and liquidity in the form of moving capital.

Jonathan Taylor, vice-president of European Investment Bank, responsible for funding in Greece, said: “I am happy to be back in Athens to expand EIB’s ambitious new credit line for SMEs and medium-cap enterprises, the vital pylon of the Greek economy”.

In December 2016, EIB launched a new credit line worth 1.0 billion euros to Greek banks and signed lending contracts with the four systemic banks in the country (Alpha Bank, Eurobank, National Bank and Piraeus Bank) worth 400 million euros, equally distributed between the four banks.

“EIB remains loyal to its commitment to support the development of the public sector and real economy and to continue investing on young people. Pancreta Bank plays a very significant role in Greek region, particularly Crete, and our combined efforts will help more enterprises in the country to expand their activities and to create new job positions, so necessary for talented young people, who are the future of the country,” Taylor said.

Nikos Myrtakis, vice-president of Pancreta Bank said that the bank has a 10-year successful cooperation with EIB and has signed agreements worth around 250 million euros to support enterprises and job positions.