Businesses and entrepreneurs across Greece affected by the COVID-19 pandemic will be able to benefit from access to A milestone funding of €6.5 billion euros as a result of the cooperation between the country's systemic banks and the Group of European Investment Bank (EIB) . This cooperation is being implemented in the framework of the new Pan-European Guarantee Fund.

Within the framework of the Pan-European Guarantee Fund programme, guarantees totalling €2.7 billion euros provided by the EIB Group to Alpha Bank, National Bank of Greece, Eurobank and Piraeus Bank will help companies with viable business plans to recover from the challenges of the COVID pandemic. These are the first guarantee contracts implemented by the EIB in Greece. They are also the first transactions through banks aimed at enhancing the access of large companies to finance. The EIB is thus broadening its scope of support for the country's real economy.

The initiative also includes the first synthetic securitisation in Greece, in which the EIB Group participates. In this way, it contributes to the further strengthening of the Greek securitisation market.

Record year in 2021

Last year, investments in new businesses and corporate innovation, urban regeneration, energy transition and the digitalisation of public services received the largest ever financial contribution from the European Investment Bank Group in Greece. In 2021, the European Investment Bank (EIB) and the European Investment Fund (EIF) support to private and public investments with a high impact amounted to a total of €4.85 billion euros. An amount that is the largest in 59 years of activity in the country.

The record turnout of €4.85 billion euros, of the European Bank Group in 2021 represents a significant increase compared to the previous record of €2.8 billion euros. This record was achieved a year earlier in 2020.

EIB Group financing in Greece represented 2.7% of GDP.This is the largest participation in any country in the world.

Guarantee Fund for those affected by the pandemic

Greece has also been a leading beneficiary of the Pan-European Guarantee Fund. The Fund was set up by the European Investment Bank Group and the EU Member States. within weeks of the start of the pandemic. The aim was to supporting thousands of businesses that have faced difficulties due to pandemic-related challenges. Therefore , access to finance for businesses across Greece will be enhanced with guarantees of €2.7 billion euro. Guarantees to be provided through the Pan-European Guarantee Fund.