The institution of microcredit is a key tool for the creation and strengthening of the inclusive economy (Inclusive Finance), resulting in the substantial improvement of the living conditions of mainly vulnerable social groups.

The Action Finance Initiative (AFI Microfinance SA) and the Eurobank are opening a new chapter for the sector in Greece. Specifically, under Law 4701/2020, AFI Microfinance SA has been licensed as an independent microcredit provider by the Bank of Greece, and starts granting business microloans of up to €15,000, which can reach up to €25,000.

In the new context, AFI Microfinance SA, by disbursing funding on its own, aims to expand its activities by providing support to people seeking the opportunity to develop their ideas and business activities.

In AFI Microfinance SA, Eurobank now participates as a major shareholder, while it will also provide financing to the company, serving the principles of inclusive and sustainable development and promoting the idea of microcredit as one of its core Corporate Social Responsibility actions.

The Action Finance Initiative

AFI was founded in 2014 by ActionAid Hellas and the specialized French organization ADIE, as a civil non-profit company, in order to promote the provision of microcredit in Greece to address the economic and social exclusion, assisting the unemployed, the self-employed and vulnerable categories of citizens in general, making it easier in practice for the above categories of citizens wishing to set up their own business. AFI has been working with Eurobank since 2016, providing, under the Employment and Social Innovation Programme ("EaSI"), guidance, training and counselling services for vulnerable groups and in particular to vulnerable persons who wish to start or develop a very small business, as well as in existing micro-enterprises, both in their start-up and growth phase, with the aim of increasing the Accessed at of these in microfinance.

To date, under the EaSI programme and in cooperation with AFI, Eurobank has granted 700 microloans, supporting Greek micro-entrepreneurship with more than €7 million.

913 new jobs have been created through self-employment and support for businesses to recruit new employees. 60% of the businesses that have received funding are start-ups and 43% are owned by women.

The socio-economic importance of microcredit and financial inclusion more broadly has been recognised by Eurobank as one of the objectives of the Bank's Sustainability Strategy. Eurobank's strategic objective is to further strengthening initiatives such as the Action Finance Initiative, in order to contribute with substance and measurable results to the creation of an inclusive economy that enable individuals or groups to improve their living standards, grow and contribute to economic development at local and national level.