The recommendation through the Hellenic Development Bank, for the Innovation Guarantee Fund, was signed by the Deputy Minister of Development and Investments Giannis Tsakiris. The aim is to support and enhance the competitiveness of innovative micro, smalland small and medium-sized enterprises (SMEs). Support for the implementation of research and innovation investment projects.

Through the Innovation Guarantee Fund and in cooperation with the Banks will be granted investment loans of up to 400,000 euros. The loans will relate toinvestments in tangible or intangible fixed assets. Data necessary for the completion of the investment plan of the enterprise. Businesses will be able to make use of part of the loan and as working capital. Condition to be relatedwith the implementation of their investment plan.

Beneficiaries will be only companies that will undertake to complete an innovative investment plan, with specific innovation criteria, as described in the notice, but also environmental, social and corporate governance (ESG) criteria, important for their further sustainable development, while all sectors of activity are eligible.

This is the first financial tool that concerns exclusively innovative businesses and comes to fill the funding gap of these businesses in view of the launch of the new NSRF through which hybrid financial tools will be introduced as a basic form of business financing.

The establishment of the Fund provides for a financial contribution from the Public Investment Programme to the EBA of 64.49 million euros to cover the guarantee fund and grants to be provided by the Fund. The total funds that are expected to be leveraged are over 120 cm. euro.

It is noted that the Fund will be managed and operated by the Hellenic Development Bank.