New EIB loans of up to 550 million euros in Greece. They concern motorways, infrastructure projects but also the financing of small and medium-sized enterprises (SMEs) through the "Jobs for Youth" programme.

The financing agreements were signed on behalf of the EIB by the EIB Vice-President responsible for Greece, Mr Blair. Mihai Tanasescu, with the Minister of Finance, Mr. Yannis Stournaras, regarding the motorways, Mr. Alexandros Antonopoulos, President of the Deposit and Loan Fund, with regard to local authorities, and two major banks represented by Mr. Artemis Theodoridis, General Manager of Alpha Bank, and Mr. Ioannis Lempidakis, President of the Pancretan Cooperative Bank, with regard to SMEs.

350 million euros for the motorway programme

The EIB loan will finance the construction of new motorways with a length of 239 km. and smaller projects to upgrade existing motorways to a length of 434 km. on this main axis. The EIB's support for the Greek motorway programme is the first tangible step by a financial institution to relaunch construction projects which, due to their significant contribution to employment and GDP growth, are of particular importance for the revitalisation of the Greek economy.

50 million Euro to the Deposit and Loan Fund for local authorities

Χρηματοδότηση σε οργανισμούς τοπικής αυτοδιοίκησης μέσω του Ταμείου Παρακαταθηκών και Δανείων. Αφορά επενδύσεις στους τομείς των μεταφορών, των εκπαιδευτικών υποδομών, της προστασίας της πολιτιστικής και ιστορικής κληρονομιάς, της αποκατάστασης δημόσιων κτιρίων, της αναβάθμισης του περιβάλλοντος, της ενεργειακής απόδοσης και των τουριστικών υποδομών.

150 million euros for small and medium-sized enterprises

100 million euros granted to Alpha Bank and 50 million euros to the Pancretan Cooperative Bank. Παρέχονται στο πλαίσιο του Ταμείου Εγγυοδοσίας για τις ελληνικές μικρές και μεσαίες επιχειρήσεις που δημιουργήθηκε το 2012 ειδικά με σκοπό την κάλυψη των χρηματοδοτικών αναγκών των μικρομεσαίων επιχειρήσεων (ΜΜΕ) στην Ελλάδα.

With the signing of these new contracts, the total amount of contracts signed under the SME Guarantee Fund since 2012 amounts to EUR 300 million. euro. The EIB's funds will be used to finance investment projects by small and medium-sized enterprises in the industrial, tourism and service sectors in Greece.

In addition, the loan to Pancreta Bank includes, as a pilot scheme, a section specifically for the granting of financing under the "Jobs for Youth" programme.. This new EIB product is being used for the first time in Greece. It is part of the youth employment programme established by the EIB in July 2013 as part of a broader initiative by Member States and the Commission to tackle youth unemployment, following a decision by the European Council in June 2013.

Eligibility criteria for companies:

• have added at least one new one to their staff in the last six months (or intend to add a new one in the following six months) calculated from the date of signing a contract with the participating bank;
• offer vocational training to young people or traineeships for young people
• cooperate with a vocational training institution, a technical educational institution or a university for the employment of young people (e.g. in the context of summer traineeship programmes).

C. Stournaras: We have doubled the number of signed contracts since 2012

At 1 billion euros approximately the total flow of EIB financing to Greece is expected to increase in 2013 following today's signature of loan agreements, totalling 550 million euros, finance minister Yannis Stournaras said during his address at the signing ceremony of the loan agreements with the EIB.

In addition, from the available data, the loans signed in 2013 amount to 915 million euro.

With today's signing of these loan agreements, with a total amount of 550 million euros, the total amount for the year 2013 is expected to be around 1.5 billion euro.

This amount is a significant success for our country. We have doubled the price compared to 2012, where loans were signed. Last year, they amounted to a total of EUR 705 million. euro.

On his part, the Minister of Development & Competitiveness, Kostis Hatzidakis mentioned the following:

I believe that today's agreements will give an additional impetus to the Guarantee Fund. To fulfil its role: to support business and employment at this critical point in time.

The action is being carried out in the context of our overall loan agreement with the EIB, amounting to EUR 1.44 billion. euro. According to the Bank's forecasts, by the end of 2013, loans totalling €635 million will have been granted. euro to businesses, especially small and medium-sized enterprises.

And in 2014, they estimate that the remaining 805 million euros will be given. euro.

Allow me, however, to highlight two other levels of cooperation where we would like the Bank's active support.

The first concerns our cooperation with the EIB in view of the new Programming Period 2014-2020.

Important initiatives have already been taken at European Council level. So that there are new financial tools for SMEs and thus fill the gap that exists.

For our part, we take a positive view of the new tools, as long as two conditions are met:

• On the one hand, they should not be bureaucratic
• On the other hand, to provide for the greatest possible leverage in the case of Greece, given the difficulties.

These two elements need to be taken into account in the redesign of financial instruments. To make the best use of the relevant funds of the 2014-2020 Programming Period.

Hellenic Investment Fund

Tο δεύτερο επίπεδο συνεργασίας μας με την ΕΤΕπ αφορά στο Ελληνικό Επενδυτικό Ταμείο.

The Fund that we are currently organizing will operate on the basis of private economic criteria, management of international standing and resources from both the public sector and private individuals.

Our aim is for the Fund to cover part of the funding gap for the market, in particular for SMEs.

The EIB is already participating in the planning team of the Hellenic Investment Fund - and we thank it for that.

We would, however, like the EIB to also offer its capital support to the Fund.

We are waiting for the relevant decisions of the Bank, knowing that our effort is serious and credible.

Of course, additional tools alone are not enough. Having always in front of us the big problem of liquidity, but also planning at the same time both the new Programming Period and the Greek Investment Fund, we know the importance of a rational planning.

To avoid duplication and make the work of banks and businesses easier for growth and jobs.