BUSINESS

EIB funds Pankritia loans to SMEs

TAGS: Banking, Finance, Economy

The European Investment Bank (EIB) approved on Wednesday the disbursement of 40 million euros to finance new loans to small enterprises issued by the Pankritia Cooperative Bank, focusing on the creation of jobs for young unemployed people.

The deal constitutes the first loan supply by the EIB to Greece in the context of the ”Skills and Jobs – Investment in Youth” initiative, including 20 million euros from the existing credit line and another 20 million from a new demand by the Iraklio-based lender.

The objective is to support investments by small and medium-sized enterprises and the supply of liquidity to selected investments aimed at employing young people.

According to EIB data, in the last few years it has supplied Pankritia with 175 million euros for the issuance of loans. This includes 155 million destined to support investments in basic economic sectors such as tourism, energy, construction and food trading.

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