BUSINESS

NBG inks deal to slash borrowing costs for firms

TAGS: Banking, Business, Finance

National Bank of Greece signed an agreement with the European Investment Bank, the European Bank for Reconstruction and Development and the European Investment Fund on Monday for the supply of 300 million euros aimed at supporting Greek enterprises, based on the participation of the EIB, the EBRD andthe EIF in a securitization transaction executed by NBG two months ago.

The deal will considerably reduce the cost of borrowing for local small and medium-sized enterprises (SMEs).

National’s chief executive Leonidas Frangiadakis said the country needs a coalition “of the forces of those who wish to see our economy grow again based on sound groundwork.”

He added that Monday’s agreement allows the lender to offer new financing products for the strengthening of SMEs on favorable terms, contributing to the reduction of high financial costs Greek firms face and boosting their competitiveness.

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