ECONOMY

EIB pledges support for virus-stricken economy

eib-pledges-support-for-virus-stricken-economy

Acknowledging the effect the coronavirus outbreak is having on the Greek economy, the European Investment Bank has included Greece in its economic support package of 40 billion euros announced on Monday.

“The European Investment Bank Group recognizes the significant impact that the coronavirus is already having on the Greek economy. Following discussions in Athens in recent weeks with the prime minister, finance minister and Greek stakeholders, the EIB is ensuring that support for business investment in cooperation with Greek banks can be scaled up and accelerated to respond to the new economic challenges," said EIB Vice President Andrew McDowell.

"The EIB Investment Team for Greece is in close contact with the Greek government and other stakeholders to ensure that the new measures outlined today can fully support Greece in the coming weeks and months."

The EIB support package will go toward bridging loans, credit holidays and other measures designed to alleviate liquidity and working capital constraints for small and medium-sized enterprises (SMEs).

The EIB Group, including the European Investment Fund (EIF) which specializes in support for SMEs, will work through financial intermediaries in the member-states and in partnership with national promotional banks.