EIB Allocates €1 Billion Credit Line to Greek Banks for SMEs and Youth Employment

Thursday, December 22nd, 2016
Last Update: 18:33

On Thursday the European Investment Bank (EIB) dedicated a one billion euro credit line to Greek banks, Reuters reported.

The money is set to be allocated for small and medium-sized businesses (SMEs) in efforts towards promoting youth employment in Greece, which is facing high levels of unemployment, according to the latest figures by ELSTAT, the countries statistical agency.

This week ELSTAT reported that the youth of Greece aged 15-24 is facing unemployment rates as high as 44.2 percent for Q3 2016, down slightly from last year’s Q3 data which was at 48.8 percent.

The first 400 million euros of the new credit line will be split equally between commercial lenders Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank, while the remaining 600 million euros will be allocated over the next two years to the banks accordingly.

The banks will be able to use the money to provide loans to SMEs and MidCaps active in the agriculture, tourism, manufacturing, services and other sectors, the EIB stated.

See Also:

Thank you for contacting Greece.com.

Thank you for your enquiry to Greece.com Villas, in partnership with ISV. Our Villa Experts will get back to you very soon with more information on your Greece villa holiday!

The contact form was not sent. Please contact us via email at [email protected]

All form fields are required.

If you want to add, edit or delete a Greece.com Business page, CLICK HERE to create a Greece.com Account