The Greek guarantee (GGF), a financial initiative that provides assistance to Greek SMEs and Mid-Caps, has announced its successful completion after Greek companies enable € 600 million dollars.
The news was announced by the European Investment Bank (EIB) and the Hellenic Republic, in which previous financing was provided.
“Innovative financial equipment is a significant example of how the Greek guarantee funds are in the realization of national priorities and European financial skills. In the exceptional pressure on the Greek economy, this initiative confirmed that hundreds of businesses could access affordable financing and continued to grow, innovate and preserve jobs,“EIB Vice-President says Yanis SakirisThe
Launching in the 21st, GGF’s goal is to increase money access to the Greek business, stimulate job creation and contribute to the restoration of the national economy. During its implementation, GGF has enabled EIB financing in more than 800 SMEs and mid-caps across the country.
The fund was established to stimulate Greek SMEs and Mid-Cap companies to provide NDing to the Greek SMEs and Mid-Cap companies by providing low interest financing through local partners banks. In order to encourage financial institutions more easily, it also aims to offset the credit risk. This support allows to maintain business activities across the country, to invest in modernization and maintain or to maintain jobs.
It has been reported that the extensive sectors, including agriculture, tourism, production, energy, technology and services, have benefited. With the support of these funds, Greek companies were able to expand the production capacity, invest in new technologies and equipment, and improve their competition domesticly and abroad.
Despite the completion, new financial equipment is being created under a wide European structure such as Recovery and Resilience Facility (RRF), Investu Program and European Fund (EFSI) for strategic investment. These future initiatives are expected to prioritize green and digital transitions, scaling-driven business scaling, women-and youth-led initiatives will promote greater support and financial inclusion in the lower regions.
“EIB is proud to partner with the Hellenic Republic on this important mission, and we are hoping to create this legacy to support more ambitious projects in the future,“Added SakirisThe
Despite the significant macroeconomic title, GGF helped protect an important section of the Greek economy, improves the condition of fluidity and reduce the cost of adoption of orrow, allowing SMBs to invest, increase and innovate when access to financing was severely compulsory – according to the EIB.
GGF stands as a model of cooperation between the Republic of the EIB and the Hellenic Republic. Its implementation aims to show how the target financial instruments can provide clear benefits to the business and even the challenging environment for the citizens.
The EIB outline has revealed that GGF’s inheritance will serve as the basis of future efforts to increase SME support, innovation and gain long -term economic growth in Greece and beyond it.
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