The European Investment Fund (EIF), part of the EIB Group, said it is extending guarantees to Erste Bank’s Croatian unit to enable up to €200mn of financing to SMEs that should foster their recovery from the coronacrisis.
The guarantees will be provided under the €25bn Pan-European Guarantee Fund (EGF) set up by the EIB Group to accelerate post-coronavirus (COVID19) recovery of European companies.
“This is the first EGF operation signed in Croatia, one among 21 EU-member countries participating and benefiting from the EGF. The EGF guarantees will allow Erste to offer loans and finance leases to Croatian SMEs under more favourable terms including, among others, reduced interest rates, longer grace periods, lower collateral requirements or extended maturity,” the EIF said in a statement.
The EIF will provide guarantees worth €140mn to Erste Group in Croatia, which would allow the bank to secure more favourable lending to SMEs.
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