The Karditsa Cooperative Bank and the Council of Europe Development Bank (CEB) have signed a €10 million loan framework agreement and a €718,410 grant agreement, aimed at providing enhanced support to microenterprises and the social economy in the wider Thessaly region.
The new loan program represents a significant expansion of the initial €2 million agreement approved in 2021 and completed in 2025, marking a decisive step forward in the partnership between CEB and the Karditsa Cooperative Bank. The new financing focuses on microenterprises and social economy entities and aims to secure the necessary resources to create and sustain new jobs, with a focus on underserved rural areas that face the greatest difficulties in securing conventional financing.
The financing is supported by the European Union through the InvestEU Fund and the ESF+ program, while the new loan is covered by a guarantee from the InvestEU Fund under the “InvestEU Microfinance and Social Economy Finance Framework Operation” program. Alongside the loan, a grant agreement worth 718,410 euros was signed through the “BRIDGE Thessaly” initiative: Building Resilience through Inclusive Development, Economic Growth, and Entrepreneurship in Thessaly.
The President of the Karditsa Cooperative Bank, Mr. Georgios Boukis, stated: “The expansion and strengthening of our cooperation with the Council of Europe Development Bank is focused on microfinance and social entrepreneurship. It is aimed at those who have difficulty obtaining financing through conventional lending channels and seeks to boost employment, resilience, and social cohesion.”
The CEO of the Karditsa Cooperative Bank, Mr. Panos Tournavitis, stated: “For us, this agreement is about maintaining close ties with the people who keep our local economy afloat. With BRIDGE Thessaly, we can combine financing, training, business consulting, and mentoring into a single point of service, supporting new entrepreneurs every step of the way. For us, this means cooperative banking with values, in action. And we are proud to be taking another step forward together with the CEB.”
CEB Governor Carlo Monticelli stated: “Today’s signing strengthens our partnership with the Karditsa Cooperative Bank as we build on our first agreement, which was finalized in 2025. Thanks to the collaboration with the InvestEU Advisory Hub, the CEB will be able to do even more to support micro-entrepreneurs in the wider Thessaly region, focusing primarily on underserved rural communities. “However, today’s agreement goes far beyond financing—it supports initiatives to upgrade skills, create opportunities, and build self-confidence.”