Support for Greek small and medium-sized enterprises through InvestEU is entering a new phase, with additional resources from the Recovery and Resilience Facility (RRF). The initiative was presented at a special event organised by the European Investment Fund (EIF), attended by Deputy Minister of National Economy and Finance Nikos Papathanasis and European Investment Bank Vice-President Giannis Tsakiris.
Agreements with the participating financial institutions were signed at the event. The aim is to implement the new phase of the SME Competitiveness Guarantee programme, which is funded with an additional €400 million from the RRF and is expected to generate a new financing portfolio worth around €5 billion.
The initiative builds on the programme’s first phase, under which the Ministry of National Economy and Finance tasked the EIF with managing a €400 million portfolio funded by the RRF. More than €3.65 billion has already been channelled to over 17,000 Greek SMEs through three guarantee instruments supporting investment in sustainability, competitiveness and digital transformation.
New guarantees
Greece is moving into the next phase of InvestEU, further strengthening financial support for SMEs. By drawing on RRF resources and the EIF’s expertise, new financing opportunities are being created to support both investment plans and working capital needs.
The agreement marks the next step in cooperation between the Hellenic Republic and the EIF to channel European funds into the real economy. The new guarantees will broaden SMEs’ access to bank financing on more favourable terms, helping to create jobs and strengthen the competitiveness of the Greek economy.
Deputy Minister of National Economy and Finance Nikos Papathanasis said: “Today’s development marks a new phase in Greece’s successful cooperation with the European Investment Fund under InvestEU. It also confirms the Government’s strategic choice to use resources from the Recovery and Resilience Facility to finance public investment and reforms, as well as to mobilise private capital for the benefit of the real economy. More than €12.5 billion in financing has already been mobilised through Recovery Fund initiatives for SMEs. With the new boost for InvestEU and the additional resources channelled through the Hellenic Development Bank, total financial support for Greek SMEs is expected to exceed €22 billion in the coming years. Our aim is to further strengthen entrepreneurship, creating even more jobs while further improving the competitiveness, productivity and international outlook of the Greek economy in the new European and global landscape.”
European Investment Bank Vice-President Giannis Tsakiris said: “The success of European funding is measured not only by how much capital we mobilise, but by the difference it makes to the real economy. Our aim is to ensure that financing reaches the areas where it can make the greatest difference: businesses that want to invest, innovate and grow. With the new phase of InvestEU, we are building on what we have achieved and creating the conditions for today’s investments to strengthen the competitiveness of the Greek economy in the years ahead.”
Orestis Kavalakis, Governor of the Special Service for the Coordination of the Recovery Fund, said: “The €400 million increase in the guarantee programme for SME financing, using loans from the Recovery Fund, is a clear example of how experience gained during implementation can be used to strengthen initiatives with proven effectiveness. Additional InvestEU funding ensures the continuation of a successful financing instrument, broadening SMEs’ access to finance and working capital.”