This loan is aaimed at reducing the impact of the current economic crisis by improving access to medium and long-term funds on advantageous financial terms. To these ends the EIB has also simplified its procedures and is broadening the scope of its financing by also covering intangible types of investment and working capital.
In addition, it is increasing transparency by working towards an effective transfer of the advantage of EIB funds to the final beneficiaries. Each loan under the facility will be subject to complying with the eligibility criteria imposed by EIB.
Eligible projects to be financed have to be implemented by SMEs (with fewer than 250 employees) and by municipalities. To increase the access of SMEs to long-term financing, the EIB will cooperate with local financial institutions that have local market expertise, like Piraeus Bank Romania, particularly in providing services to businesses through a well-developed network.
Piraeus Bank Group is a Greece-based financial organization, with particular know-how in the areas of retail banking, small and medium-sized enterprises (SMEs), leasing, capital markets and investment banking.
Piraeus Bank Group has an international presence, focused in South-Eastern Europe and Eastern Mediterranean, but also in the financial centers of London and New York. At the end of September 2009, its total assets amounted to EUR52.3bn with a network of 900 branches across the globe.
