Slovak exporters are set to receive up to €100 million in new financing under an agreement between the European Investment Bank and Slovakia’s export-credit agency, Eximbanka.
The package combines a €50 million loan from the European Investment Bank with a matching €50 million commitment from Eximbanka, with the funds to be channelled to Slovak companies seeking to expand internationally, the EIB informed in a release on Wednesday.
The financing is intended for small and medium-sized enterprises and “mid-caps” — medium-sized companies larger than typical SMEs — to support innovation and technology upgrades.
About 80% of the financing is earmarked for businesses in less developed regions of Slovakia.
Borrowers are expected to receive lower interest rates and longer repayment periods than those typically available in Slovakia’s loan market.
Focus on exporters and regional businesses
The agreement follows earlier cooperation between the two organisations, including support for Slovak SMEs and mid-caps during the COVID-19 crisis, the European Investment Bank said.
Eximbanka is Slovakia’s only public institution providing export credits through loans, guarantees and insurance.
The European Investment Bank Group — which includes the European Investment Fund — supports Slovak SMEs and mid-caps through partnerships with local financial institutions to finance digitalisation, energy efficiency and business expansion.
