The European Investment Bank has signed a first €50 million tranche of financing with CrediaBank as part of a wider package approved for up to €100 million to support security and defence-related investment by Greek businesses.
The funding will be channelled through CrediaBank to small and medium-sized enterprises and “mid-cap” companies — firms larger than typical SMEs but not major corporations — across Greece, with a particular focus on businesses active in, or investing in, the security and defence sector, the European Investment Bank informed on Monday.
If leveraged as planned, the financing is expected to mobilise up to €200 million for final beneficiaries.
CrediaBank is the first non-systemic bank in Europe — meaning it is not considered large enough to pose broad risks to the financial system — to join the EIB’s dedicated Security & Defence programme, and it is the second bank in Greece to take part.
Leasing and youth jobs also included
The agreement also starts cooperation between the two institutions on leasing finance, allowing businesses to access funding for equipment and other investments, according to the EIB.
Part of the financing may also support companies that promote youth employment under the EIB’s Jobs for Youth initiative.
“Greece is playing an increasingly important role in strengthening Europe’s security and defence industrial ecosystem,” EIB Vice-President Yannis Tsakiris stated.
CrediaBank chief executive Eleni Vrettou pointed out that the deal would expand financing opportunities for SMEs and mid-cap companies in Greece’s security and defence ecosystem.
