EU signs Greek loan deal

EIF Chief Executive Pier Luigi Gilibert. (Reuters)
Updated 16 April 2018
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EU signs Greek loan deal

  • EIF CEO Pier Luigi Gilibert: “Our exposure to Greece is now about €1 billion.”
  • Gilibert said the EIF supports innovative companies active in sectors including artificial intelligence, fintech and big data.

Athens: The European Investment Fund (EIF) on Monday signed three loan guarantee agreements with Greece’s National Bank (NBG) worth €640 million ($791.04 million) to provide funding to small and medium-sized businesses to support the Greek economy’s recovery.
The EIF is part of the European Investment Bank (EIB) group which aims to support Europe’s micro, small and medium-sized businesses by helping them to access finance.
“Our exposure to Greece is now about €1 billion,” said EIF CEO Pier Luigi Gilibert. “This has successfully catalyzed €3.5 billion in additional funding.” Greece, slowly emerging from a deep financial crisis, is expected to exit its third international bailout in August. Its economy is gradually recovering. Gross domestic product grew 1.4 percent last year.
Gilibert said the EIF supports innovative companies active in sectors including artificial intelligence, fintech and big data. Its loan guarantees are risk sharing instruments, enabling banks on the ground to choose eligible firms.
Under the so-called InnovFin agreement, NBG will provide loans at favorable terms to innovative SMEs for two years. The EIF’s support for innovative Greek companies is expected to generate a portfolio of €100 million of loans.
The second agreement, COSME, will allow NBG to provide €500 million of loans to around 1,900 small businesses in Greece over three years. EaSI microfinance guarantee, the third facility, will provide
€40 million of loans to 3,400 micro-borrowers, very small companies which have difficulties in accessing credit across the country.
“With today’s financing agreements, the Juncker Plan continues to support Greek companies tangibly and help them grow,” said EU Migration Commissioner Dimitris Avramopoulos.


Deutsche Bank appoints Riyadh GM

Updated 14 min 33 sec ago
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Deutsche Bank appoints Riyadh GM

  • German banking titan expects more deal flow from Kingdom
  • Deutsche Bank established base in Saudi Arabia in 2006

LONDON: Deutsche Bank has appointed Mohammed Alajmi as general manager of Deutsche Bank Riyadh Branch in Saudi Arabia.
He will have oversight of the bank’s business regulated by the Saudi Arabian Monetary Authority (SAMA), Deutsche Bank said in a statement.
The German banking giant originally established its Riyadh branch in 2006.
Alajmi joined Deutsche Bank in 2012 after more than a decade of working at local financial institutions in the Kingdom.
He was appointed chief operating officer in June 2015 overseeing the bank’s activities across all businesses and infrastructure functions.
The group expects to boost regional hiring this year, driven by expected corporate bond sales and initial public offerings, Bloomberg reported in February.