– Support for small and medium-sized enterprises affected by the COVID-19 pandemic
– UniCredit will provide funding on more favorable terms
– Supports the operation European Guarantee Fund (EGF), part European Union 540 billion A response package to COVID-19 was agreed last year
The European Investment Fund (EIF) will provide 700 million euros in warranties for UniCredit, which allows the lender to provide up to EUR 1 billion financing of small and medium-sized enterprises (SMEs) in Bulgaria, Slovakia, Slovenia in Croatia to accelerate the economic recovery following the COVID-19 pandemic.
EIF guarantees derive from European Guarantee Fund (EGF), a 25 billion euros the warranty facility he has set up EIB Group in 2020, stimulate the recovery of the European economy under COVID-19, protect jobs and provide much-needed liquidity to European SMEs. The breakdown of the guarantee contract is as follows: Bulgaria (do EUR 185 million), Slovakia (do EUR 310 million), Slovenia (do EUR 80 million) in Croatia (do EUR 325 million). The remaining volume of the portfolio will be distributed across four countries according to the observed demand.
UniCredit Group Member States in the above four countries, including banks and leasing institutions, will offer loans and other financial products to SMEs on more favorable terms, including lower interest rates, longer dormancy periods, lower insurance requirements or extended maturities. The loans will be made available to SMEs operating in the sectors most affected by the pandemic and will accelerate the recovery of national economies.
Roger Havenith, EIF Deputy Executive Director, said: “The COVID-19 crisis is still with us and companies around the world Europe experiencing economic consequences. EIF Partnership with UniCredit Group will provide much-needed funding for SMEs in four countries. Our cooperation will preserve jobs, stimulate investment and competitiveness of SMEs, and thus contribute to a faster economic recovery after the COVID-19 crisis. I would like to thank you UniCredit Group for their long-term partnership and we look forward to further cooperation in the future. “
Vice-President of the EIB Lilyana Pavlova commented: “I’m glad that under European Guarantee Fund, The EIF announces a new partnership with UniCredit Group unlock to EUR 1 billion more accessible financing for SMEs in Bulgaria, Slovakia, Slovenia in Croatia. EIB Group is ready to work with financial institutions and companies around the world Europe to support economic recovery from the COVID-19 pandemic. “
Gianfranco Bisagni, Leader Central Europe in Teodora Petkova, Leader eastern Europe at UniCredit, added: “We provide ongoing support to European small and medium-sized enterprises and medium-sized capital, which play such a central role in our economies. Thanks to these guarantees and our strong plan, we will be able to increase joint funding by 1 billion eurosthat we can continue to offer our customers favorable conditions for managing their liquidity, financing their future investments and promoting recovery after the COVID-19 crisis.
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