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Eurobank EFG new initiatives for the Greek economy

Today, Eurobank EFG announced a new series of initiatives to bolster the new growth direction of the Greek economy, with a view to both smoothly overcome the crisis and enter a new era of growth prospects for the country in the coming years.
The Bank’s proposal is dictated by the need to improve competitiveness, to effectively support the openness of the economy and to create appealing conditions to attract capital and investments with a positive multiplier effect on the growth of the economy.
During the presentation of initiatives by the Bank’s Management, CEO Mr Nicholas Nanopoulos noted that Eurobank EFG invests in supporting the new growth orientation of the country, which currently emerges as the necessary choice for the Greek economy. “We believe in a growth model that will built on, as well as support, the openness and export orientation of the Greek economy, long-term savings, the improvement in the quality of domestic production, the encouragement of competitiveness and entrepreneurship. Our banking system is perfectly able to fully and substantially support the country’s most productive and creative business forces, both in Greece and abroad, continuing to act as a catalyst for change and development.
Therefore, as a Group, we undertake the initiative to invest in the new growth direction emerging today as the only viable course for the Greek economy. As a country and as a society we cannot afford to lag behind international developments, nor leave anything to chance. We invest in the unique strengths of our country, support its extroversion, its business potential and the competence of its people”, concluded Mr. Nanopoulos.
Introducing the new initiatives, Eurobank EFG’s Deputy CEO, Mr Nicholas Karamouzis, stressed that “the country must seize these new opportunities and priorities, if it does not want to be trapped by low growth rates”. The new growth orientation, he stressed, must be based on:
Strengthening the economic extroversion of Greek businesses. Upgrading the quality of products and services. Reinforcing private and public investments, as well as investments in infrastructure, renewable energy and export enterprises.
Creating a friendly environment, that attracts capital and promotes private and public investment.

Promoting the necessary reforms and structural changes that boost the country’s competitiveness .
“Today, we undertake a series of initiatives and commitments that will contribute to achieving the above objectives. For this purpose, we have set as our main priorities to support the Greek entrepreneurship, to stand next to export-oriented businesses, supporting Greek exporters and the international trade, to finance the development of a quality tourism industry and investment in the country’s production base, to support small and large infrastructure projects and investments in renewable energy.
In Greece, Eurobank maintains a leading position in business finance. With loan balances of € 24 billion, annual growth rates above 20%, a leading position in the areas of Leasing, Factoring, Trade Finance and risk management products, the Bank supports and covers the overall needs of the business sector. In parallel, we maintain a significant presence in the region, operating 88 business centres, 5 centres for large corporates, 3 Leasing companies, 2 Factoring companies and 7 Treasury managers in seven countries  in Southeast Europe.
Concluding his presentation, Mr. Karamouzis stressed that “this new cycle of growth can result from both a concerted effort to improve competitiveness and promote openness and the export orientation of the economy and through significant investment in infrastructure and the country’s productive base. Eurobank’s initiatives aim both to support the businesses in these sectors and to highlight the need for a broader open but structured dialogue in society among all stakeholders on the key issue of Greece’s path to growth”.
Eurobank’s new initiatives are based on 5 axes and are to be implemented over time and mainly in conjunction with business entities. They aim to facilitate and enhance healthy, outgoing and developing Greek companies, to finance viable and reliable investment projects and to promote responsible and dynamic young entrepreneurs who are ready to assume their own share of business risk.
These axes are:
  • Commitment to provide € 1.5 billion to finance major infrastructure projects, PPP projects and renewable energy power projects in the coming years. The Bank is already significantly contributing in the financing of such projects with over € 400 million of funding commitments to date, and employs a highly experienced team providing debt arrangement and financial advisory services.
  • Financing of the Tourism Industry with favourable and flexible terms and new products. These include the long-term financing of Hotel renovations (tenor up to 7 years), the discounting of the contracts with tour operators to improve liquidity and the restructuring of liabilities, with long-term financing and low interest rate for the first two year period.
  • Financing of the Supply Chain of 1) Exporting Companies with new products, 2) the productive investments in the sector with favourable terms and conditions and 3)  Insurance of Export credits based on competitive pricing. The new initiatives also include, for the first time, the possibility of invoice discounting as well as Exporting Companies Sales Orders’ Discounting ; discounting of VAT refund claims; long-term loans for productive investments  up to 100% of the value of the investment with favourable terms and rates; creation of  a One Stop Shop for export risk insurance of any kind and form, as may be insurable at international level; the facilitation of Greek exporters for activities in South-eastern Europe through the evaluation and risk undertaking through factoring.
  • Establish an internal private equity fund of € 30 million while mobilizing an additional € 100 million from private investors and/or private equity companies in order to acquire jointly with the Bank minority stakes in dynamic small and medium size extrovert Enterprises. The aim is to enhance the prospects of dynamic Greek companies by strengthening their capital base and by facilitating the creation of stronger and larger corporate structures.
  • Joint Actions to promote the openness of exporting companies in close cooperation with government and corporate entities (HFE, SVVE, SETE, PRE SEVE) for funding and financing, and the organization and coordination of initiatives, studies and conferences that promote the country’s competitiveness and extroversion.
Eurobank EFG understands the new challenges and unique circumstances and is aware that the health of the banking system, sustainable development and the country’s economic prosperity are interlinked and interdependent objectives.
Eurobank EFG has the capacity and is committed to cooperating with all financial authorities and to contributing with its initiatives in the establishment of a new growth direction for the Greek economy.