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EIF, Erste Bank sign EUR 67 mln guarantee agreement

Initiatives

The European Investment Fund (EIF) and Erste Bank Hungary signed a guarantee agreement in Budapest on Thursday that will support EUR 67 million of loans and leases to innovative Hungarian SMEs. The transaction is expected to benefit about 350 businesses.   

The agreement was signed by Pier Luigi Gilibert, the EIFʼs chief executive, and Erste Bank Hungary Chairman-CEO Radován Jelasity, within the framework of the European Commissionʼs InnovFin initiative providing EU financing for innovators, and made possible by the support of the European Fund for Strategic Investments (EFSI), the central pillar of the Investment Plan for Europe, also known as the "Juncker Plan."

"Erste Bank Hungary is among the top ten largest banks in Hungary with a strong focus on SME and small mid-cap lending," noted Gilibert. "This new signature will help the bank to expand its activities in the field of innovation financing for SMEs and small mid-caps at more attractive terms and conditions."

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