Garantiqa, AVGHA most active guarantors in Europe

Hungary's Garantiqa Hitelgarancia and Rural Credit Guarantee Foundation (AVGHA) were the most active guarantors in Europe last year, an annual report by the European Association of Guarantee Institutions (AECM) shows, Hitelgarancia said on Wednesday.

The report shows outstanding guarantee volume of Garantiqa and AVGHA reached the equivalent of 4.4% of GDP in 2023, a higher rate than any other AECM members compared to the size of their respective economies.

The average rate of AECM members’ guarantee volume was 1% of GDP last year.

AECM members in France and Romania followed Hungary, with a guarantee volume of 2.5% of GDP.

Garantiqa chairman-CEO István Attila Szabó said the guarantors had backed 80% of lenders’ outlays to SMEs in the past year, while around half of outstanding loans in the segment were part of their surety stock.

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