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Investment Plan for Europe: EUR 200 million for SMEs in the Czech Republic

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    Date: 30 January 2017

The European Investment Fund (EIF) and Komerční banka have signed an InnovFin SME guarantee agreement to provide a EUR 200 million worth of loans small and medium-sized enterprises (SMEs) and small mid-caps in the Czech Republic. This transaction benefits from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

This is the second InnovFin SME guarantee agreement between EIF and Komerční banka, backed under Horizon 2020, the EU's research and innovation programme. Having successfully rolled out the first InnovFin facility, Komerční banka will now continue to provide loans on favourable terms to an estimated 320 innovative SMEs in the Czech Republic. This agreement is expected to generate a portfolio of EUR 200 million of loans over the next two years.

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: “SMEs play a critical role in Czech Republic's economy. Today's agreement is yet another illustration that our strategy to support these SMEs with the financing solutions needed to innovate, grow and create jobs is working. I wish the SMEs that will access the finance provided by the Investment Plan every success.”

Commenting on the signature, EIF Chief Executive Pier Luigi Gilibert said: “Today’s agreement will support Komerční banka in pursuing its innovation financing activities with Czech small companies. Around 320 SMEs, mainly active in the manufacturing sector, are expected to benefit from loans on terms that would not have been possible without EIF’s support. I am delighted to see that EIF and Komerční banka can continue our already fruitful collaboration under this new agreement.”

“Hundreds of our SME clients have already had an opportunity to appreciate our long cooperation with EIF, which offers, in particular, additional advantages for innovative firms, for start-ups, and (thanks to cooperation with the EIB) also for companies employing young people after school. Under the Investment Plan for Europe, financing can be provided at a lower cost for clients and, in particular, with additional guarantees granted by a first-class institution”, said Jitka Haubová, Executive Director for corporate banking at Komerční banka.

This transaction with Komerční banka reflects the EU's commitment to rapidly launch concrete initiatives under EFSI, significantly accelerating lending and the guaranteeing of transactions capable of boosting jobs and growth in the EU.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment. More information on EIF's work under EFSI is available here.

About Komerční banka

Komerční banka is one of the best run universal banks in Central Europe. It provides comprehensive services to clients in the areas of retail, corporate and investment banking. The Komerční banka Group’s 8 473 employees serve 2.4 million clients, who can use an extensive network of 396 business points throughout the country. Komerční banka currently operates 762 ATMs and 1.4 million of its clients use one of the direct banking channels. Komerční banka is part of the Société Générale Group.

About the Investment Plan for Europe

The Investment Plan focuses on strengthening European investments to create jobs and growth. It does so by making smarter use of new and existing financial resources, removing obstacles to investment, providing visibility and technical assistance to investment projects. The Investment Plan is already showing results. The projects and agreements approved for financing under EFSI so far are expected to mobilise over EUR 164 billion in total investments across 28 Member States and to support more than 385 000 SMEs. On 14 September 2016, the European Commission proposed extending EFSI by increasing its firepower and duration as well as reinforcing its strengths. Find the latest EFSI figures by sector and by country here. For more info, see the FAQs.

About InnovFin

The InnovFin SME Guarantee Facility is established under the “EU InnovFin Finance for Innovators” initiative developed under Horizon 2020, the EU Framework Programme for Research and Innovation. It provides guarantees and counter-guarantees on debt financing of between EUR 25 000 and EUR 7.5 million in order to improve access to loan finance for innovative small and medium-sized enterprises and small mid-caps (up to 499 employees). The facility is managed by EIF and rolled out through financial intermediaries – banks and other financial institutions – in EU Member States and Associated Countries. Under this facility, financial intermediaries are guaranteed by the EU and EIF against a proportion of their losses incurred on the debt financing covered under the facility.

Press contacts:

EIF: David Yormesor
Tel.: + 352 24 85 81 346, E-Mail: d.yormesor@eif.org

Komerční banka: Pavel Zúbek
Tel.: + 420 955 532 009, E-Mail: pavel_zubek@kb.cz

European Commission: Enda McNamara
Tel.: + 32 (0)2 29 64 976, E-Mail: enda.mcnamara@ec.europa.eu


 
 

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