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ETCI: European Tech Champions Initiative
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Coronavirus: The EIB Group’s initiatives to address its economic consequences
Pan-European Guarantee Fund – EGF
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AI Co-Investment Facility
Impact investing at the EIF
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Lower mid-market
Mezzanine Facility for Growth
EFSI Equity instrument
Single EU Equity Financial Instrument
COSME - Equity Facility for Growth
InnovFin Equity
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EIF-NPI Equity Platform
ESCALAR Programme
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New ESIF ERDF Guarantee Fund initiative in Greece
EFSI Private Credit Programme
AGRI Guarantee Facility
AGRI Italy Platform Uncapped Guarantee Instrument
Credit enhancement
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ENSI - Securitisation Initiative
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Skills & Education Guarantee Pilot
EREM debt products
Single EU Debt Financial Instrument
Documentary Finance Facility – Bulgaria
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The SME Initiative Bulgaria
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The SME Initiative Italy
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Inclusive finance
EaSI Financial Instruments
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How does EIF contribute to EFSI
How to apply for EFSI financing
Regional Development - Country and sector-specific initiatives
Auvergne Rhône-Alpes FEADER
Fons d’Inversió en Tecnologia Avançada (FITA) Catalonia
Dutch Future Fund (DFF)
Dutch Alternative Credit Instrument (DACI)
PORTUGAL BLUE: a new initiative for blue economy investments
JEREMIE Greece Reflows – Business Angels’ Co-Investment Equity Instrument
German Corona Matching Facility (CMF)
Portugal Growth programme
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Croatian Growth Investment Programme (CROGIP)
AGRI Italy Platform Uncapped Guarantee Instrument
ALTER’NA – ESIF EARFD Nouvelle-Aquitaine
Baltic Innovation Fund 1 (BIF 1)
Baltic Innovation Fund 2 (BIF 2)
Central Europe Fund of Funds (CEFoF)
Croatian Venture Capital Initiative (CVCi FoF)
Competitiveness Fund-of-Funds for SMEs in Romania
The Cyprus Entrepreneurship Fund (CYPEF)
Deep and Comprehensive Free Trade Area Initiative East Guarantee Facility (DCFTA)
Dutch Growth Co-Investment Programme
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EAFRD FoF Romania
The ERP-EIF Facility
ERP-EIF Co-Investment Growth Facility
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ESIF Fund-of-Funds Czech Republic
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Call for Expression of Interest for FOSTER II
Greater Anatolia Guarantee Facility (GAGF)
G43 - Anatolian Venture Capital Fund Project
InvestBG Equity Instrument
Romania Recovery Equity Fund of Funds
JEREMIE Romania Reflows – Equity Instrument
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Luxembourg Future Fund 2
Mezzanine 'Fund of Fund' for Germany (MDD)
NEOTEC resources
Polish Growth Fund of Funds (PGFF)
Portugal Venture Capital Initiative (PVCi)
Scottish-European Growth Co-Investment Programme
Slovene Equity Growth Investment Programme (SEGIP)
Swedish Venture Initiative (SVI)
Turkish Growth and Innovation Fund (TGIF)
Western Balkans Enterprise Development & Innovation Facility (WB EDIF)
EAFRD FoF Greece
Irish Innovation Seed Fund (IISF)
RRF Czech Republic Fund of Funds

Pan-European Guarantee Fund – EGF

    Date: 31 August 2020 - 31 October 2021

In the context of the COVID-19 pandemic, the EIB Group (the EIB and the EIF) was asked to enhance its operations significantly in support of EU-based companies affected by the crisis. Hence, the Pan-European Guarantee Fund (EGF) was established in response.

The EGF forms part of the overall package of measures agreed by the Eurogroup on 9 April 2020 and further endorsed by the European Council on 23 April 2020.

EGF implementation results at the end of 2021

Using EUR 11.9bn of EGF resources, the EIF committed EUR 26.2bn of financing (including EIB senior risk) through 295 agreements with financial intermediaries in the 22 participating countries across Europe. These are mobilising EUR 115bn of financing for SMEs, helping to accompany entrepreneurs who see opportunities to innovate, create, transform and transition, but also those who have been affected by the crisis and need help to get back on the path to recovery and growth.

Find here an overview of transactions signed by the EIF: https://www.eif.org/news_centre/press_releases/all/index.htm?year=0000&category=&keywordList=EGF

Further reading is also available in our digital brochure - 2021: A year in review http://engage.eif.org/eif-in-2021/cover/ 


The objective of EGF is to respond to the economic impact of the COVID-19 pandemic by ensuring that companies in the Participating Member States have sufficient short-term liquidity available to weather the crisis, and are able to continue their growth and development in the medium to long-term. The EGF, having a targeted size of EUR 25bn in case of contributions from all EU-27 Member States, is managed by the EIB Group. Leveraging the initial resources, we aim to generate up to EUR 200bn of additional financing.

Through EGF, the EIF will deploy a number of equity, debt funds and guarantee products in cooperation with selected financial intermediaries for the benefit of SMEs and Mid-Caps. This Call for Expression of Interest is launched with the aim to select financial intermediaries according to the EIF’s standard processes.

Documents and information enclosed in this Call are provided to potential financial intermediaries ahead of the formal launch of the EGF given the current market need for an urgent implementation of relief measures in the context of the economic consequence of COVID-19.

The documents and information are indicative, non-binding, published for information purposes and might be subject to change. The information contained herein do not constitute a commitment from the EIF.

Interested parties who wish to submit an application are invited to consult the full details in the Call for Expression of Interest and its Annexes below.

Who is eligible to become a financial intermediary under EGF?

Eligible applicants are:

In respect of EGF Equity & Debt Funds Products: investment funds and special purpose vehicles, in any form, established or to be established, that undertake long term risk capital investments in the form of equity, preferred equity, quasi-equity, hybrid debt-equity instruments (or other type of mezzanine financing), or any other debt financing.

In respect of EGF Guarantee Products:

a)   Guarantees and Securitisation products: public or private entities (including credit or financial institutions or loan (debt) funds), if applicable, duly authorised to carry out debt financing activities according to the applicable legislation;

b)   Counter-Guarantees: public or private (counter-) guarantee schemes, (counter-) guarantee institutions or other entities, credit or financial institutions, if applicable, duly authorised to issue guarantees according to the applicable legislation.

For detailed and complete eligibility criteria please see the Call for Expression of Interest documents below.
The European Investment Bank provides additional support for national promotional banks, local banks and other financial intermediaries - read more

Which type of companies can benefit from EGF?

SMEs and Mid-Caps operating (and established, if relevant) in one or more of the Participating Member States in line with EGF mandate requirements.
The European Investment Bank provides additional support for businesses - read more

Supported companies should not be carrying out activities breaching ethical principles or focus on one or more EIF restricted sectors.

Financial intermediaries - How to apply?  

Update: An information noteinformation note to financial intermediaries introducing synthetic securitisation and other minor amendments has been published on 29 September 2021

If you are eligible, you can apply by downloading and submitting relevant application documents published below to the EIF by the deadline. The EIF selects financial intermediaries according to a standard process involving due diligence and proof of compliance with relevant standards.  

The application period for the EGF Equity and guarantee products (deadline 31/10/2021) as well as for the synthetic securitisation instrument (deadline 31/03/2022) is closed for financial intermediaries.

Currently the inclusion period is limited to 31.12.2022

Note: Following the recent withdrawal of the United Kingdom from the European Union, we are updating the relevant EIF.org pages.


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