EIF announces the signing of NBG Technology L.P. in Greece

With its first investment in Greece, through a cornerstone investment of EUR 20 million in a fund of a total size of EUR 60 million, the European Investment Fund will contribute to the establishment of NBG Technology L.P., a first class technology Venture Capital Fund in Greece. The other investors are the National Bank of Greece, the Fund's sponsor, which will invest EUR 30 million, and the General Bank of Greece, which will invest EUR 10 million.

This important venture capital operation will provide an appropriate support to the Greek hi-tech companies in which NBG Technology L.P. will invest, and will contribute to the creation of high quality jobs. It represents furthermore an important milestone in the development of the Greek venture capital market. It is also worth noting that if the primary geographic focus of NBG Technology L.P. will be on Greece, investments in the Balkans region as well as in other EU countries will also be considered.

NBG Technology L.P. will invest in innovative early-stage companies, which have the potential to become Greek and European leaders. The technology areas which are targeted by the Fund are thus all areas in which Greece offers interesting opportunities: Wireless infrastructure and services, Software applications, Internet infrastructure, hosting and value-added services, IT consulting and Creative content.

NBG Technology L.P. will be managed by National Bank of Greece Venture Capital, a relatively young organisation that has nevertheless established a leading market position in Greece. The EIF has experienced a very fruitful cooperation with the Team members, who collectively bring a range of high level venture capital, technology, finance and consulting backgrounds. Alongside the important market position, the quality of the management team is geared to make the Fund a success.

During the signing ceremony which took place in Athens on 15 October under the chairmanship of Mr T. Karatzas, Governor of National Bank of Greece, EIF's Chief Executive Walter Cernoia underlined the importance for the EIF and the European Community of this first ever venture capital operation of the EIF in Greece; in so doing, the EIF is fully in its role as an European financial institution which aim is to promote a more performing and balanced European Venture capital market. Mr Cernoia also underlined the pleasure to conclude this first operation with NBG Technology L.P., and the confidence we place in its management team, which justifies such an significant investment of the EIF.

The EIF is the European Union's specialised financial institution for venture capital and guarantees. Based in Luxembourg, the EIF was established in 1994 as a joint venture between the European Investment Bank (EIB which has recently become its majority shareholder), the European Commission and European banks and financial institutions. The EIF is now a major player in the European venture capital market : it has invested in some 140 funds all over the EU as well as in Eastern and Central Europe. Its venture capital portfolio amounts to EUR 1.7 billion and it is expected that some 60 new funds for an overall amount of almost EUR 1 billion are being put in place by year end 2001. The investment strategy of the EIF focuses essentially on the promotion of European technology through investments in venture capital funds located in the Union and the Accession Countries.