EUR 50m MAP loan guarantee to Ceskà Sporitelna in the Czech Republic

Under the framework of the European Commission's Multiannual Programme for SMEs, EIF has signed a commitment to provide a EUR 50m guarantee to Ceskà Sporitelna in the Czech Republic. Under the terms of the agreement, EIF provides a direct guarantee to Ceskà Sporitelna with respect to eligible investment loans granted to the Micro and Small Enterprise (MSE) business segment (turnover up to EUR 1 m). Eligible SMEs will benefit from increased access to medium and long-term investment finance and reduced collateral requirements.

Ceskà Sporitelna was established in 1991. It is a private financial institution based in Prague and operates as a commercial bank offering the full range of banking services. It is owned by Erste Bank der Oesterreichischen Sparkassen AG.

By entering into this agreement, EIF has concluded the second contract in the Czech Republic after the contract with CMZR Bank signed in October 2003.