MAP counter-guarantee for Portuguese mutual guarantee fund

Under the framework of the European Commission's Multiannual Programme for Enterprise (MAP), EIF has provided a EUR 29m counter guarantee covering the counter-guarantee activities of Fundo de Controgarantia Mutuo (represented by SPGM Sociedade de Investimento, S.A.) in Portugal. Thanks to the MAP agreement, Fundo de Controgarantia Mutuo shall counter-guarantee Portuguese mutual guarantee societies which aim to support smaller SMEs that have difficulties in accessing medium and long-term financing.

The current agreement is a second signed with SPGM, as a previous agreement had been set in 2000 under the old Growth & Employment - SME Guarantee Facility. As the agreement has expired in 2003, this current agreement represents continued EIF support for the mutual guarantee system in Portugal.