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New ESIF EAFRD FoF initiative in Greece

    Date: 06 December 2019 - 14 February 2020

Update for financial intermediaries in response to the covid-19 crisis (as at 31 May 2021):

The EIF has published an information notice for existing financial intermediaries regarding the terms of the Call for Expression of Interest, including in relation to stand-alone working capital, and refinancing. Please check the full details in the notice.

The new ESIF EAFRD Greece Fund of Funds is supported by the Hellenic Managing Authority of the Rural Development Programme of the Hellenic Republic, and potentially EIF, through a pool of resources it manages on behalf of the European Commission, denominated the EFSI Combination Product (“EFSI CP”), in their capacity as investors in the FoF.

Its objective is to provide better access to finance for Final Recipients through loss protection provided by EIF to Financial Intermediaries via capped (counter-) guarantees for portfolios of newly originated loans or finance leases financing investments by Final Recipients in the agricultural and agro-industrial sectors in Greece.

The Hellenic Managing Authority has dedicated part of their budgetary resources co-financed by the European Agricultural Fund for Rural Development (“EAFRD”) to setting up the FoF. Under the Rural Development Programme, the FoF shall target the following two actions: “4.1.4 Support for investments in agricultural holdings” and “4.2.4 Support for investments in processing, marketing and/or development of agricultural products”. Such investments promote the sustainability and growth of agricultural businesses in Greece.

The EIF channels these resources towards selected financial institutions (FIs), in the shape of a guarantee covering up to 35% of the loans that selected financial intermediaries will provide to farmers in Greece. In this way, the Fund of Funds (FoF) improves access to financing for businesses in the Greek agriculture sector.

The approval of the Call for expression of Interest to Banks (Dec 4, 2019) completes the first phase of the FoF activation, amounting to EUR 80 million where is expected to create loan agriculture portfolios of EUR 400 million.

Who is eligible to become financial intermediary under this call?

This Call for Expression of Interest is addressed to public or private credit or financial institutions, in each case, duly authorized to carry out lending activities according to the applicable legislation, which shall be in all cases established and/or operating in Greece.

For the complete set of eligibility and other criteria, please refer to the call documents.

How to apply ?

Eligible and interested credit or financial institutions shall download the complete documentation below and submit their application package by February 14th, 2020. Only applications that are fully responding to the requirements set out in the Call of Expression of Interest will be considered.

The document includes important information about the ESIF EAFRD FoF Greece financial instrument, the eligibility and exclusion criteria for financial intermediaries, the selection process, and the template for expressions of interest. Expressions of Interest will be processed on a “first come, first assessed" basis according to the selection process described in the Call.


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