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International Internet Magazine. Baltic States news & analyticsThursday, 02.09.2010, 22:18

EIF and Swedbank agree on 359 mln litas for small and medium-sized companies

Danuta Pavilenene, BC, Vilnius, 05.02.2010.Print version
On Friday, the European Investment Fund (EIF) and Swedbank signed a cooperation agreement on allocating over 359 million litas (104 million euros) for credits to small and medium businesses in Lithuania.

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Swedbank will implement a modern financial engineering measure, created under the JEREMIE initiative, to encourage banks to grant shared risk loans to small and medium-sized businesses during a two-year period, informs ELTA/LETA.

 

The EIF will grant Swedbank 52 million euros (over 179 million litas) and the bank will add the same amount to the total sum for the said purpose. This agreement will enable Swedbank to increase loans for small and medium-sized businesses, Swedbank and the EIF say in their joint communications report.

 

"The EIF has developed this instrument of shared risk loans for business as a tool to address the credit crunch. The EIF implements such a measure in several EU countries, but Lithuania will be the first to benefit from the entire work," EIF Head Richard Pelly said.

 

The EIF has already signed agreements with Siauliu Bankas and the SEB Bank on credits of 294 million euros to small and medium-sized businesses.




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