On Thursday the European Investment Bank (EIB) dedicated a one billion euro credit line to Greek banks, Reuters reported.
The money is set to be allocated for small and medium-sized businesses (SMEs) in efforts towards promoting youth employment in Greece, which is facing high levels of unemployment, according to the latest figures by ELSTAT, the countries statistical agency.
This week ELSTAT reported that the youth of Greece aged 15-24 is facing unemployment rates as high as 44.2 percent for Q3 2016, down slightly from last year’s Q3 data which was at 48.8 percent.
The first 400 million euros of the new credit line will be split equally between commercial lenders Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank, while the remaining 600 million euros will be allocated over the next two years to the banks accordingly.
The banks will be able to use the money to provide loans to SMEs and MidCaps active in the agriculture, tourism, manufacturing, services and other sectors, the EIB stated.