#InvestEU: EIF and UniCredit agreement to provide EUR 160 million for innovative SMEs

The European Investment Fund (EIF) and UniCredit have signed an InnovFin SME guarantee agreement to enhance access to finance for innovative small and medium-sized enterprises (SMEs) and mid-caps in eight countries. This transaction benefits from the support of Horizon 2020, the EU's Framework Programme for Research and Innovation, and the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

This agreement will allow UniCredit, via its banks, to offer additional financing worth EUR 160 million to innovative companies in Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Slovakia, Hungary, Romania and Serbia.

The banks in Bosnia and Herzegovina and in Serbia will benefit from the support of a guarantee provided by EIF and backed under Horizon 2020, the EU's Research and Innovation programme, while the guarantee agreements with the banks in Bulgaria, Croatia, Czech Republic, Slovakia, Hungary and Romania will be backed by the Investment Plan for Europe.

European Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: 'This agreement is excellent news for innovative small companies across these eight countries. The additional EUR 160 million in financing that will be made available from this agreement demonstrates that the Investment Plan is playing a crucial role in achieving the Commission's objective of providing the support that will allow SMEs to create jobs, innovate and grow.'

EIF Chief Executive Pier Luigi Gilibert added: 'This umbrella SME guarantee agreement will be instrumental in helping countries in the Western Balkans and Eastern European regions to foster innovation and entrepreneurship. I am confident that UniCredit's network of banks in these eight countries will target high-growth potential companies, which will be able to translate the additional financing received into growth and job creation.'

Carlo Vivaldi, Head of CEE Division of UniCredit, said: 'We are strongly committed in supporting SMEs companies in Central and Eastern Europe (CEE). Thanks to the new umbrella facility and our extensive network we can further facilitate the development of innovative SMEs across different countries where our clients will have easier access to finance and will benefit of better pricing.'

The transaction reflects the EU's commitment to rapidly launch concrete initiatives aiming at accelerating lending and guarantee transactions capable of boosting jobs and growth in the EU.

Wien, January 18, 2017

Press contacts:

EIF: David Yormesor

Tel.: + 352 24 85 81 346, e-mail: [e-mail]

UniCredit: Media Relations

Tel.: + 39 02 886 23 569, e-mail: [e-mail]

European Commission: Enda McNamara

Tel.: + 32 (0)2 29 64 976, E-Mail: [e-mail]