European guarantee will enable Finnvera to grant €650m of loans to companies
Finnvera is joining the Pan-European Guarantee Fund (EGF) programme of the European Investment Bank Group, enabling the Finnish export credit agency to grant a total of €650 million of working capital and investment loans. This funding - mainly for the financing needs of large enterprises - will have a 75% EIB guarantee. The guarantee programme will be in force until the end of 2021.
The EGF is made up of €25 billion in guarantees by EU Member States, which are set to trigger additional investments of up to €200 billion for European companies. The Fund is intended for large and medium-sized enterprises which exceed the limits of the EU’s SME definition by having a staff headcount of 250 or more, an annual turnover of over €50 million, and a balance sheet total in excess of €43 million.
