Swedbank and the EIF said in a press release on June 2nd that they had signed "the first COSME multi-country agreements benefiting from the support of the European Fund for Strategic Investments (EFSI), a key pillar of the Investment Plan for Europe which aims to revive investment in strategic projects around Europe."
The COSME agreements will allow Swedbank to provide 165 million euros in loans and leases to around 3,000 SMEs in Estonia, Latvia and Lithuania over the next 3 years.
The EIF will provide Swedbank with guarantees under the COSME program, making it possible for the bank "to substantially reduce collateral requirements for loans and down-payment requirements for leases, to support additional financing at favorable conditions to SMEs that have limited access to finance".
Finland's Pohjola signed a similar agreement with the EIF in late March.
