The European Investment Bank (EIB) has increased its €500m trade and export finance facility for Greek companies in an attempt to boost their competitiveness.

The trade finance facility, launched in June 2013, guarantees credit letters and other instruments issued by Greek banks. The EIB, with this extension, can now guarantee that Greece’s overseas customers’ financial commitments can be upheld.

Nicholas Jennett, head of the EIB’s newly-established investment team for Greece, said: “Supporting the international role of Greek business is a key contribution to strengthen economic activity across Greece. Extending this successful facility will help Greek companies to compete and win new business in the international marketplace.”

The increase extends to small, medium and midcap firms from Greece, each eligible to receive support for trade and export transactions for a preiod of no more than three years. It also supports Greek companies operating overseas to help them compete in external internal markets.

Contributers to the extension are the three major Greek banks the National Bank of Greece S.A., Piraeus Bank S.A. and Eurobank Ergasias S.A.

Following a third bailout worth €84bn in July 2015, the country has also faced overwhelming financial challenges by way of the ongoing refugee crisis.

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