The European Investment Bank (EIB) approved on December 18, a new financing instrument that would provide trade finance support to Greece amounting to € 500 million.

"By setting up this programme, we have taken an exceptional step that will [...] enable international trade by Greek companies at a time when international banks are retreating.

This initiative is added to the EIB's € 900 million contribution to the Greek economy in 2012, which has benefitted investment in energy, transport and education as well as small businesses," EIB President Hoyer said. The Bank will provide guarantees to commercial banks for trade financing, and as these guarantees will be utilised on a revolving basis, they are expected to support a volume of transactions in the order of € 1.5 billion per year.

Development minister Kostis Hatzidakis called it an "important decision for Greek trade and exporters" and a substantial response to the Greek banks’ liquidity problem that has been hindering exports and exporters.

Greek News Agenda: Agreement to Inject Liquidity into the Market; Development Ministry: Press Release (in Greek)