Funds of 40 mil. Euros will be allocated from the Pan-Cretan Cooperative Bank to SMEs through new contract of 20 mil. Euro recently signed with the European Investment Bank (EIB), and by extending the use of the existing contract with available balance of about 20 mil. euro. The above amounts are intended for financing small and medium enterprises for investment projects and working capital with focus on employment unemployed young people through the Program "Youth Employment".

This feature is provided through EIB funding, which is already applied the last 1.5 year from Pan-Cretan Cooperative Bank and is included in the program for youth employment adopted by the EIB in July 2013 as part of a broader initiative of the Member States and the European Commission to tackle youth unemployment. This niche product is intended for countries where labor market conditions are particularly difficult for young people.

"The European Investment Bank is committed to support investments related to local issues and unlock economic opportunities across Europe. We are happy to continue our close cooperation with the Pan-Cretan Cooperative Bank and jointly help local businesses seeking to create jobs for young people. This is the first financing program with a Greek Bank as part of our initiative for the employment of young people and we hope to extend this commitment with other local banks in the next few months" said Vice President of the European Investment Bank, responsible for lending in Greece, Mr. Jonathan Taylor.

In the context of a long and successful cooperation with the European Investment Bank, Pan-Cretan Cooperative Bank has signed contracts amounting to 175 mil. €, of which 155 mil. € have already been marketed in dynamic sectors of the economy such as tourism, energy, production and marketing of food products, while the goal is by the end of the year to be disbursed the total amount of 40 mil. €, which is now available to the Bank for the improvement of its operational liquidity.

Particularly, the Bank has allocated about 15 million. € in three companies in Crete, active in the field of tourism, in order to strengthen them to employ young people. The favorable conditions to finance through the European Investment Bank, have significantly strengthened the economy of Crete and have contributed to its different strength and dynamics that presents in relation to the rest of the country.

It is important that under these new contracts, is given the possibility to the companies wishing to integrate the unemployed youth potential, to be financed with more competitive interest rate given. In this way, the Bank contributes to fight unemployment among young people, which in recent years, has reached alarming proportions in our country.