The European Investment Fund (EIF) will manage €200 million available to Greece from European Structural Funds and national resources under a new equity investment management mandate.

The funding will unlock growth potential in the life sciences, health and sustainability sectors while supporting innovative companies to unlock their potential and compete in global markets

Small and start-up companies in Greece in the life sciences, health and sustainability sectors will gain better access to investment finance under a new equity investment management agreement involving the EIF, the financing arm of the European Investment Bank Group (EIB). Under this agreement, the EIF will manage €200 million of the country's structural and national resources to support high-risk venture capital investments.

The equity investment management mandate, which EIB Vice President Ioannis Tsakiris, Deputy Minister of Economy and Finance Nikos Papathanasis, and European Investment Fund Director General Marjut Falkstedt signed today in Athens, aims to assist businesses focused on innovation and businesses operating in the targeted sectors in gaining better access to crucial capital financing to become more competitive and to take advantage of growth and innovation opportunities.

"The EIB Group has extensive experience in using Cohesion Funding to mobilise private resources and accelerate investment for the real economy," said Ioannis Tsakiris. "The financial instruments are crucial in that they mobilise private capital to support Europe's most dynamic, promising businesses, while the fact that they are renewed ensures the best use of scarce public resources. The EIB Group has been supporting the Greek venture capital and private equity ecosystem since its early days in 2009, and we are proud to have been instrumental in its creation and development. Successive initiatives, such as Equifund II, aimed at financing venture capital in promising sectors of the Greek economy, such as Life Sciences, will continue to play an important role in promoting cohesion, developing innovative businesses in Greece and enhancing competitiveness across the EU."