The European Investment Fund has signed an InnovFin guarantee agreement with BankNordik which will allow the bank to issue up to €40 million of new loans to local small and medium-sized enterprises and small mid-caps in the Faroe Islands and Greenland.
The businesses will gain access to credit up to 300 million euros, and the EIF will cover up to 50% of potential losses, as announced by Commission Head of Jobs, Growth, Investment and Competitiveness, Jyrki Katainen.
The JunckerPlan has already mobilized nearly €400 billion of additional investment, and is currently supporting 949,000 small and medium businesses across Europe.