OREANDA-NEWS. June 28, 2011. The European Investment Fund (EIF) and Siauliu bankas today signed a EUR 5 million loan agreement aimed at supporting micro-enterprises in Lithuania.

This agreement will allow Siauliu bankas to provide enhanced access to finance to micro-entrepreneurs and will in particular, improve access to the credit market for women entrepreneurs in Lithuania.

This transaction was signed under the European Progress Microfinance Facility (Progress Microfinance), funded by the European Commission and the European Investment Bank and managed by the European Investment Fund.

Commenting on the transaction, Chief Executive of the EIF, Richard Pelly said: “We are pleased to be signing our first loan agreement under Progress Microfinance in Lithuania with Siauliu bankas. I am convinced that this long-term funding will help to benefit micro-enterprises, in particular women entrepreneurs and contribute to the economic growth and job creation in Lithuania”.

 “This microfinance facility is very important expanding the activity of micro-enterprises, stimulating investments into capacities, creating quality jobs and for social inclusion by increasing Women’s Entrepreneurship. We believe that “Progress” initiative can efficiently contribute to the economic dynamics and increase of employment in the regions of the country”, said the Chief Executive Officer of Siauliu bankas Audrius Ziugzda.

This agreement will allow Siauliu bankas to complement its current SME lending activity and to scale up its micro-lending business. This transaction marks the continuation of the fruitful collaboration between the EIB Group and Siauliu bankas, following the signature of two transactions by EIF and Siauliu bankas under the JEREMIE (Joint European Resources for Micro to Medium Enterprises initiative) mandate in January 2010 (EUR 40 million) and in June 2011 (EUR 25 million) regarding the financing of SME as well as of two transactions by EIB in May and November 2010 for respectively EUR 6m and EUR 15m under the JESSICA (Joint European Support for Sustainable Investment in City Areas) mandate for the renovation and modernisation of multi-apartment buildings in Lithuania.