OREANDA-NEWS. October 17, 2012. Siauliu bankas and the European Investment Fund (EIF) have signed the extension of the collaboration agreement. According to the agreement it is foreseen to assign EUR 20 million (LTL 69,06 million) additionally to finance various projects of small and medium-sized business, reported the press-centre of Siauliu Bankas.

Implementing the risk sharing lending facility under the JEREMIE initiative, which is funded from the structural funds of the European Union as well as from national funds in compliance with the Economic Growth Action Programme 2007 - 2013, over the four-year period Siauliu bankas has already lent a total amount of EUR 80 million (LTL 276,23 million) to small and medium-sized companies - the half of this amount is comprised of Siauliu bankas’ funds.

 „The long-term collaboration with the European Investment Fund and success of the JEREMIE initiate evinces that this partnership meets the needs and expectations of our clients and allows the bank improving the funding conditions, developing the relations with the potential customers, strengthening the bank‘s position within the market and fostering the entrepreneurship of the country’s economy. In terms of the economy’s slowdown it is very important that these loans are available to business undertakings engaged in various sectors of economy in any region throughout the country”, - says the Chief Executive Officer of Siauliu bankas A.Ziugzda.

„We are satisfied to extend the collaboration agreement with Siauliu bankas granting risk sharing loans  -  this will allow the bank to  keep increasing the volume of lending to small and medium-sized business, thus, strengthening the economy of Lithuania“, - stated Graham Cope, Head of Northern Europe, EIF.

The European Investment Fund and Siauliu bankas AB concluded the collaboration agreement regarding lending to small and medium-sized business in January 2010. At the end of September 2012 under the mentioned agreement Siauliu bankas has already granted nearly 200 loans amounting EUR 40 million (more than LTL 138 million) in total.