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EIB to provide €100 million in guarantees to UniCredit Bank Slovakia for faster COVID-19 recovery of Slovak companies

EIB to provide €100 million in guarantees to UniCredit Bank Slovakia for faster COVID-19 recovery of Slovak companies
  • EU Bank will provide €100 million in EGF guarantees to UniCredit Bank Slovakia.
  • The new operation will accelerate COVID-19 recovery of Slovak companies of all sizes.
  • This is the first EIB EGF operation in Slovakia; as of 31 August 2021 the EGF approved €18 billion in guarantees expected to mobilize €143.7 billion of investment in EU economy


The European Investment Bank (EIB), the bank of the European Union, will provide EUR 100 million in guarantees stemming from its European Guarantee Fund (EGF) to UniCredit Bank Slovakia to enable UniCredit Bank Slovakia to offer more affordable financing for a faster COVID-19 recovery of Slovak companies - SMEs, midcaps and large corporates.


The transaction with UniCredit Bank will finance working capital, additional liquidity needs or ongoing and new investments and expansion plans of Slovak companies of all sizes and support the companies to weather the COVID-19 crisis, protect jobs and fuel Slovak economic and social growth.

The financing will be available to companies operating in sectors in line with EIB's long-term mission, i.e. innovation, environment and indirect SME support.


Lilyana Pavlova, Vice President of the EIB, who is in charge of operations in the Republic of Slovakia, said: "The EIB is extremely glad to see that concrete, tangible, and multi-million support for Slovak companies is on the way to accelerate their recovery from the COVID-19 pandemic. This operation will provide affordable financing to Slovak companies so they can weather the crisis, protect jobs and income for Slovaks and continue to contribute to Slovakia`s economic and social development. The fact that EIB`s EGF continues to deliver on its pledge to accelerate the recovery of the European economy from the devastating impact of the pandemic is a source of much pride at the EIB.  In this context, I would like to thank our long-term partners at UniCredit for the opportunity to once again invest in a sustainable, green and prosperous future for all Europeans."



Igor Matovič, Minister of Finance of the Slovak Republic, said: "Slovakia joined the EGF to take part in a coordinated response to the impact of the corona virus on the EU economies with which Slovakia is deeply interlinked. While the immediate support in Slovakia was provided by the Slovak government directly, I am pleased to see that the EGF fits in by providing additional support to the Slovak companies in recovering and becoming more resilient, safe guard jobs and income, in a still fragile economic environment."


Jakub Dusílek, Chairman of the Board of Directors and CEO of UniCredit Bank Czech Republic and Slovakia, said: "UniCredit Bank is one of the key players in corporate financing on the Slovak banking market. I am really glad and would like to thank the EIB that we can be part of the new guarantee programme which is being launched in Slovakia and within which we can provide favorable financing totaling 200 million euros in order to help companies overcome the difficult period affected by the pandemic. This step has made UniCredit Bank definitely one of the leaders in terms of the scope and complexity of the offer of European and domestic guarantee programmes. We offer solutions for businesses of all sizes in all regions. It is important for us that we can thus participate together in the economic recovery of Slovakia."



EGF on track to deliver EUR 200 billion in investment for faster COVID-19 recovery of EU economy


The EIB and UniCredit risk-sharing operation stems from the European Guarantee Fund (EGF), the €25 billion fund set up by the EIB as a part of the EU package to help businesses recover from the pandemic, hire employees and grow.


The EGF provides guarantees to free up capital for national promotional banks, local banks and other financial intermediaries in order to make more financing available for small and medium companies, mid-caps and corporates.  Slovakia is one of 22 EU member-countries participating in the EGF by providing EUR 75 million in guarantees.

The guarantees from EGF participating countries cover losses that may occur in the EGF operations of the EIB Group - including the EIB and its specialised SME-financing arm, the European Investment Fund.