The European Investment Fund (EIF) and Česko moravská záruční a rozvojová banka, a.s. (CMZRB) have signed an agreement to increase lending to small and medium-sized enterprises (SMEs) in the Czech Republic. The deal benefits from the support of the European Fund for Strategic Investments (EFSI).

The agreement will provide CMZRB with a counter-guarantee allowing the organisation to support €160 million of loans to SMEs in the Czech Republic over the next two and a half years. The loans will be provided under COSME, an EU funding programme for the competitiveness of SMEs, with financial backing from the European Commission.

EU Commissioner for Internal Market, Industry, Entrepreneurship and SMEs, Elżbieta Bieńkowska said:

"For start-ups and SMEs in Europe to develop and scale up, we need to facilitate access to finance for them. Making full use of the COSME programme is part of that effort.The Investment Plan for Europe is already delivering, and SMEs can now benefit from greater risk financing from the EIF than before."