The European Investment Fund (EIF) and The Danish Growth Fund (Vækstfonden) have signed the first COSME agreement in Denmark, benefiting from the support of the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe.

The COSME counter-guarantee agreement will allow The Danish Growth Fund to support DKK 360 million (c. EUR 48 million) of loans to Small and Medium-sized Enterprises (SMEs) in Denmark over the next two years. The loans will be provided thanks to a counter-guarantee from EIF under the COSME programme with financial backing from the European Commission. The agreement will make it possible for Vækstfonden to support additional financing at favourable conditions to approximately 250 SMEs.

Commenting on the signature, EIF Chief Executive, Pier Luigi Gilibert said: “I am pleased to be signing our first Danish COSME EFSI agreement with our long-term partner The Danish Growth Fund for the benefit of businesses in Denmark. In addition to the transaction signed with The Danish Growth Fund last year, I am convinced that together we can reach out to even more SMEs in Denmark”.

EU Commission Vice-President Jyrki Katainen, responsible for Jobs, Growth, Investment and Competitiveness, said: "The EFSI agreement between the EIF and Vækstfonden is very good news for Danish SMEs, especially the most innovative ones, in need of risk capital to grow their businesses and increase their competitiveness. The Investment Plan for Europe is bearing fruit in Denmark!"

The Danish Minister of Business and Growth, Troels Lund Poulsen, added: “With this agreement we see the first results of Juncker’s Investment Plan on Danish soil, and I am very pleased that we hereby have secured further risk capital for Danish companies with growth potential.”

This deal reflects the EIB Group’s commitment to respond swiftly to calls from Member States, the European Commission and the European Parliament for a rapid launch of concrete initiatives under EFSI, accelerating lending and guaranteeing transactions capable of boosting jobs and growth in the EU.

Read the full article: ec.europa.eu