EIF and Cordiant offer innovative finance for innovative companies
The European Investment Fund (EIF) and Cordiant have signed a guarantee agreement that will allow the asset manager to substantially increase lending to innovative companies across Central, Eastern and South-eastern Europe. The relationship is anchored by a EUR 25 million initial commitment from EIF generating a loan portfolio of up to EUR 50 million expected to mainly benefit companies in Bulgaria, Croatia, Cyprus, Estonia, Greece, Romania, Turkey and Ukraine.
The agreement was signed under the European Commission’s InnovFin – EU Finance for Innovators initiative, which is, backed by Horizon 2020. It demonstrates InnovFin’s continuous support to innovative companies via both traditional and alternative lenders.
Carlos Moedas, European Commissioner for Research, Science and Innovation, said: “This agreement with an alternative lender is a new significant contribution to our efforts to widen Horizon 2020 support. It will enable companies in many countries to innovate and grow, and to face up to competition from around the world."
Founded in 1999, Cordiant is an asset manager of emerging market private debt funds.
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