UniCredit and EIF provide €445m guarantee to support SME growth in Central and Eastern Europe

Italian banking group UniCredit and the European Investment Fund (part of the European Investment Bank Group) have signed a €445 million guarantee agreement aimed at expanding access to finance for small and medium-sized enterprises (SMEs) across Central and Eastern Europe, UniCredit announced.

According to the bank, the facility—available until the end of 2027—is expected to unlock up to €890 million in additional SME financing in Bulgaria, Croatia, Czechia, Slovakia, Hungary, Romania and Slovenia. The transaction ranks among the largest operations of the EIF under the InvestEU programme, which supports sustainable investment, innovation and job creation across the European Union. Backed by EU budget guarantees, InvestEU aims to mobilise more than €372 billion in private investment in key EU policy priorities.

Comment – Institute of Danube Research 

The agreement represents an important structural signal for the Central European and Black Sea–Danube region. Strengthening SME financing in EU member states along the Danube enhances economic resilience, supports cross-border value chains and stimulates investment in logistics, manufacturing and services.

For Ukraine, although not a direct beneficiary, the impact is strategically significant. A stronger SME ecosystem in neighbouring EU countries—particularly Romania and Bulgaria—creates favourable conditions for deeper economic integration. For the Ukrainian Lower Danube region, this translates into greater opportunities for cross-border cooperation, participation in joint investment projects and gradual alignment with EU financial instruments ahead of Ukraine’s post-war recovery and reconstruction phase.