The “European Association of Guarantee Institutions” (AECM) convened for the first time in Athens, on the 29th and 30th of September for a two-day conference attended by delegations from across Europe. The title of the conference was “A step beyond guartantees – the services and products of the guaranteeing organizations”.

The purpose of the conference was to discuss:

• The role of guarantees in the European region, as well as the opportunities it affords the market and more specifically to small and medium-sized businesses.
• The outlook for guarantees as a service, along with an overview of the options and products designed to aid businesses, was also discussed.
• The future potential of the Greek economy, with an emphasis on finding solutions that, among other things, link the benefits of guarantees with ESG criteria.

Mr. Konstantinos Makedos, President of TMEDE, welcomed the participants and presented the innovative actions of the Fund, the successful partnership with the Hellenic Development Bank (HDB), and the challenges and opportunities presented by the Greek economy. Mr. Yiannis Tsakiris, Deputy Minister of Development and Investments, and Mrs. Athina Hadjipetrou, CEO of the Hellenic Development Bank and member of the Board of Directors of AECM, participated and delivered speeches during the two-day event.

The organisation of the conference was a vote of confidence in the work of TMEDE and the Hellenic Development Bank, particularly since Mrs. Athina Chatzipetrou, was elected to the Board of Directors of AECM.

In their presentations, speakers and delegates stressed that new products address risks underlying guarantees and ESG criteria more effectively. The reference to the role of guarantees at the international level, as well as the introduction of new guarantee products designed primarily to support the development of small and medium-sized enterprises (SMEs), sparked considerable interest.

Mr. Yiannis Tsakiris, Deputy Minister of Development and Investments, stated in his opening remarks,

Loan guarantees for Small and Medium-Sized Businesses are the most important tool for these companies to access capital. Through the Hellenic Development Bank, the Ministry of Development and Investments developed financing instruments that proved their worth during the pandemic, thereby contributing to market stability. Using national and European resources, we continue to develop new loan guarantee products for small and medium-sized businesses that are smarter and more targeted.

Athina Chatzipetrou, the CEO of the Hellenic Development Bank (HDB), stated:

As a member of the Board of Directors of the European Guarantee Body SA, I would like to congratulate not only the committee, but also TMEDE and Mr. Makedos on the organization of today’s event.  At the heart of the energy crisis, international and active organizations such as AECM provide their members with access to information, training, the exchange of ideas, and best practices by taking action on issues closely related to economic development. As a member of AECM, HBD will continue to support initiatives that contribute to enhancing extroversion and encouraging business initiative, as well as fostering the conditions required to mobilize new, productive, and sustainable investments.

The President of TMEDE, K. Makedos, opened the proceedings with the following statement:

In a changing economic landscape in Greece and Europe, innovative guarantee products create new opportunities for the technical world. New products and initiatives, such as the TMEDE Microfinance Solutions, create opportunities not only for SMEs but also for those who are just beginning their careers. Flexible, contemporary digital tools that incorporate ESG criteria are not only the future, but also the only path to growth and investment for the 9% of Europe’s GDP-contributing construction industry.

The AECM is a powerful and well-known pan-European organization with 48 members from 31 countries. Since its establishment in 1992, it has provided over 2,8 million small and medium-sized businesses with guarantees.