The ECB responded quickly by announcing a further quantitative easing of monetary policy through the EUR 750 billion Pandemic Emergency Purchase Program (PEPP) to help EU countries reduce the effects of the economic downturn in the internal market. The ECB will buy out public and private bonds (expanding their scope under the CSPP - Corporate Sector Purchase Program) to support the economy and "to calm" the market.

In the Slovak Republic, the Export-Import Bank of the Slovak Republic (EXIMBANKA) and the Slovak Guarantee and Development Bank (SZRB) reacted promptly with a press release. They are preparing, in cooperation with the Ministry of Finance of the Slovak Republic, new privilege credit products for entrepreneurs for a transitional period and to overcome the crisis. Both financial institutions are already offering the modification of existing financial documents in favour of their clients to mitigate the negative economic consequences.

EXIMBANKA prepares so-called 'COVID credit', which will be addressed to exporters, who are small, medium or micro-enterprises in order to overcome the temporary lack of operational resources due to the COVID-19 pandemic. According to the information available so far, this credit product may be granted not only in respect of the export of goods and services, but also for general operating needs not directly related to the export activities of entrepreneurs.

SZRB analyses and prepares a new privilege credit product for new clients, who are experiencing the negative economic consequences caused by the COVID-19 pandemic. According to available information, the conditions of this credit product are being meanwhile discussed in cooperation with the Ministry of Finance of the Slovak Republic.

We are constantly monitoring the development and from the moment of launching the offer of the credit products in question we will prepare for you the documents and requests for their fast drawing.