EUR 200m EIB backing for climate, economic and social cohesion projects across Greece

• Loan of EUR 200 million to finance the national contribution of 2014 – 2020 Partnership Agreement between EU and Hellenic Republic, with total EIB support reaching EUR 1.7 billion.
• Initiative to accelerate small scale innovation, entrepreneurship, clean energy, environmental protection, education and health projects.

Priority investment in high-impact small scale projects across Greece will be accelerated following agreements signed by the Minister of Finance of the Hellenic Republic and Governor of the European Investment Bank, Christos Staikouras, Deputy Minister of Development and Investments of the Hellenic Republic, Yannis Tsakiris, European Investment Bank President, Werner Hoyer and EIB Vice President responsible for Greece, Christian Kettel Thomsen.

The latest contracts were signed during a visit to the EIB headquarters by Minister Tsakiris Luxembourg earlier today.

“Investment to improve health and education, enhance economic opportunities, and strengthen climate action is key for Greece in these challenging times. Today’s new EUR 200 million agreement will contribute to long-term financing and accelerate a green recovery following the COVID-19 pandemic. The excellent cooperation between the Greek authorities and the EIB Group’s Investment Team for Greece is testament to the enduring, intense, positive relationship between the country and the EU Bank.” said Werner Hoyer, President of the European Investment Bank.

This key agreement will enable schemes under the Greek 2014 – 2020 Partnership Agreement between EU and Hellenic Republic to be smoothly financed and increase economic and social impact. The latest EUR 200 million EIB financing represents the final tranche of EUR 1.7 billion European Investment Bank support for the Greek national contribution to EU structural fund backed priority investment across the country, which are co-financed by the EU Structural and Investment Funds. This will enable projects under the EUR 18.6 billion six-year European Union programme to be completed or expanded to increase economic and social impact.

“EUR 1.7 billion support from the European Investment Bank is speeding-up and making best use of European Union structural funds to strengthen the competitiveness of Greek companies, promote entrepreneurship, improve skills, better protect the environment, complete climate mitigation projects and ensure that priority projects are completed. Today’s new EUR 200 million agreement follows the successful use of earlier financing and will help to complete schemes of national importance.. The close partnership between Greece and the EIB’s Investment Team for Greece is delivering new opportunities and substantially contributing to Greece’s strong, sustainable and inclusive recovery from the health, social and economic challenges of COVID-19”, said Christos Staikouras, Minister of Finance of the Hellenic Republic and Governor of the European Investment Bank.

“The European Investment Bank is a key partner for Greece and supports transformational public and private investment across the country. Today’s EUR 200 million agreement completes EIB backing for the 2014-2020 EU investment and follows successful implementation of hundreds of projects under the 2014 – 2020 Partnership Agreement. The Ministry of Development and Investments, having the role of coordinator in matters of investments, financing and development, is committed even more to enhance further the cooperation with the EIB”, said Yannis Tsakiris, Deputy Minister of Development and Investments of the Hellenic Republic.

Unlocking high impact investment across key sectors

Confirmation of EIB financing will accelerate crucial investment in research and innovation, communications, sustainable transport, water, waste, renewable energy and energy efficiency, health, education and urban regeneration projects across Greece.

Enhancing climate action in Greece

More than 25% of the projects will reduce climate emissions and reduce the impact of climate change and help Greece to contribute to global climate goals.

This includes schemes to cut energy bills and carbon emission by improving energy efficiency, smart energy distribution and improving water management.

Increasing EIB cooperation with Greek authorities

During the visit to the EIB the Deputy Minister of Development and Investments, responsible for Public Investment and Structural Funds in Greece, discussed ways to increase technical cooperation with the EIB to enhance the impact of future investment in the country with President Hoyer, Vice President Kettel Thomsen and the EIB’s dedicated Investment Team for Greece.