2020 was a record year for the EIB’s funding in Greece. The European Investment Bank injected 2.8 billion euros to support:
- energy transition and renewable energy resources
- road safety improvement
- upgrading school buildings
- protection from flooding
- targeted credit lines of 11 leading Greek banks
- companies’ access to inclusive finance
- agricultural investments and
- businesses operating in areas most affected by COVID-19.
45% of the 2020 financing was directed to climate action and environmental protection.
A further 4.3 billion euros was approved by the EIB for future investment in Greece. This amount is almost three times higher compared to the one allocated in 2019.
EIB Group financing in Greece last year represented the third largest engagement in the European Union as a percentage of national GDP. Furthermore, EIB financing in Greece represented the second largest per capita engagement in the EU.
“EIB and EIF experts are learning from pioneering projects in Greece and sharing global best practice to help investment in Greece to deliver more” said Werner Hoyer, President of the EIB.
Supporting the energy transition
Last year the EIB provided EUR 1.2 billion for energy investment in Greece.
This is supporting construction of new interconnections with Crete, which will allow the greater use of renewable resources in Greece’s energy mix, as well as enabling 7,000km of new electricity distribution infrastructure to be installed by PPC, improving reliable supply of electricity.
The EIB is also providing EUR 125 million to support construction of a new 826 MW power plant in Greece by Mytilineos S.A. that will allow greater use of renewable energy resources in the country, enabling the phasing out of lignite power generation in Greece by 2023, and cater for long-term energy demand.
Sharing best practices and enhancing the impact of projects
Last year, the EIB Group’s Special Investment Team for Greece provided echnical expertise for 13 projects in Greece.
EIB’ s financial experts assisted the creation of the new Hellenic Development Bank and the Recovery and Sustainability Fund.
To invest and innovate
Last year the EIB Group provided EUR 1.2 billion for targeted credit lines managed by 11 leading Greek banks.
This includes EUR 423 million provided by the European Investment Fund, a significant increase on the EUR 29 million provided in 2019.