The Board of Directors of the European Bank for Reconstruction and Development (EBRD) has approved a new strategy for Greece, which will guide the Bank’s investment and policy engagement in the country during the next five years.
The EBRD’s work will include measures in response to the ongoing coronavirus crisis and efforts to support economic recovery.
In the period to 2025, the EBRD’s operational and strategic priorities in Greece will be based on the following three pillars:
- strengthening competitiveness by facilitating the expansion of the private sector
- supporting sustainable energy and infrastructure, including through further regional linkages
- further enhancing the resilience of the financial sector.
The EBRD aims to support private companies that have strong export potential and sound business models through direct and indirect finance, with a particular focus on facilitating cross border transactions, enhancing value chain linkages and promoting strategic consolidation to help accelerate the companies’ recovery. It will also focus on renewable energy projects and urban regeneration initiatives that promote sustainability and climate resilience.
The Bank’s policy engagement is expected to complement investments and to help improve the business climate and promote economic reforms, as well as to strengthen private sector participation, including through privatisation and public-private partnership projects.
Building on its track record of strengthening the Greek financial sector, the Bank will continue to support the banking sector, especially with regard to the resolution of non-performing loans and to developing capital markets.
Andreea Moraru, EBRD Regional Director for Greece and Cyprus, said: “The EBRD is well placed to support the Greek economy, including helping the country to overcome the impact of the coronavirus pandemic. We will channel investment into areas where our support is needed most, boosting private sector competitiveness, supporting transition towards a greener economy and further developing the financial sector and capital markets.”
The EBRD started investing in Greece on a temporary basis in 2015 and to date has invested more than €4 billion in over 65 projects in the Greek economy.