EIB – Financing Greece with a record amount of 4.85 billion euros in 2021

Last year, investments in new businesses and corporate innovation, urban regeneration, energy transition and the digitization of public services received the largest financial contribution from the European Investment Bank Group in Greece.

In 2021, the support of the European Investment Bank (EIB) and the European Investment Fund (EIF) for private and public investment with a large impact amounted to a total of 4.85 billion euros, the largest amount in the 59 years of activity in the country.

2.7% of GDP

EIB Group financing in Greece represented 2.7% of GDP, the largest share in any country in the world.

Greece was also a top beneficiary of the Pan-European Guarantee Fund, set up by the European Investment Bank Group and EU Member States within weeks of the pandemic to support thousands of companies facing difficulties due to the COVID pandemic challenges. Therefore, access to finance for companies throughout Greece will be enhanced with guarantees amounting to 2.7 billion euros, which will be provided through the Pan-European Guarantee Fund.

The significant positive impact of the financing of the European Investment Bank Group was underlined earlier today in Athens by Christos Staikouras, Minister of Finance of the Hellenic Republic and Governor of the European Investment Bank, Christian Kettel Thomsen, Vice President of the European Bank for Reconstruction and Development. and representatives of the four systemic banks.

Staikouras: Unprecedented financial support for investments

“Last year, households, businesses and public investment were hit by the unprecedented combination of the effects of the coronavirus pandemic and the increasingly extreme phenomena associated with climate change. The Greek Government has responded to this challenge to the fullest extent possible. The EIB Group has made a decisive contribution in this direction. With its unique know-how and dedication, the EIB Investment Team for Greece provided unprecedented financial support to priority investments throughout the country, working intensively with public and private partners in Greece. The new financing of the EIB and the EIF, amounting to 4.85 billion euros, which was agreed in 2021, contributes significantly to the Greek companies and the Greek entrepreneurs to invest, to innovate, to face the challenges of the health crisis, as well as to accelerate climate action and energy transition and improve services that are crucial to daily life. Greece has benefited more than any other country from the EIB’s rich experience, economic strength and environmental best practice. The excellent cooperation between us – which was strengthened through the new agreement, in the context of the implementation of the National Recovery and Sustainability Plan “Greece 2.0” – led, for the second consecutive year, to achieve a new annual funding record of the country. “In the face of new challenges, together we set priorities and implement actions to strengthen the country’s critical infrastructure, create new quality jobs and achieve high, sustainable and socially equitable growth,” said Christos Staikouras, Minister of Finance.

Thomsen: Release of investments in every region of Greece.

“In close cooperation with leading Greek banks and other partners, the EIB Group releases financing that contributes to overcoming investment barriers and ensures high-impact transformational investments throughout Greece. It is an honor that the heads of the four systemic banks of Greece are with us today, in order to emphasize that together we ensure that Greece benefits fully from the European Guarantee Fund, the EIB Group’s rapid response tool to reduce the impact of COVID-19 pandemic on companies .

During the last 12 difficult months, the EIB Group Investment Team for Greece has provided unprecedented new funding totaling € 4.8 billion to strengthen COVID-19 pandemic resilience, clean energy and investment support. priorities for improving public services. The unique cooperation of Greek authorities, private sector partners and the EIB Investment Team for Greece brought results and released investments in every region of Greece. “In this way, thousands of small businesses are supported, access to affordable green energy is improved and assistance is provided in the digitization of public services throughout Greece”, underlined Christian Kettel Thomsen, Vice President of the European Investment Bank responsible for Greece.

Approval of financing 2.9 billion in 2021

Last year, the European Investment Bank approved 2.9 billion euros in funding for new public and private sector activities to support new investments throughout Greece.

The participation of the European Investment Fund also set a record, totaling 1.96 billion euros to support corporate investments across the country. The EIF supported the provision of guarantees to Greek national and regional banks to improve access to finance for companies affected by the COVID pandemic through the European Guarantee and Exclusive Fund.

The EIF also supported 5 equity financing transactions, including the first venture capital angel venture capital, using the success of the JEREMIE program.

The European Bank Group Group’s record share of € 4.85 billion in 2021 represents a significant increase compared to the previous record of € 2.8 billion achieved in 2020.

Support for climate action and energy transition throughout Greece

In 2021, the EIB supported pioneering investments to improve flood protection and transform civil protection across the country.

The EIB also supported large-scale investments by PPC to leverage renewable energy and enhance electricity distribution.

For the future, the EIB has a long line of climate action projects which are currently being prepared and are expected to be confirmed in the coming months.

Exchange of best technical practice through cooperation with partners in Greece

Last year, the EIB Group’s Special Investment Team for Greece offered know-how to 28 projects in Greece. These include the support of the study and the implementation of the energy efficiency program “ELECTRA”, the acceleration of municipal investments and the increase of the development of the European Social Fund throughout Greece.