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EIB allocates record of €2.2 bn to support climate-friendly projects in Greece in 2022
The European Investment Bank Group (EIB Group) has earmarked a record of €2.2 billion to support climate-friendly projects in 2022.
“In 2022, EIB Group financing agreed in Greece reached €2.2 billion – more than in any other country as a GDP percentage. Additionally, €1.4 billion of this financing – a record high ratio – was allocated to climate action and environmental sustainability in Greece. The EIB Group also had a significant contribution to two more priority areas: promoting research and innovation and supporting SMEs, which are the backbone of our economy. Having the EIB as our steady ally, we continue implementing, dynamically and consistently, key investments and reforms which pave the way to Greece’s decisive shift towards a new, fair, sustainable and socially just economic model,” said Christos Staikouras, Greece’s Minister of Finance and EIB Governor.
“It has been another strong year of EIB engagement in Greece with the EIB Group providing again excellent results in the form of substantial new financing for transformational investment across the county spanning both the public and private sector, as well as a record of climate change operations reaching 65% of the overall amount. From support to SMEs, to financing the extension of the Athens metro, to clean energy and investment in Research Centers, the EIB is here to help the Greek economy grow and its people to prosper,” said Ioannis Kaltsas, Head of the EIB’s Investment Team for Greece.
During the year, the EU bank agreed a record €580 million in financing to extend the Athens Metro, a key infrastructure project which is both crucial to improve daily life in the Greek capital and support economic growth, as all while cutting carbon emissions and pollution. The EIB also signed an agreement to finance the development of an extended network of EV-charging and hydrogen stations, a pioneering project for sustainable transport in Greece which will begin in the coming months.
Flagship energy projects include an agreement to commit €28.5 million in financing for the Public Power Corporation (PPC) Group’s renewable energy arm. The EIB financing can reach up to a maximum amount of €35 million over the coming months and help support the construction of three new 230MWp capacity solar farms in Kozani, in the Western Macedonia Just Transition region. The EIB loan is backed by the new European investment support programme (InvestEU) and is part of Greece’s ambitious National Energy and Climate Plan.
Additionally, the EIB is also contributing €157million, which, combined with €108 million of Recovery and Resilience Facility (RRF) funds, will be used for a landmark project to connect the Cyclades islands to the mainland electrical grid. The loan with Greece’s Independent Power Transmission Operator (IPTO) was agreed in principle in late 2022 and announced in early 2023.
Finally, the EIB continued its large-scale engagement in the financing of climate action projects and green investments undertaken by SMEs and MidCaps in Greece by signing two loans totalling €500 million with the National Bank of Greece and Piraeus Bank. This raises the total amount made available by the EIB over the past two years through Greek banks exclusively for the financing of green projects undertaken by SMEs and MidCaps to €750 million.
Research and Innovation is another essential part of the EIB Group’s activity in Greece. The EIB is providing €125 million in financing for important digitalization projects in the public health, social security, justice, transport, communications, and media sectors. This support will help facilitate public sector transactions, improve the lives of Greek citizens, create a more friendly environment entrepreneurs, while also acting as catalyst to attract further investment in the country.
Also, a €119 million loan over 25 years will help six of the country’s most prominent Research Centers get upgrades and expand strategic research and development (R&D) infrastructure in Greece, an investment anticipated to create more than 700 full-time jobs, including 525 highly-skilled research professionals.
In the industrial and technology sector, the EIB’s targeted investments included a €125 million venture debt facility with OneDealer International, an automotive software solutions company, to expand and accelerate its R&D operations in Greece. This support will promote skills and innovation in software research, while also creating new tech jobs in Greece.
Another highlight in 2022 was the official launch of the InvestEU programme in Greece in November 2022, including the InvestEU Advisory Hub agreement, which paves the way for new investments and related advisory assistance in support of Europe’s post-pandemic recovery and green and digital transitions.
Strengthening the competitiveness of SMEs is traditionally at the heart of EIB Group’s activity in Greece. This was demonstrated again in 2022 by agreeing guarantee transactions totaling €164 million (on top of the €500m funding provided for climate action projects undertaken by SMEs). This is made up of €149 million credit protection provided jointly by the EIB and EIF to Alpha Bank and Piraeus Bank under the European Guarantee Fund (“EGF”), and €15 million provided by the EIF to Eurobank under Invest EU. This support is expected to unlock up to €1.16 billion in new financing for Greek SMEs and Midcaps, helping companies get easier access to finance.
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