The European Investment Bank Group (EIB Group), which consists of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported another year of impressive results in Greece, with record support for climate-friendly projects and overall financing signed in 2022 reaching 2.2 billion euros.
Both the public and private sectors turned to the EIB for support for long-term investments in renewables, clean transport and energy security and efficiency projects in a year when EIB Group financing signed in Greece was higher than in any other EU country as a share of GDP. Overall, climate action and environmental sustainability accounted for 65 per cent of the EIB Group’s total engagement in Greece in 2022, or 1.4 billion euros. Financing to provide support for research innovation and SMEs were also two other key pillars of the EIB Group activity last year.
“In 2022, EIB Group financing agreed in Greece reached 2.2 billion euros – more than in any other country as a GDP percentage. Additionally, 1.4 billion euros of this financing – a record-high ratio – was allocated to climate action and environmental sustainability in Greece,” said Christos Staikouras, Greece’s Minister of Finance and EIB Governor. “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.”
“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 per cent of the overall amount,” added Ioannis Kaltsas, Head of the EIB’s Investment Team for Greece. “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.”
In particular, during the year, the EU bank agreed on a record 580 million euros 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, 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 included also an agreement to commit 28.5 million euros in financing for the Public Power Corporation (PPC) Group’s renewable energy arm. Additionally, the EIB is also contributing 157 million euros, which, combined with 108 million euros of Recovery and Resilience Facility (RRF) funds, will be used for a landmark project to connect the Cyclades islands to the mainland electrical grid.
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 euros with the National Bank of Greece and Piraeus Bank.