EIB Group engagement in Greece reaches record €2.8bn
Annual financing provided by the European Investment Bank Group and the amount approved for future investment plans reached record levels in Greece last year.
Some €2.8 billion of new support for high-impact private and public investment across the country was agreed between the European Investment Bank and European Investment Fund and Greek partners and a further €4.3 billion approved by the EIB for future investment.
Forty-five per cent of EIB financing in Greece last year will directly help to reduce carbon emissions and adapt to a changing climate. This includes dedicated financing to encourage energy efficient investment and local projects to better protect homes and businesses from floods.
The EIB Group provided €1.2 billion for targeted credit lines managed by 11 leading Greek banks. The new private sector financing is being used to support climate action, improve access to inclusive finance, encourage agricultural investment and help companies in sectors most impacted by COVID-19. This includes €423 million provided by the European Investment Fund, a significant increase on the €29 million provided in 2019.
And the EIB provided €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 €125 million to support construction of a new 826MW power plant in Greece by Mytilineos 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.
