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New EUR 135 million EIB support to real economy in Greece

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New EUR 135 million EIB support to real economy in Greece

  • Available in: de el en fr
  •  Release date: 09 December 2011
  •  Reference: 2011-193-EN

The European Investment Bank (EIB) has signed today two agreements totalling EUR 135 million in support of the real economy in Greece:

EUR 85 million is for the establishment of an Urban Development Fund (UDF) with the National Bank of Greece to invest in urban projects in a number of regions in Greece. The EIB acted in its capacity as the Manager of the JESSICA Holding Fund Greece.

Aimed at creating more competitive, socially inclusive and sustainable urban areas in Greece, the UDF will invest the above sum in the next four years.  Its investment portfolio may include urban projects such as: rehabilitation of deprived urban areas, basic infrastructure works, development of high-technology clusters and added value infrastructure, water and waste management, energy networks, and energy efficiency.

The above sum will be invested in the following regions: Attica (EUR 50 million), Western Greece (EUR 15 million), and the Ionian Islands (EUR 10 million).  An additional EUR 10 million will be invested in any of the Objective 1 (Convergence) Regions of the country (Eastern Macedonia and Thrace, Northern Aegean, Epirus, Thessaly, Western Greece, Ionian Islands, Peloponnese, and Crete).  The UDF operates in the framework of a JESSICA Holding Fund within the EIB, established in 2010 in cooperation with the Ministry of Development, Competitiveness and Shipping.

EUR 50 million is going to the Pancretan Cooperative Bank for investments by SMEs and small and medium-sized projects (carried out by public and private promoters) in the industry, tourism, services, infrastructure, energy, environmental protection, and health and education sectors throughout Greece.

The EIB is renewing and strengthening its cooperation with the Pancretan Cooperative Bank, with which it has signed a total of EUR 175 million, since 2007. This facility is the first to be signed under the umbrella guarantee of the Greek government, as part of an effort by the Hellenic Republic to support the country‘s real economy.

EIB Vice-President Plutarchos Sakellaris commented: “We are injecting another EUR 135 million into the real economy of Greece only days after signing EUR 15 million in agreements for urban projects on Crete.  We are partnering with the business actors and the local authorities in support of investment and development in Greece.  For the successful implementation of our investment programmes, we team up with high calibre partners such as the NBG and the Pancretan Cooperative Bank.”



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