Summary sheet
The project consists of a dedicated intermediated loan focusing on the co-financing of priority projects of limited size by small and medium-sized enterprises (SMEs) under the Greek Investment Incentives Law.
The Greek Investment Incentives Law, which this loan will support, aims at promoting economic development through modernising and improving the institutional framework for private investments, thus accelerating private investments in strategic sectors.
The promoter will be required to comply with EU legislation and applicable national legislation as well as with the Bank's Environmental and Social principles and standards, and will be contractually bound to ensure the implementation of such standards in the qualified investment projects.
For projects for which the EU public procurement Directives apply, the Bank will require the promoter to ensure that contracts for the implementation of these projects have been and shall be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/24/EU as well as Directives 89/665/EEC and 92/13/EEC) as interpreted by the Court of Justice of the European Union, with the publication of tender notices in the Official Journal of the European Union, as and where required. For private companies not subject to EU rules on public procurement or concessions, the Bank will require the promoter to ensure that the criteria of economy and efficiency are met. This implies that contracts for the provision of works, goods and services are negotiated impartially and in the project's best interests.