The European Investment Bank (EIB), the European Union's long-term financing institution, is providing EUR 65 million (GRD 21.1 billion) (1) in support of investment in industry and transport in Greece.

EUR 46.23 million (GRD 15 billion) in long-term loans is for the construction of a bypass around the city of Patras. The bypass is part of the Athens-Thessaloniki-Evzoni (PATHE) motorway, the main road axis supported jointly by the Community Support Framework II (CSF II) and the EIB. The PATHE axis is a key project included in the priority list of Trans-European Network projects (TENs) approved by the Essen European Council.

As part of EIB's efforts to intensify its support for small and medium-sized enterprises (SMEs) in Greece, EUR 18.5 million (GRD 6 billion) is going to the Ergo Bank as a global loan. The EIB funds will be on-lent in smaller portions by Ergo Bank according to the EIB's financing criteria. The funds will be targeted primarily towards SMEs in tourism, industry and related services as well as environmental-protection and energy-saving investment schemes. The global loan facility combines the EIB's first rate access to world capital markets, where it raises most of the funds for its lending activity, with the local network and know-how of domestic partner banks.


(1) 1 euro: 0.666300 GBP, 325.900 GRD.