Minister hosts discussion on agriculture financing with European Investment Bank
Existing credit lines to expanded to support agriculture and agribusiness
EIB Vice President highlights importance of agriculture investment in Greece
The European Investment Bank today confirmed strengthened support for agriculture and agribusiness investment in Greece through existing credit lines with locally active banks and confirmed advanced discussions for new financial support for investment by young farmers across Greece.
The increased backing for Greek agriculture were confirmed following high-level discussions in Athens between Kostas Skrekas, Deputy Minister for Rural Development and Food and Andrew McDowell, European Investment Bank Vice President responsible for lending operations in Greece and global agriculture financing.
“Increasing agricultural investment is key for economic growth and job creation in Greece. The European Investment Bank has unique technical and financial expertise supporting agriculture and agribusiness investment across Europe. Talks with Vice President McDowell in Athens today confirmed our shared commitment to tackle investment challenges facing agriculture and to use existing and new financing programs to support the essential investments for the modernization of the Greek primary sector including the development of renewable energy resources for net-metering.” said Kostas Skrekas, Deputy Minister for Rural Development and Food.
“Greece is a European leader in agriculture and agribusiness. As the EU Bank, the European Investment Bank, is committed to strengthening access to finance by farmers, agriculture and agribusiness across Greece. Today’s discussions with Minister Skrekas will help to strengthen the impact of EIB support for investment by young farmers. A new targeted product is expected to be launched as soon as the beginning of next year.” said Andrew McDowell, European Investment Bank Vice President.
To date in 2019, the European Investment Bank Group has provided nearly EUR 1.4 billion of new financing for private investment across Greece.
The European Investment Bank has signed a €29 million loan backed by the Investment Plan for Europe with E-Piim Tootmine, the largest cooperative based dairy producer in Estonia to support the construction of a greenfield dairy plant. The proposed investment has a total project cost of around €154 million and underpins E-Piim’s strategy to increase the competitiveness of its business through expansion of capacity.
Combating climate change remains among the biggest challenges across Europe and the world. For the sixth year in a row, the European Investment Bank (EIB) increased its finance projects that contribute to climate action and environmental sustainability, including in Greece.
The European Investment Bank (EIB) and family-owned group Florimond Desprez have announced, with the European Commission’s support, the signing of a €40 million finance agreement. This loan will be used to fund research, development and innovation activities focusing on breeding new crop varieties capable of coping with changes in agro-climatic conditions. In addition to withstanding more frequent and extreme bouts of abiotic and biotic stress, these new plant varieties will have to support the agro-ecological transition and mitigate the shortage of natural resources.