EIB President Hoyer and Greek Minister Stathakis reaffirm importance of EIB Group's role in supporting Greece's economy
18 May 2015
Greece’s Minister for the Economy, Infrastructure, Shipping and Tourism, Giorgos Stathakis and EIB Group President Werner Hoyer met in Luxembourg today to discuss the EU Bank’s role and operations in Greece.
President Hoyer and Minister Stathakis agreed that the EIB has demonstrated significant support for Greece over recent years and that it continues to be an important asset for the country’s economy going forward. Since the start of the economic crisis the EIB has provided more than EUR 11 billion for investment in projects and in support for small and medium size enterprises in Greece. President Hoyer confirmed that the EIB remains committed to supporting viable public, private, and PPP (Public-Private Partnerships) projects in the country. President Hoyer and Minister Stathakis discussed the Investment Plan for Europe and its potential for leveraging investment in Greece. Marking a shift from grants to mobilising investment through loans and guarantees, the Plan can spur investment and a renewed drive toward competitiveness.
President Hoyer and Minister Stathakis also discussed the state of play in negotiations between the Greek Government, the Eurogroup, the EU and international financing bodies. Whilst not a party to these negotiations, the EIB Group stands ready to be part of any new arrangements with regard to Greece if called upon by its shareholders, the 28 Member States of the EU.
European Investment Bank (EIB) President Werner Hoyer made his first visit to Athens and Nicosia this year, reaffirming the EU bank’s long-standing partnerships with Greece and Cyprus. In 2019, the EIB provided €2 billion of new investment for Greece covering climate action, health, clean energy, transport, small businesses and more. Cyprus received €230 million of new investment, which included support for urban development, transport, innovation, renewable energy and energy efficiency projects.
The European Investment Bank (EIB) and the National Bank of Greece (NBG) have signed a financing agreement guaranteed under the Investment Plan for Europe (also known as the “Juncker Plan”), to channel an amount of up to EUR 200 million to small and medium-sized enterprises (“SMEs”) and medium-sized companies (“Mid-Caps”) in Greece. The financing is provided through a private placement of covered bonds issued by the NBG with the European Investment Bank.
“Regulators and legislators, at national and EU level, must come together to accelerate the pace of reform” said European Investment Bank (EIB) President Werner Hoyer at the opening ceremony of the 2nd Delphi Economic Forum in Delphi, Greece.