On 11-13 November, the Management Committee (*) of the European Investment Bank (EIB) met in Athens, in view of the EU Presidency to be undertaken by Greece on 1 January 2014.
On this occasion, the EIB's delegation, headed by President Werner Hoyer, had a series of contacts with the Greek Government.
Further to the meeting with the Minister of Development and Competitiveness, Kostis Hatzidakis, in Athens, EIBPresident Werner Hoyer stated:
‘In the nearly two years since I took over the presidency of the European Investment bank, I am visiting Greece for the sixth time. If I compare the current situation in Greece with that of two years ago, and also the situation encountered during my many previous visits in my old capacity within Foreign Affairs, I must say that we have moved a tremendous way forward and I congratulate our Greek friends on this progress. This is a fantastic opportunity to take account of what has happened since.
The Bank has played its role, in my view, very constructively. We have moved the business volume in Greece, by extending our lending volume in Greece from EUR 550 million in 2012 to nearly three times that amount, EUR 1.5 billion, for this year. We are very proud because we do not provide grants but loans for viable investments. We are doing good, solid business. Our activity has substance, gives concrete results in the real economy and translates into jobs and innovation’.
During these days in Athens, the EIB signed new loans totalling EUR 550 million for motorways, local authorities’ infrastructures and SMEs. The EIB also discussed further future support in Greece mainly for SMEs, including the Institute for Growth, as well as energy and transport –motorways and metro.
In this context, the Management Committee and EIB delegation visited the recently inaugurated Elliniko Metro station, which forms part of the latest extension of Athens metro financed by the EIB. To be noted that total financing extended by the EIB for Attiko Metro investments in Athens and Thessaloniki sums up to about EUR 3 billion since 1992 for the start of the works.
(*)The Management Committee is the Bank’s permanent collegiate executive body. It has nine members. Under the authority of the President and the supervision of the Board of Directors, it oversees the day-to-day running of the EIB, prepares decisions for Directors and ensures that these are implemented. The President chairs the meetings of the Management Committee. The members of the Management Committee are responsible solely to the Bank; they are appointed by the Board of Governors, on a proposal from the Board of Directors, for a renewable period of six years.
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.