Recovery and Resilience Facility in Greece

About

Following a funding agreement with the Hellenic Republic, the EIB has set up a fund for optimal deployment of the allocated RRF loan.

Final recipients will benefit from the fund in the form of loans. The EIB loans will be complemented by RRF lending and, upon consideration, technical assistance can also be offered.

The EIB will manage the fund in line with its internal policies, processes and procedures.

The RRF for Greece will provide liquidity of up to €5 billion to the fund. Its main objectives are to:

increase support to private sector entities, thus closing the investment gap caused by the COVID-19 pandemic
increase the level of financing to private sector investments
use RRF funds in a targeted manner to increase productivity and competitiveness

Investments are expected to take place by 2026.

What types of financing are available

The fund will offer loans. The EIB will apply its internal project appraisal procedure, for both EIB and RRF funding to incoming requests. An independent auditor shall assess the project eligibility and compliance with the ”Do no Significant Harm” principle under RRF rules.

The EIB will directly co-finance the selected project. EIB direct financing does not constitute part of the fund.

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Eligible sectors

Private entities
Public corporates, in particular corporates where the state holds a stake up to 50% of its share capital and corporates regardless of the state’s share capital holding which own or manage energy networks that constitute a state monopoly

Geographical eligibility

The fund will operate in the whole territory of Greece.

Strategic pillars

The fund will support investments that are aligned with the following strategic pillars of the RRF loan component:

green transition
digitalisation
extroversion and exports
innovation and research and development (R&D)
investments achieving economies of scale

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What is eligible

Eligible sectors include: sustainable energy infrastructure, energy efficiency, sustainable mobility, circular economy, digitisation, water, waste management, competitiveness and extraversion, health, and economic, social and institutional resilience, R&D and innovation.

Only projects that fulfil the below requirements will be considered eligible:

projects shall comply with the Do No Significant Harm Principle (DNSH principle)
project scope shall fall at least under one of the strategic pillars
budget shall consist of eligible expenses

Financing under RRF shall be compliant with state aid rules and subject to the due diligence of the independent auditor.

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Get finance

Interested parties are invited to send a financing application with the following information, as required under Article 6 of the General Block Exemption Regulation:

undertaking's name and size
description of the project, including its start and end dates
location of the project
list of project costs (the investment costs should in principle exceed €20 million)
the indicative amount of the RRF and EIB financing

About the Recovery and Resilience Facility in Greece

The outbreak of the COVID-19 pandemic has changed the country's economic outlook. The crisis calls for an urgent and coordinated response to cope with the enormous economic and social consequences. To this end, the Hellenic Republic set out a National Recovery and Resilience Plan comprising a set of investments and national reforms to be financed through the Recovery and Resilience Facility (RRF), with milestones and targets set out by the Hellenic authorities and agreed with the European Commission.

Greece and the EIB

The EIB has worked with Greece since 1963. We helped many small businesses in an economy badly hurt by the financial crisis. We built better roads and made transport more sustainable.