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The project will finance the promoter's research, development and innovation (RDI) activities related to security innovations used for passports, ID cards and driving licences. RDI, to be carried out at the headquarters in Athens, will improve production and enable to increase products offering. This will require also to expand production, by adding new machines and an additional clean room floor. The project will be implemented from 2022 to 2025.
The new equipment will allow to apply the latest security innovations, ensuring a higher level of protection against counterfeiting of security documents. Through these innovative features, new use cases will be introduced to improve the competitiveness of the group's products offering.
The Project concerns R&D activities related to security innovations used for identity documents and for production improvements.
The Project is eligible under the Bank's Innovation, Digital and Human Capital (IDHC) Public Policy Goal.
The Project is in line with EU public policy goals associated with the European Research Area. Since Greece is only a moderate innovator, the foreseen investments are expected to particularly contribute to the 'widening participation and spreading excellence' objective of the Horizon Europe framework programme.
The Project, located in Athens, will strengthen the Promoter's capabilities to produce high-quality identity documents. It will foster the competitiveness of the Promoter and the parent company and will create new skilled jobs in Athens, located in the Attica region, that had an unemployment rate of 12.1% in December 2022.
Highly secured identity documents, that are difficult to alter or to counterfeit, contribute to the security of the state and the citizens. As this project supports investments related to civilian security and such R&D, hence it contributes also to the European Security Initiative. In terms of market failure, this project addresses the under provision of cybersecurity in the field of identification documents, which in general has a public good nature.
The Project also aims at innovation and smart use of ICT through promoting and integrating innovation. It reinforces the competitiveness of the Promoter and improves the attractiveness of the region.
The Project is expected to lead to further improved security documents supported by new patented security features and related upgrades of the production capabilities. As the majority of ordered products are electronically readable, the Promoter is providing a significant contribution to the digitalisation of European administrations and businesses. The economic benefits of having access to secure identity documents are deemed to be substantial, resulting in an economic rate of return being Very Good.
Finally, the EIB financing will allow the Promoter to further diversify its funding sources and decrease its dependence on intra-group financing for its investment activities. The Bank's tailormade product will provide the promoter with more favourable terms than market alternatives under various dimensions (such as longer tenor and grace period). With the financing of this investment, the EIB will allow the Promoter to also apply for a complementary RRF loan (funds under EU's Recovery and Resilience Facility).
As investments will concern RDI and the expansion of the production capacity, including limited construction works, it is unlikely that the project will fall under the Annexes of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (amended by Directive 2014/52/EU). Nevertheless, the environmental details will be further assessed during the project appraisal.
The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions.