- New investment to extend capacity for printing of state-of-the-art identity documents.
- Project to create 60 new skilled jobs at world class facility.
- Demonstrates EIB’s ongoing support for foreign direct investment in Greece.
The printing capacity of secure identity documents in Greece will be expanded following an agreement between the European Investment Bank (EIB) and Veridos Matsoukis, a leading printer of secure ID documents, on a €10.5 million 10-year loan.
The EIB financing will support a €23 million investment project at Veridos Matsoukis’ Athens site to increase the production capacity for passports, identity cards and other official documents for governments. These will be printed using the latest cutting-egde security features, crucial for reducing identity fraud. In addition to EIB’s €10.5 million loan, Veridos Matsoukis is also in the process of applying for a €7.5 million Recovery and Resilience Facility (RRF) loan in view of the strong export orientation of its Greek manufacturing operations. Completion of the RRF approval process is expected by the end of the year.
For EIB, this is a second round of support for Veridos Matsoukis – the first, an €11 million loan, was agreed in 2019 – and was formally signed in Athens earlier today by EIB President Werner Hoyer and Dimitris Matsoukis, Managing Director of Veridos Matsoukis. Greece’s Minister for Digital Governance, Dimitrios Papastergiou, and the Governor of Recovery and Resilience Facility Agency, Orestis Kavalakis were also present at the signing ceremony.
“We’re delighted to be supporting such an innovative company, a leader in the market of the printing of identification and secure documents. This new EIB financing will enable them to expand their state-of-the-art production capacity in Greece to manufacture the most secure passports and identity cards for countries around the world. Access to the long-term finance will also contribute to their Research and Development efforts and allow them to create new jobs in Athens,” said Werner Hoyer, EIB President.
“The renewed investment commitments are a clear sign of confidence in the prosperity of Veridos Matsoukis. We are proud that with our progress so far making the company a leader in the production of identity documents and therefore a remarkable success story of German-Greek cooperation contributing significantly to the Greek national economy. The new investments aim to further extend capacity of Veridos Matsoukis producing innovative products and pave the way for the creation of a considerable number of highly skilled new jobs,” said Marc-Julian Siewert, Chairman of the Board of Veridos Matsoukis.
A boost for the European Security Initiative
Veridos Matsoukis produces highly secure ID documents for over 40 governments around the world – including within the EU – as well as a range of business partners and is a leading innovator in its field. Highly secure identity documents that are difficult to alter or to counterfeit, contribute to the security of the state and of citizens. The agreement is part of EIB’s financing for European security via the dedicated SESI initiative.
The support from the EIB will – among other things – create up to 60 new skilled jobs in the area, and help to expand production at Veridos Matsoukis’ Athens site, by adding new machines and an additional clean room floor. In addition, the project will also contribute to financing the promoter’s research, development and innovation (RDI) activities related to security innovations used for passports, ID cards and driving licenses at the headquarters in Athens.
Demonstrating EIB support for international investment in Greece
Veridos Matsoukis’ new loan agreement reflects support for high added value foreign direct investment in Greece from the EIB.
Last year the EIB provided €2.2 billion of financing for long-term investments in renewables, clean transport and energy security and efficiency projects in the country, as well as funding for banks to deliver impact financing for SMEs. EIB Group financing signed in Greece in 2022 was higher than in any other EU country as a share of GDP.
