FINANCE

EIB to help manage Greece 2.0

eib-to-help-manage-greece-2-0

The European Investment Bank formally agreed on Monday to help manage up to 5 billion euros as part of Greece’s implementation of the National Recovery and Resilience Plan, known as “Greece 2.0.”

EIB technical, financial and environmental experts will identify high-impact projects, priority sectors and effective financial structures to ensure best use of new European grant and loan support for Greece to mitigate the social and economic impact of the coronavirus pandemic.

The new cooperation, signed by Alternate Finance Minister Thodoros Skylakakis and the EIB vice president responsible for lending operations in Greece, Christian Kettel Thomsen, in the presence of Finance Minister Christos Staikouras, represents the first time that the EIB has agreed to assist implementation of the Recovery and Resilience Facility anywhere in Europe.

“The government has already worked hard to seize the unique opportunity offered by the RRF, in order to achieve a strong, sustainable and inclusive recovery and growth for Greece. We have prepared a realistically ambitious, modern, innovative and extroverted National Recovery and Resilience Plan, underpinned by structural reforms, efficient public investment and important private sector participation,” said Staikouras.

“The key agreement signed today, between the Ministry of Finance and the EIB, will give a substantial extra boost to the realization of projects under our National Recovery and Resilience Plan, ‘Greece 2.0.’ Through this agreement, our country will benefit from the EIB’s technical, economic and financial expertise in identifying high-impact projects and effective structures, which will significantly contribute to making the best use of the RRF funds. Furthermore, the bank may offer financing, alongside the RRF resources, for some of the projects that will be appraised by its experts,” said Staikouras, also one of the EIB governors.

“Our aim is to avoid wasting a single day in implementing large private investments, which will be financed by the recovery fund’s loan facility,” said Skylakakis.

“[It] represents the first formal cooperation between the EIB and a national partner to ensure the RRF delivers on its promise of a better future. It will ensure that recovery from the challenges of Covid-19 also delivers climate action,” said Christian Kettel Thomsen.