Another €300 million from EIB to Greece
The European Investment Bank (EIB) announced two new loans to Greek entities on Friday in Athens, worth more than 300 million euros between them.
They have been issued to the Hellenic Research and Innovation Foundation (ELIDEK) to support research and development at universities and research centers (€143 million), and for the financing of an irrigation project in the Platis River on Crete (€160 million).
“Greece consistently ranks among the countries to benefit the most from EIB financing, in proportion to the size of its economy,” pointed out the lender’s Vice President Kyriacos Kakouris, announcing that in 2023 the bank’s group signed financing agreements amounting to €2.5 billion in Greece, an amount that exceeds 1% of the country’s GDP, one of the highest in the EU.
He assured that the EIB group will remain committed to supporting the Greek economy: “As we were here during the darkest periods of the crisis, a decade ago, we will remain here now as Greece builds a more resilient and competitive growth model.”
For his part, Minister of National Economy and Finance Kostis Hatzidakis, acknowledging the contribution of the EIB, especially in the previous dramatic decade, noted that now “we are trying to create all the conditions so that we need the EIB less and less.”
After achieving investment grade, “this year, from our borrowing via 10-year bonds, we can save an amount of €850 million over a decade for the Greek taxpayer. From now on we will need the EIB less and less, because we can borrow just like the rest of the European countries.”
According to Kakouris, the financing includes the following: €900 million to the state for investments that include energy and water management, education and health services; €800 million through Greek banks to support SMEs; €524 million to the Independent Electricity Transmission Operator (ADMIE) to connect Cyclades islands to the mainland electricity grid; €400 million to Mytilineos to develop photovoltaic and battery storage systems projects; a €150 million loan to the Hellenic Electricity Distribution Network Operator (DEDDIE) to develop smart meters; and a €25 million loan to Sunlight, to produce innovative batteries.
