ECONOMY

EIB signs deal to finance 10 anti-flood projects

eib-signs-deal-to-finance-10-anti-flood-projects

The government and the European Investment Bank signed an agreement on Thursday for the EIB’s biggest ever funding contribution to new investments in flood protection for homes and businesses in Greece.

The new 25-year loan of 150 million euros will finance a 355-million-euro program that will enhance flood protection for 500,000 inhabitants in Athens, Thessaloniki and the Peloponnese.

The program provides for the implementation of 10 anti-flood projects in the next four years – seven in Attica, two in Thessaloniki and one in the Peloponnese.

The agreement was signed in Athens by Finance Minister and EIB board member Christos Staikouras, Infrastructure Minister Kostas A. Karamanlis and EIB Vice President Andrew McDowell.

“The new projects against flooding, which are based on detailed technical studies, are supported by the Greek government, the EIB and the European Commission, and will secure increased protection as well as creating jobs,” stated Staikouras.