EIB signs three loan agreements worth 300 mln euros with Greece

EIB signs three loan agreements worth 300 mln euros with Greece

The European Investment Bank (EIB) on Friday announced the signing of three loan contracts with Greece for which the Finance ministry offers state guarantees.

Two of the contracts, worth 200 million euros, refer to the cooperation of Piraeus Bank and National Bank with EIB to support investments in the agricultural and agri-food sector and the bio-economy sector.

The third contract, worth 100 million euros, was signed with power utility PPC as part of the investment program of the Hellenic Electricity Distribution Network Operator, aimed at strengthening and modernizing its distribution grid in the country.

EIB plans to sign loan agreements worth more than 3.1 billion euros with Greece this year, operating as a "vehicle" to achieve the country's development targets, the bank said.

Speaking to reporters after a meeting with Finance Minister Christos Staikouras in Athens, EIB president Werner Hoyer mentioned the National Plan for Energy and Climate adopted by Greece, noting it supported a European Greek Deal.

He said ambitious targets have been set and there is a commitment to fully disengage from lignite by 2028. 

On his side, Staikouras said: "Together we can focus on financing investments to scrap lignite and change the energy mix in favor of renewable energy sources, along with supporting geographical regions that will be hit by the transition cost, to efficiently interonnect Greek islands, to save energy and promote the use of electric cars in the country."

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