EBRD Remains Committed to Greece, 2018 Funding Reaches €846m

Athens, Greece. Photo © Maria Theofanopoulou

European Bank for Reconstruction and Development (EBRD) shareholders agreed to extend its mandate in Greece through to 2025 while announcing that it had financed 15 projects last year.

In a statement, the development bank said it had extended 846 million euros in financial aid to private sector projects in 2018, including the Trans Adriatic Pipeline (TAP), NPL portfolios and the Hellenic Energy Exchange SA, making Greece the third highest credit recipient in 2018.

In 2017, EBRD financing came 614 million euros, with the 2018 total up by 232 million euros.

Monastiraki square, Athens. Photo Source: EBRD

The EBRD said on Wednesday, that it plans to remain committed to Greece’s recovery through the backing of private sector projects, supporting reforms, stimulating foreign and domestic investments – all towards the improvement of the country’s competitiveness.

The Greek government had requested an extension of the bank’s mandate last year.

“With its investments and support for Greece so far, the EBRD has demonstrated its ability to respond quickly to the country’s economic requirements. The extension of the mandate illustrates our continued commitment. We are now ready to do more to support Greece in its economic recovery,” said EBRD President Suma Chakrabarti.

Since its first mandate in 2015, the development bank has invested over 2 billion euros in more than 42 projects.

In the meantime, the EBRD said it was setting ambitious goals for 2019, stepping up support for the 2030 global development agenda after achieving a record level investment in 2018 of nearly 9.5 billion euros in 395 projects.

Emphasis this year will be given to green finance. In May, shareholders will consider extending activity to other territories.