National Bank of Greece – EIB Invest in Green and Urban Infrastructure

Investment projects across Greece, concerning renewable energy, energy efficiency and urban development, will be able to tap into 650 million euros of funding under a new “Infrastructure Fund of Funds” (IntraFOF) agreement between the National Bank of Greece (NBG) and the European Investment Bank Group (EIB).

NBG is the first partner bank under the Infrastructure Fund of Funds and will identify and invest in new ‘green’ projects, including wind and photovoltaic parks, biomass and biogas plants, energy efficiency in public and company buildings as well as in urban schemes intended to rehabilitate deprived districts, water and waste management projects and tourism ventures.

The new infrastructure scheme will provide financing to the tune of 450 million euros, unlocking total investments of at least 650 million euros for sustainable projects in priority sectors.

Besides providing own funds, NBG said it would also be helping mobilize additional private funds for the support of relevant projects, with other banks active in Greece set to follow suit.

“The Infrastructure Fund of Funds agreement will further strengthen our long-standing cooperation with the European Investment Bank Group. Providing financing solutions for infrastructure that also foster sustainable development and inclusive growth is a key element of National Bank of Greece’s strategy,” said Paul Mylonas, CEO NBG.

“This agreement reinforces our strategy and underlines our unequivocal commitment in supporting the transition to a greener economy, focused on the protection of the environment and the promotion of resource efficiency while creating new jobs and supporting the country’s economic recovery,” Mylonas added.

Photo Source: EIB

EIB Vice President responsible for Greece, Andrew McDowell, underlined the importance of local investment towards harnessing renewable energy, cutting energy use, improving urban areas and most importantly unlocking projects that have been delayed.

“The Infrastructure Fund of Funds combines financial resources and technical expertise essential for priority and high impact investment,” McDowell said.