EU Bank to Expand Support for Greek Agriculture

The European Investment Bank (EIB) on Tuesday confirmed strengthened support for agriculture and agribusiness investment in Greece through existing credit lines with locally active banks.

The increased backing for Greek agriculture was confirmed following discussions in Athens between Kostas Skrekas, Deputy Minister for Rural Development and Food and Andrew McDowell, European Investment Bank Vice President responsible for lending operations in Greece and global agriculture financing.

Skrekas and McDowell also had advanced discussions for new financial support for investment by young farmers across Greece.

“Increasing agricultural investment is key for economic growth and job creation in Greece,” Skrekas said.

European Investment Bank Vice President Andrew McDowell and Gree Deputy Minister for Rural Development and Food Kostas Skrekas. Photo source: EIB

According to the deputy minister, talks with EIB’s VP confirmed Greece’s shared commitment to tackle investment challenges facing agriculture and to use existing and new financing programs to support the essential investments for the modernization of the Greek primary sector including the development of renewable energy resources for net-metering.

“Greece is a European leader in agriculture and agribusiness. As the EU Bank, the European Investment Bank, is committed to strengthening access to finance by farmers, agriculture and agribusiness across Greece,” McDowell said, adding that the discussions with Skrekas will help to strengthen the impact of EIB support for investment by young farmers.

“A new targeted product is expected to be launched as soon as the beginning of next year,” he said.

To date in 2019, the European Investment Bank Group has provided nearly 1.4 billion euros of new financing for private investment across Greece.