€875 million new long-term EIB financing to accelerate nationwide implementation of Helektra energy efficiency programme and Antonis Tritsis sustainable urban investment scheme
More foreign investors are now trusting in Greece’s long-term prospects, said Greek Prime Minister Kyriakos Mitsotakis after reaching a new financing agreement on Thursday with the European Investment Bank (EIB).
Mitsotakis and EIB President Werner Hoyer finalized a deal under which the EIB will pour 875 million euros into sustainable urban investment schemes and energy efficiency projects across Greece.
More specifically funding will go into fresh investments to slash energy bills, reduce carbon emissions, improve road safety, enhance water and waste services, and strengthen climate resilience, public health and earthquake protection as well as into schemes to upgrade schools, hospitals, public building and sports facilities.
“As we see the end of the pandemic in sight, as vaccinations pick up in pace, I think it is very important now to step up our effort to design the future in this post-pandemic world,” Mitsotakis said during a teleconference on Thursday.
The Greek prime minister added that Greece has already submitted plans for the Recovery and Resilience Fund and received positive reviews by the European Union.
On his part, Hoyer expressed the EIB’s commitment to accelerating climate action and sustainable urban investment across Greece.
“The new 875-million-euro long-term financing agreed today will back 3 billion euros of new investment in high-impact local projects under the pioneering Helektra energy efficiency and Antonis Tritsis sustainable urban investment schemes in the coming years,” said Hoyer, adding that the deals represent the largest EIB support for energy efficiency and urban investment in 58 years of engagement in Greece.
“This reflects the scale and vision of our Greek partners to scale up priority investment,” said Hoyer.
Ahead of the announcement Mitsotakis, Hoyer and EIB Vice-president Christian Kettel Thomsen discussed 2.8 billion euros of new support for high-impact private and public investment in Greece agreed between the EIB and the European Investment Fund and Greek partners last year, as well as priorities for future engagement.
Speaking to the Athens News Agency, Kettel Thomsen said EIB experts will be “working harder and more closely with Greek technical, financial and environmental experts to enhance the impact of future investments supported by the EIB from 2021 onward”.
He went on to add that the wide range of EIB and European Investment Fund initiatives “will allow even bigger support for Greek enterprises and innovation and the offering of improved services throughout the country. And most important of all, it will have an immediate impact on the lives of millions of Greeks”.
Earlier this year, Greece announced a 595-million-euro EIB loan to go into the upgrade of civil protection in efforts to better tackle Covid-19 and minimize the loss of life through natural disasters.