ΕΙΒ supported Greece with record €5 billion financing in 2021

ΕΙΒ supported Greece with record €5 billion financing in 2021

The European Union’s lending arm, the European Investment Bank (EIB), provided a record financing of almost €5 billion last year to help Greece shift to clean energy and support its businesses hit by the Covid-19 pandemic, officials said on Tuesday.

The amount has doubled compared to 2020 to equal “2.7% of Greece’s GDP,” the EIB Vice-President Christian Kettel Thomsen told a virtual ceremony alongside senior Greek finance ministry officials in Athens.

EIB offered €2.7 billion in guarantees, through European Guarantee Fund, to help companies affected by the coronavirus-related lockdowns secure loans from the country’s four largest lenders Alpha Bank, Eurobank, National Bank and Piraeus Bank.

Those guarantees will mobilize more than €6 billion in investments in tourism, green energy and digital economy, Finance Minister Christos Staikouras said.

EIB is also planning to manage €5 billion of funds that Greece is due to receive from the European Union’s pandemic recovery fund in coming years.

Athens is due to get €19.4 billion in grants and €12.7 billion in cheap loans from the fund in coming years, an equivalent of about 16% of its gross domestic product.

Its conservative government plans to use the funds to make Greece’s economy greener and push its digital transformation.

SEARCH

[%EVENTS_SIDEBAR%]
Previous Next
Close
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.