The European Investment Bank formally agreed to help manage up to EUR 5 billion as part of Greece’s implementation of the National Recovery and Resilience Plan, known as Greece 2.0.
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EIB technical, financial and environmental experts will identify high-impact projects, priority sectors and effective financial structures to ensure best use of new European grant and loan support for Greece to mitigate the social and economic impact of the coronavirus pandemic.
The new cooperation signed earlier today by Alternate Finance Minister Thodoros Skylakakis and EIB Vice President Christian Kettel Thomsen in the presence of Finance Minister Christos Staikouras represents the first time that the European Investment Bank has agreed to assist implementation of the Recovery and Resilience Facility anywhere in Europe.
Greece is expected to receive around EUR 31 billion from the European Recovery and Resilience Facility, in the form of grants and loans. This is a one-off initiative intended to help repair the immediate economic and social damage brought about by the coronavirus pandemic.
The agreement will enable the European Investment Bank’s dedicated Investment Team for Greece to work with Greek authorities to make best use of the European Recovery and Resilience Facility to identify potential public sector projects, corporate investment, SME financing schemes and targeted advisory initiatives.
This is the first EIB cooperation to implement investment backed by the Recovery and Resilience Facility agreed anywhere in Europe.
The key focus of new investment will support climate action, green energy transition and digital transformation, alongside other sectors that reflect social and economic priorities in Greece.
The new cooperation will initially focus on identifying and proposing new high-impact investment projects located across the country using an estimated EUR 5 billion of investment from the National Recovery and Resilience Facility.
Projects will be examined and appraised by EIB experts, and may also benefit from EIB financing alongside European Recovery and Resilience Facility resources. ■