EIB Boosts Presence in Greece, Launches Investment Team

The European Investment Bank (EIB) is serious about getting down to business in Greece, and is currently in the process of renovating its central Athens headquarters and appointing a task force that will focus on investments in efforts to support sustainable economic recovery and boost job creation.

The newly-formed Athens investment team will be headed by Nicholas Jennet, currently EIB Deputy Director General, and will work towards strengthening relations with Greek banks and exploring the prospects for private sector investment.

The decision came after a meeting on Monday, between Finance Minister Euclid Tsakalotos, Economy Minister Giorgos Stathakis, Deputy Economy Minister Alexis Haritsis, Bank of Greece Governor Yannis Stournaras and EIB President Werner Hoyer.

“The EIB has supported the Greek economy throughout the crisis and we plan to further strengthen our commitment to the country,” Mr Hoyer said.

“The bank is seeking investments through the ‘Juncker package’ and other European investment programs to support SMEs, technology and research.”

A total of 12 billion euros have been channeled into Greece since 2008 to date in the form of loans and guarantees, with outstanding EIB loans estimated at 18 billion euros – approximately 10 percent of the country’s GDP.