EIB, Greek Banks Launch Infrastructure Fund to Back Business

Photo Source: European Investment Bank

The European Investment Bank (EIB) announced on Monday, that four Greek banks would be participating in a 650-million-euro infrastructure program, aimed at identifying new high-impact investment projects.

More specifically, Alpha Bank, Eurobank, NBG and Piraeus Bank are now supporting the 650-million-euro infrastructure scheme.

At the same time, the new Infrastructure Fund of Funds, to combine national and European Commission resources, is aimed at accelerating clean energy investment, including energy efficiency and renewable energy and sustainable urban development projects.

Sustainable projects being considered for investment under the new Fund of Funds initiative will include wind farms, photovoltaic installations, biomass and biogas plants and hydroelectric power stations. New investment to improve energy efficiency in the public and private buildings will also be considered.

The new initiative will also unlock high-impact investment in projects including industrial parks, education and cultural facilities, tourism facilities and conference centers.

At the same time, funding will also go toward the completion of delayed projects and use of abandoned sites for new commercial activity.

Over the last five years, the EIB has provided more than 9 billion euros for new infrastructure and private sector investment across Greece, including 3 billion euros in partnership with locally active banks.

EIB Vice President Andrew McDowell, on a three-day visit to Athens this week, welcomed the banks on board.

“The Infrastructure Fund of Funds scheme provides a model for other countries in Europe to follow, and the EIB looks forward to working with Greek banking partners in the years ahead to further strengthen support for transformational investment across Greece,” said McDowell.

“Bringing together local understanding of economic priorities and technical and financial experience from across Europe, will enable future cooperation between the EIB and Greek banks to have a greater social and economic impact in this country,” said Deputy Development & Investments Minister Yiannis Tsakiris.