Greece receives record 5 billion euros in funding from EIB in 2021

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By Eleni Patsalides.

The European Investment Bank (EIB) extended its support to Greece in 2021 with a €5 billion investment for businesses which have been affected by COVID-19 and to shift the nation to clean energy.

Through the European Guarantee Fund, EIB offered €2.7 billion in guarantees to help companies affected by COVID-19 and lockdowns secure loans through Greece’s four largest lenders Alpha Bank, Eurobank, National Bank and Piraeus Bank.

Piraeus Bank.

Through these guarantees, more than €6 billion in tourism, green energy and digital economy will be mobilised, as stated by Finance Minister Christos Staikouras.

According to an EIB statement, the EU finance body has signed an agreement with the Greek finance ministry “to help manage up to €5 billion as part of Greece’s implementation of the national recovery and resilience plan, known as ‘Greece 2.0’.”

These funds are due to be received from the European Union’s pandemic recovery fund in the coming years.

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

The Greek government plans to use the funds to make the nation’s economy greener and push its digital presence.

Source: Ekathimerini, PV Magazine

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