European Investment Bank signs three loan agreements worth 300 mln euros with Greece

European Investment Bank (EIB) President Werner Hoyer. EPA, STEPHANIE LECOCQ

European Investment Bank (EIB) on Friday announced the signing of three loan contracts with Greece for which the Finance ministry offers state guarantees.

The two contracts, worth 200 million euros, refer to the cooperation of Piraeus Bank and National Bank with EIB to support investments in the agricultural and agri-food sector and the bio-economy sector.

The third contract, worth 100 million euros, is signed with Public Power Corporation (PPC) in the framework of supporting the investment programme of Hellenic Electricity Distribution Network Operator aimed to strengthen and modernize its distribution grid in the country.

EIB plans to sign loan agreements worth more than 3.1 billion euros with Greece this year, operating as a “vehicle” to achieve the country’s development targets.

EIB’s president Werner Hoyer, speaking to reporters after a meeting with Greek Finance Minister Christos Staikouras made a special mention to a National Plan for Energy and Climate adopted by Greece, noting it supported a European Greek Deal.

He added that ambitious targets have been set and there is a commitment to fully disengage from lignite by 2028. Hoyer said EIB has a unique technical and financing experience in actions to protect the climate globally.

“Together we can focus on financing investments to scrap lignite and change the energy mix in favor of renewable energy sources, along with supporting geographical regions that will be hit by the transition cost, to efficiently interonnect Greek islands, to save energy and promote the use of electric cars in the country,” Staikouras said.

Source: ΑΝΑ – MPA

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