EIB Group Contributes €2.2 Billion in Financing to Greece in 2024, Focusing on Energy, Business Growth, and Disaster Management

EIB Group Contributes €2.2 Billion in Financing to Greece in 2024, Focusing on Energy, Business Growth, and Disaster Management

(IN BRIEF) In 2024, the European Investment Bank (EIB) Group provided €2.2 billion in financing to Greece, focusing on boosting energy resilience, supporting business growth, and enhancing disaster preparedness. Key projects included solar parks, grid upgrades, and disaster management infrastructure, including funding for firefighting aircraft and rescue vehicles. The EIB’s support also helped SMEs and Mid-Caps with €702 million in loans and guarantees. The EIB Group’s total financing for Greece over the past five years now exceeds €14.5 billion, with a projected investment impact of €6.6 billion. This financing is a vital contribution to the country’s sustainable development and economic growth.

(PRESS RELEASE) LUXEMBOURG, 19-Feb-2025 — /EuropaWire/ — In 2024, the European Investment Bank (EIB) Group provided €2.2 billion in financing to Greece, bolstering the country’s energy supply, business growth, and disaster management capabilities. The funding included €2.03 billion from the EIB and €152 million in portfolio guarantees from the European Investment Fund (EIF), focused on supporting small and medium-sized enterprises (SMEs) and innovative businesses across Greece.

Key projects financed by the EIB Group included a €390 million loan to DEPA Commercial for new solar parks, €150 million to HEDNO for upgrading the electricity grid, and €220 million to the Greek government to enhance disaster preparedness, including the purchase of firefighting aircraft and rescue vehicles. The total financing in 2024 contributes to the EIB Group’s five-year support for Greece, which now exceeds €14.5 billion.

Kostis Hatzidakis, Greece’s Minister of Finance, expressed his gratitude for the ongoing partnership with the EIB, highlighting the importance of this financing for renewable energy, grid upgrades, SME support, and climate adaptation efforts. “The EIB’s support has been invaluable, particularly during the crisis, and we look forward to continued collaboration to advance key sectors such as energy interconnections and research,” Hatzidakis said.

The EIB’s commitment to clean energy was underscored by significant investments in renewable projects, including loans to DEPA Commercial for photovoltaic (PV) parks and PPC Renewables for solar and battery storage capacity. Additionally, the creation of the EU “Decarbonisation Fund” for Greece will support sustainable energy projects on Greek islands, including grid interconnections and the phasing out of local power plants.

In the realm of business, the EIB allocated €702 million to support SMEs and Mid-Caps, including €300 million in guarantees to Greek banks. The EIF also played a vital role by offering €152 million in portfolio guarantees to mobilize up to €1.8 billion in financing for SMEs, driving innovation and digital transformation within the Greek economy.

EIB Group’s financing also addressed Greece’s vulnerability to natural disasters, providing €220 million to improve the country’s disaster-management infrastructure. This loan, along with the EIB’s ongoing support for civil protection, reflects a broader European climate-adaptation strategy.

EIB Vice-President Yannis Tsakiris highlighted that the support for Greece in 2024 showcases the transformative power of strategic financing, aimed at enhancing energy resilience, business growth, and disaster preparedness. “Our work in Greece exemplifies our commitment to sustainable development and long-term stability in critical sectors,” Tsakiris said.

Over the last five years, the EIB Group has financed over €14.5 billion in Greece, with a projected multiplier effect of up to €6.6 billion in investments—approximately 2.5% of Greece’s GDP. These efforts reflect the EIB’s deep involvement in strengthening the Greek economy and supporting its transition to a greener, more resilient future.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, , we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, important investments outside the EU, and the Capital Markets Union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

Media Contacts:

Wood Graham
g.wood@ext.eib.org
+352 4379 – 70512

Nikos Chrysoloras
n.chrysoloras@eib.org
+352 4379-83078

Press Office
press@eib.org
+352 43791

SOURCE: European Investment Bank