EIB’s Continued Support: Veridos Matsoukis to Strengthen Greek Identity Document Manufacturing

EIB’s Continued Support: Veridos Matsoukis to Strengthen Greek Identity Document Manufacturing

(IN BRIEF) The European Investment Bank (EIB) and Veridos Matsoukis, a secure identity document printer, have agreed on a €10.5 million 10-year loan to expand Greece’s capacity to produce secure passports, identity cards, and official documents. This investment project, totaling €23 million, will enhance security features to combat identity fraud. Additionally, Veridos Matsoukis is applying for a €7.5 million Recovery and Resilience Facility (RRF) loan. The EIB President, Werner Hoyer, expressed support for this innovative venture, while the Chairman of Veridos Matsoukis highlighted the growth potential and job creation. This initiative aligns with the European Security Initiative and aims to create 60 skilled jobs, expand production facilities, and fund research and development in Athens. It also demonstrates the EIB’s commitment to foreign direct investment in Greece.

(PRESS RELEASE)  LUXEMBOURG, 7-Nov-2023 — /EuropaWire/ — The European Investment Bank (EIB), the lending arm of the European Union, and Veridos Matsoukis, a renowned printer of secure identity documents, have reached an agreement for a €10.5 million 10-year loan to bolster the printing capacity of secure identity documents in Greece.

This financing, provided by the EIB, will support a €23 million investment project at Veridos Matsoukis’ Athens facility. The project aims to enhance production capacity for passports, identity cards, and other official documents for governments. These documents will incorporate cutting-edge security features, essential for combatting identity fraud. In addition to the €10.5 million EIB loan, Veridos Matsoukis is currently in the process of applying for a €7.5 million Recovery and Resilience Facility (RRF) loan, reflecting the strong export orientation of its Greek manufacturing operations. Completion of the RRF approval process is anticipated by the end of the year.

This marks the second round of support from the EIB for Veridos Matsoukis, with the first being an €11 million loan granted in 2019. The agreement was officially signed in Athens today, with EIB President Werner Hoyer and Dimitris Matsoukis, Managing Director of Veridos Matsoukis, in attendance. Greece’s Minister for Digital Governance, Dimitrios Papastergiou, also graced the signing ceremony.

Werner Hoyer, EIB President, expressed his enthusiasm, saying, “We’re delighted to be supporting such an innovative company, a leader in the market of the printing of identification and secure documents. This new EIB financing will enable them to expand their state-of-the-art production capacity in Greece to manufacture the most secure passports and identity cards for countries around the world. Access to the long-term finance will also contribute to their Research and Development efforts and allow them to create new jobs in Athens,”

Marc-Julian Siewert, Chairman of the Board of Veridos Matsoukis, highlighted the significance of the renewed investment commitments, stating, “The renewed investment commitments are a clear sign of confidence in the prosperity of Veridos Matsoukis. We are proud that with our progress so far making the company a leader in the production of identity documents and therefore a remarkable success story of German-Greek cooperation contributing significantly to the Greek national economy. The new investments aim to further extend capacity of Veridos Matsoukis producing innovative products and pave the way for the creation of a considerable number of  highly skilled new jobs,”

A Boost for the European Security Initiative

Veridos Matsoukis is renowned for producing highly secure ID documents for over 40 governments worldwide, including within the EU, and collaborating with numerous business partners. The incorporation of highly secure identity documents that are resistant to alterations and counterfeiting significantly contributes to the security of both the state and its citizens. This agreement aligns with the EIB’s commitment to financing European security through the dedicated SESI initiative.

EIB’s support is expected to create up to 60 new skilled jobs in the region and facilitate the expansion of Veridos Matsoukis’ Athens facility by introducing new machinery and an additional clean room floor. Furthermore, the project will contribute to financing the promoter’s research, development, and innovation (RDI) activities related to security innovations utilized for passports, ID cards, and driving licenses at their headquarters in Athens.

Demonstrating EIB Support for International Investment in Greece

Veridos Matsoukis’ new loan agreement underscores the EIB’s endorsement of high-value foreign direct investments in Greece. In the past year, the EIB provided €2.2 billion of financing for long-term investments in renewables, clean transport, and energy security and efficiency projects in the country, as well as funding for banks to deliver impact financing for SMEs. The amount of EIB Group financing signed in Greece in 2022 exceeded that in any other EU country as a share of GDP, demonstrating the EIB’s unwavering support for international investment in Greece.

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SOURCE: European Investment Bank