EIB signs EUR 730m agreements in Greece for corporate finance and electricity distribution

ATHENS (XINHUA) – The European Investment Bank (EIB) on Wednesday signed two agreements worth a total of 730 million euros ($871 million), aimed at strengthening business financing and modernizing the electricity network Greek.

Under the first agreement, the EIB will provide support of EUR 400 million to the Hellenic Development Bank to facilitate access to finance for a greater number of small and medium-sized enterprises and large companies in Greece to coping with the impact of the pandemic.

The €400 million loan agreement will be multiplied by three through cooperation with the banking system to finance the real economy and Greek entrepreneurship, said the President and CEO of the Hellenic Development Bank Athina Chatzipetrou, in a press release.

Under the second deal, Greece’s largest electricity utility, Public Power Corporation SA, will receive a total of €330 million in a 20-year loan to help upgrade power lines. electricity distribution and to deploy smart meters in order to increase the use of renewable energy, the EIB announced in a press release.

Last year, the EIB allocated EUR 2.8bn to private and public investment across the country.

“We are very confident of returning to a very robust growth trajectory. We are very happy that you are loyal partners on the path to financing our new growth model,” Greek Prime Minister Kyriakos Mitsotakis said as he welcomed EIB President Werner Hoyer, according to Greek national TV. ERT.

The EIB will play an important role in implementing Greece’s National Recovery and Resilience Plan approved by the European Commission last week, the Greek leader noted.

A Public Power Company worker walks under the chimneys of the Agios Dimitrios power station near the town of Kozani in northern Greece. PHOTO: AP