The assurance that the European Investment Bank (EIB) will continue to support the Greek economy but also its optimism for the economic prospects of our country is underlined by Christian Kettel Thomsen, Vice President of the EIB, emphasizing that the Greek economy showed with the strong growth it achieved last year that it has the ability to recover from difficulties while it appeared optimistic about the economic prospects of the country.
The EIB recently entered into a series of agreements for project financing in Greece. Are these agreements the beginning of a new series of important projects that you will support in the country?
The EIB’s cooperation with the government and the banks usually attracts the most attention. However, our cooperation with the private sector and other Greek partners shows that we actually support a wide range of projects, both traditional, with our long-term support in Greece, even during the period we are going through. Last year the EIB Group provided funding for a wide range of projects: from transport and urban development, to energy efficiency and renewable energy, as well as the first Greek Entrepreneurial Angels co-investment fund for Genesis Ventures through the European Fund Investment.
The most recent agreements signed this week also underscore that, as the EU Climate Bank, we want to support projects that have a strong climate element, but at the same time help to improve the daily lives of citizens. A prime example is the Athens metro.
Funding agreed with the Ministry of Digital Government will support approximately 15 projects by the end of 2025, which will result in improved and more user-friendly access of citizens and businesses to public services, reducing administrative workload and creating financial benefits for all.
Another very good example that underlines the wide range of projects we support is the way in which the EIB Group can meet the specific financing needs of fast-growing companies. This is evidenced by the € 8.5 million business debt financing we announced, which will support innovative packaging maker Matrix Pack. Through this initiative, the EIB supports the company in completing its transition to the production of chemical-free drinking straws and reducing the amount of plastic waste.
Are there any specific areas you will focus on in the near future?
I can tell you that we already support a large number of broad-based projects that serve the investment priorities of the public and private sectors in the country. We expect that our close cooperation with the Greek government and private banks will be further strengthened to ensure the successful activation of the EU Recovery and Sustainability Mechanism, the so-called Greece 2.0 program, as well as the support of a number of high-impact investment and innovative projects. I expect that 2022 will be an excellent year for Greece in terms of financing projects to combat climate change, as well as the energy transition agenda. Our goal is to implement investments under the Fair Transition Mechanism and to promote the development of new renewable energy technologies.
Could you make an assessment of the cooperation with the Greek government in the last two years?
The last two years have been exceptional in terms of the EIB’s activity in Greece. In 2021 the support of the European Investment Bank and the European Investment Fund for private and public investment amounted to a total of 4.850 billion euros – an increase of 2 billion euros compared to 2020! This record was made possible thanks to the close cooperation with the Greek Authorities, the involved bodies and our clients all over Greece, as well as to the special Investment Team for Greece. The EIB does not have conventional banking branches, so it is vital for us to have reliable partners with knowledge of local characteristics and direct access to the SMEs to which our funding is aimed. This is exactly what we have achieved in Greece. We have a long history of cooperation and I predict that our relationship will become stronger as we move forward together to further strengthen the Greek economy.
How do you see the course of the Greek economy and the prospects for the following period?
The Greek economy has shown, with strong growth last year, that it has the ability to recover from difficulties such as the pandemic. Greece has gone through a lot in recent years, but, with the support of its European partners, it has always found a way to overcome obstacles. I hope this year will not be different. During this visit, in just two days, I found that impressive work is being done at all levels, whether it is projects to make better use of digital tools to improve public services or major new public transport projects that will improve everyday life. the citizens. All this makes me optimistic about the economic prospects of Greece in the future. I can also assure the Greeks that the EIB will continue to support the economy by supporting more transformation projects.
