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The European Investment Bank Loans Greece 50 Million Euros

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Open Eyes Opinion {source: EIB]

European Investment Bank/Greece

EIB signs EUR 50 million loan to Greece

 

 

 

 

 

As part of exceptional measures in support of the Greek economic recovery, the European Investment Bank (EIB) signed today a EUR 50 million loan to Greece for the co-financing of projects which also still receive funding from EU structural funds over the 2007-2013 period.

Through its multiplying effect, the loan will support the recovery of the Greek economy and will accelerate transition to a smart, sustainable and inclusive growth path. It targets the priority areas that Greece has identified as crucial for its long term development, with an emphasis on innovation, education, the digital society, and the fight against unemployment.

“The EIB supported the Greek economy throughout the crisis. Since 2008 our lending in the country totaled over EUR 12 billion. We remain active and committed to supporting economic growth and the creation of new jobs. Combined with advice and support on the ground this investment reflects the aim of our broader action in the country: combining financial support and advice to provide more opportunities for growth and the prospect of good jobs for people in Greece”, said EIB President Hoyer.

The EIB on September 11 unveiled a new Action Plan for Greece and support for refugees during a working lunch with EU Finance Ministers at EIB headquarters in Luxembourg. EIB President Werner Hoyer outlined the Action Plan, which covers two aspects: enhanced loans and guarantees; and help in improving projects to ensure they are successful in attracting both EIB and EU funding. The EIB also said it is ready to increase its workforce on the ground, in line with the Bank’s strong commitment towards Greece in recent years.

The EIB on August 27 signed a EUR 1 billion loan to Greece for the co-financing of projects which also receive funding from EU structural funds over the 2014-2020 period. The investments being financed will strengthen the competitiveness of the Greek economy and enhance the effective use of the EU grant funds allocated to the country.

The EUR 50 million EIB loan signed today will finance part of the national budget contribution to those investments for the 2007-2013 period, reducing the risk of postponing investments in key infrastructures and regional assets, which is expected to assist the country’s absorption rate of EU Structural Funds.

The EUR 50 million loan to the Hellenic Republic was signed for the Hellenic Republic by the Minister of Finance Mr. Euclid Tsakalotos and the Minister of Economy, Development & Tourism, Mr. Giorgos Stathakis, and by the EIB.

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[photo credits: “Olive Grove (158100468)” by Alastair Rae from London, United Kingdom – Olive Grove. Licensed under CC BY-SA 2.0 via Wikimedia Commons – https://commons.wikimedia.org/wiki/File:Olive_Grove_(158100468).jpg#/media/File:Olive_Grove_(158100468).jpg]

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