The implementation of the agreement of the Ministry of Finance, with the European Investment Bank (EIB), within the framework of the Recovery and Resilience Fund, begins with the utilization of loan resources, amounting to 500 million euros, which are disbursed directly to the EIB. This amount is expected to lead to private investment, more than 1 billion euros according to a relevant announcement.
The Deputy Minister of Finance, Theodoros Skylakakis, met today, Tuesday, at the General Accounting Office of the State, with the Vice President of the EIB, Christian Kettel Thomsen. The discussion focused on the effective management of the resources of the Recovery and Resilience Fund and on the elimination of bureaucracy, which will contribute, decisively, to the realization of the above goal.
It is noted that the first 500 million euros, concerning the loan arm of “Greece 2.0”, will be managed by the EIB, supporting actions, which fall under the following five pillars, which make up the loan arm of the Recovery Fund: 1. Green transition, 2. Digital transformation, 3. Innovation , Research & Development, 4. Development of economies of scale through partnerships, acquisitions and mergers and 5. Extroversion.
EIB experts (experts in technical, financial and environmental matters) will evaluate the relevant investments, which will be financed by the Recovery and Sustainability Fund and from the Bank’s own resources, on equal terms (pari passu).
It is recalled that the EIB will manage, in total, funds of up to 5 billion euros, which can lead to investments of more than 10 billion euros, under “Greece 2.0”, as provided by the relevant, pioneering agreement at European level. with the Ministry of Finance.
In total, the loan arm of “Greece 2.0”, amounting to 12.7 billion euros, given the favorable interest rate on loans to companies, is expected to lead to a significant increase in private investment in the coming years.
In particular, an investment plan may receive up to 50% of its investment costs from the resources of the Recovery and Resilience Fund, with a fixed interest rate of 0.35%, as defined in a recent decision.
The favorable interest rate brings to Greek companies a cost of money, which is competitive with large European economies. Therefore, an inhibitory factor – until recently – is normalized for the implementation of investments.
After the meeting, Mr. Skylakakis said: “Today’s visit of Mr. Thomsen marks the beginning of the implementation of the cooperation of the Ministry of Finance with the European Investment Bank. Based on the agreement we signed last September, the first 500 million euros that the EIB will use immediately, under “Greece 2.0”, will lead, through the leverage process, to investments of more than 1 billion euros. I would like to thank the European Investment Bank for its continuous and dynamic presence in our country and in particular for its contribution to the promotion of investments in Greece, through the Recovery and Durability Fund “.
Mr Thomsen said: “This agreement marks the first formal cooperation between the EIB and a national partner in implementing the Recovery and Sustainability Plan. The EIB Special Investment Team for Greece will be able to work with the Greek authorities to make the best possible use of the Recovery and Resilience Fund to identify potential public sector projects, private sector investments, and financing programs. SMEs and targeted consulting initiatives, which will bring funding to domestic companies, but also investments, which will improve the daily lives of Greek citizens. For the past 58 years, the EIB has supported investments in Greece, with the aim of “unlocking” financial opportunities, transforming services and supporting climate action. The EIB is ready to continue its support for Greece’s ambitious plans to take advantage of the opportunities provided by the Recovery and Resilience Fund. “
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