- Greece’s Ministry of Maritime Affairs and Insular Policy will use the technical assistance under the umbrella of its €500 million NEARCHOS programme focused on energy efficiency investment projects, among others.
- The advisory services will help improve the capacity of the Greek state to handle loan requests through the development of an online tool.
- Latest advisory support builds on long-standing relationship between the EIB and the Greek lending institution, the Consignment Deposits and Loans Fund (CDLF).
The European Investment Bank Group (EIBG) has signed a new contract with the Greek state for technical assistance from the banks’ Advisory Hub which will help facilitate crucial investments to boost energy efficiency and renewable energy investments on the country’s smaller and remote islands in various across the country. Regions from the Ionian Sea, North Aegean and South Aegean, to Crete will benefit from the agreement.
The Advisory Services Agreement provides for the development of an online tool that will improve operational capacity and allow the CDLF to rapidly handle, monitor and report on loan requests under the NEARCHOS programme, which aims to implement a total of €500 million worth of infrastructure and energy efficiency investments, among other projects, across the country’s smallest and remote islands. EIB experts, in collaboration with external service providers, will also provide training to local staff on the use of the tool and assist in the roll-out of the digital system.
The agreement between the EIB, the Ministry of Maritime Affairs and Insular Policy, and the General Secretariat for the Aegean and Insular Policy, was signed during a special ceremony in Athens on Wednesday.
The investments under the NEARCHOS scheme will be implemented by the Consignment Deposits and Loans Fund (CDLF), and this new comprehensive advisory package follows on the successful implementation of a similar online tool developed for CDLF by the EIB, in support of the landmark “Electra programme”, targeting investments in energy efficiency in buildings.
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“The Advisory Service Agreement with the EIB demonstrates the commitment of the Greek Government – especially the Ministry of Maritime Affairs and Insular Policy – on the formulation of modern funding mechanisms for projects and infrastructures, towards the green and energy transition of the Greek Islands, as part of the implementation of the National Strategy for the Islands”, said Manolis Koutoulakis, Secretary General for Aegean and Island Policy.
“Building on our successful collaboration with CDLF under the Electra programme, we will continue to support the timely and streamlined delivery of green infrastructure projects in Greece, making the most of digital technologies which we tailor to the needs of our clients,” said Hristo Stoykov, Head of EIB Advisory Services. “EIB Advisory is a trusted partner of CDLF and Greek Ministries, when it comes to capacity building and technical support in support of lending operations.”
EIB Group building on strong advisory presence
The EIB’s Advisory Services have a strong historical track record in Greece, thanks to the EIB Group’s dedicated Investment Team for Greece on the ground. In 2022 for example, the EIB continued supporting with technical assistance both public and private sector on several initiatives and infrastructure projects relating to transport and mobility, environment and climate, digital innovation and urban development, as well as capacity building initiatives targeting small and medium size enterprises.
The Advisory activities in 2022 included supporting the public sector in strengthening the climate adaptation dimension of investment planning at national level and identifying regional adaptation investment projects, projects covering wastewater management, road, rail, urban transport, Just Transition Fund projects pipeline, as well as regional authorities with the implementation of their energy efficiency investment programme.
The European Investment Bank Group (EIB Group), which consists of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported another year of impressive results in Greece, with record support for climate-friendly projects and overall financing signed in 2022 reaching €2.2 billion.