• EIB Group’s fresh financing in Greece last year amounted to €2.2 billion
• Focus last year on energy supply, business growth and disaster management
• Latest annual results bring EIB Group support in Greece over past five years to €14.5 billion

The European Investment Bank (EIB) Group’s new financing in Greece amounted to €2.2 billion last year, with major support to bolster energy supplies, strengthen businesses and protect against environmental disasters in the country.

The total for 2024 included €2.03 billion from the EIB and portfolio guarantees of €152 million from the European Investment Fund (EIF), which focuses on innovative and technology-driven small and medium-sized enterprises (SMEs) as well as Small Mid-Caps in Europe.

Top operations included loans of €390 million to natural-gas supplier DEPA Commercial to build solar parks, €150 million to power provider HEDNO to upgrade the grid, loans and guarantees of €550 million to domestic banks to expand financing for SMEs and Mid-Caps and €220 million to the government to bolster disaster management.

Kostis Hatzidakis, Minister of Finance of the Hellenic Republic noted: “Greece’s relationship with the European Investment Bank is long-standing and strong. This was reaffirmed in 2024, with new financing reaching €2.2 billion. These funds will be used for investments in renewable energy sources, upgrades to the electricity grid, support for SMEs, and the purchase of firefighting aircraft and rescue equipment. The EIB was a valuable ally when Greece was cut off from the markets. It will remain a partner, but with a new approach. Going forward, priorities will focus on energy interconnections, research and technology, climate adaptation, and defense investments, as outlined in the EIB’s Strategic Roadmap”.

“Our work in Greece is a testament to the transformative power of strategic financing,” said EIB Vice-President Yannis Tsakiris. “In 2024, we reinforced our commitment to the country by supporting clean energy, climate resilience and critical infrastructure while strengthening SMEs, innovation, job creation and social cohesion.”

The latest annual results bring total EIB Group financing in Greece over the past five years to €14.5 billion. The yearly average in the country since 2000 is almost €2.9 billion, which reflects an unusually high sum of almost €5 billion in 2021 as a result of the Covid-19 pandemic.

The EIB Group’s support last year was almost 1% of Greece’s gross domestic product (GDP), the third-highest level among European Union countries behind only Croatia and Estonia. That means that EIB Group financing in Greece last year averaged €631 per inhabitant, making the country one of the biggest beneficiaries based on the size of the population and the economy. The funding is projected to catalyse investments in Greece of up to €6.6 billion – about 2.5% of its GDP.

Energy supply

The €390 million EIB loan to DEPA Commercial is for new photovoltaic (PV) parks in the regions of western Macedonia, Thessaly and central Greece. The sites will add approximately 800 megawatts (MW) of renewable energy – enough to power 278,000 households for a year.

Also in the area of clean energy, the EIB last year provided a €195 million loan to supplier PPC Renewables to develop 580 MW of solar plants and 175 MW of battery storage. The moves will boost renewables capacity, grid stability and energy security.

The €150 million EIB credit to HEDNO covers upgrades to Greece’s electricity-distribution network, improving grid reliability and facilitating integration of renewables.

The EIB last year also took part in the creation of an EU “Decarbonisation Fund” for Greece that will channel €1.6 billion in revenue from the European emissions-trading system into sustainable energy and development projects on Greek islands. These include grid interconnections with the mainland and the phase-out of local power plants.

Business boost

The EIB last year allocated a total €702 million to strengthen SMEs and Mid-Caps in Greece. The support – 32% of the total – took the form of intermediated loans and guarantees.

Top operations included €300 million guarantees to Eurobank and National Bank of Greece covering €600 million new loans to Mid-Caps. In addition, the EIB provided a €250 million loan to the National Bank of Greece to bolster green investments by Greek SMEs and Mid-Caps. The credit raised total EIB support for such investments in Greece to €1 billion.

The EIF also showed its agility in supporting vital investments for both debt and equity. It signed €152m with several of Greece’s financial institutions for capped portfolio guarantees. They are expected to mobilise up to €1,8bn in financing for small and medium-sized enterprises, while making the Greek economy greener, and supporting innovation and the country’s digital transition.

The EIF also signed a new €200 million equity mandate to support innovative companies in Life Sciences & Healthcare and Sustainability & Social Impact by improving their access to vital financing. Funded by Cohesion policy and national resources of the Hellenic Republic, the mandate will cover a financing gap in these sectors, supporting investments from pre-seed to growth stages based on market needs.

Disaster protection

The €220 million EIB loan last year to the Greek government is to buy fire trucks, rescue vehicles and aircraft needed to fight to natural disasters such as wildfires and floods, both of which have caused extensive damage in Greece in recent years. The credit also covers upgrades to essential disaster-management services.

The financing forms part of a European climate-adaptation plan by the EIB Group and brings its total support for Greek civil protection and disaster preparedness to €595 million.

EIB Advisory

There were also key technical assistance projects delivered from EIB Advisory, a highlight being an agreement with the Athens Water Supply and Sewerage Company (EYDAP) to back its €2 billion, 10-year investment programme to ensure the Greek capital has a more resilient water supply and supporting investments in lignite-dependent regions such as Western Macedonia and Megalopolis in the Peloponnese, facilitating their transition to a future of clean energy.

In December 2024, the continuation of advisory support by EIB advisors from the PASSA team to the Greek administration was approved. This support aims to ensure the smooth implementation of sustainable development and Just Transition projects financed by the EU.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, , we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, important investments outside the EU, and the Capital Markets Union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.