The European Investment Bank (EIB) has confirmed in a press release involvement of four systemic Greek banks in a new EUR 650 million green infrastructure investment program.

Confirmation of the involvement of the four systemic Greek banks – Alpha Bank, Eurobank, National Bank of Greece, and Piraeus Bank – will enable EUR 650 million for new sustainable investment across Greece, the press release reads. The Infrastructure Fund of Funds will combine national and European Commission resources (ESIF) and accelerate clean energy investment, including energy efficiency and renewable energy and sustainable urban development projects, the EIB said.

Sustainable projects being considered for investment under the new Fund of Funds scheme include wind farms, photovoltaic installations, biomass and biogas plants and hydroelectric power stations. New investment to improve energy efficiency in the public and private buildings will also be examined.

Reflecting the importance of supporting socio-economic development the new initiative will unlock high-impact investment in projects including industrial parks, education, and cultural facilities, tourism facilities and conference centers.

The Hellenic Ministry of Development and Investments established the Infrastructure Fund of Funds with the EIB to maximize the impact of European Structural and Investment Funds, along with national funds sourced from an EIB loan and proceeds returned from previous urban investments under the JESSICA initiative.

Once fully operational, the new infrastructure scheme will provide financing of EUR 450 million unlocking total investments of at least EUR 650 million for sustainable projects across priority sectors. The European Structural and Investment Funds contribution comes from the Operational Programme Competitiveness, Entrepreneurship and Innovation 2014-2020.