Renewables

Four systemic Greek banks join EUR 650 million sustainable infrastructure program – EIB

Four systemic Greek banks

Photo: Twitter.com/eib

Published

October 4, 2019

Country

Comments

0

Share

Published:

October 4, 2019

Country:

Comments:

0

Share

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.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Curbing Energy Demand Not Tomorrow, but Now

Curbing energy demand: not tomorrow, but now

19 February 2024 - Europe is bringing CO2 emissions down, by 8% last year, with two powerful strategies: expanding renewables and reducing energy demand

Romania grants EUR 418 million power distribution grid upgrades

Romania grants EUR 418 million for power distribution grid upgrades

19 February 2024 - Romania signed deals with the country's regional power distribution system operators for EUR 418.2 million in grants

sarajevo-canton-coal-air-strategy

Sarajevo draws up strategy to cut household heating emissions by 90%

12 February 2024 - The Sarajevo Canton government has prepared a strategy for limiting the use of coal and other solid fuels for the period 2023-2033

EU 2040 emissions cut target 90 spelling end of coal

EU proposes 2040 emissions cut target of 90%, spelling end of coal

07 February 2024 - The European Commission published an impact assessment on possible pathways toward making the European Union climate neutral by 2050