“European Investment Bank (EIB) is present in Greece before the outbreak of the crisis, it stayed during hard times reinforcing its presence and providing support to projects that were necessary and will continue to be in Greece in the future, hoping to play a more important role than ever in an effort to restart the Greek economy,” Jonathan Taylor vice-president of EIB told ANA.
In particular, Taylor told ANA that “the EIB aims to further support the public sector through supporting major investment projects in the future, but in particular supporting the private sector, contributing to the creation of quality jobs, especially for young people”.
Jonathan Taylor said the EIB “reaffirmed its unequivocal commitment to support sustainable investments in the public and private sector of Greece, including financing -through its partnerships with local banks- in small and medium-sized enterprises, the backbone of the Greek economy.”
In particular, he noted that “the Bank, from 2008 when the crisis started in our country has allocated 13 billion euros so far in loans and guarantees, with outstanding loans amounting to 17 billion euros, representing around 10% of the Greek GDP. Only in 2016 funding by EIB amounted to 1.5 billion euros. These referred to funding of 17 separate investment projects throughout Greece, with 1/3 of them benefiting from funding by the European Fund for Strategic Investments.”
“The EIB has been a critical source of funding for Greece at a time that international markets were virtually closed for the country. This is due to our ability to offer favorable conditions, which are not available from other sources in the Greek market during the crisis. The bank provided significant support to Greece during the economic crisis and support has continued in recent months and continues today,” Taylor said.
“I would like to remind you also that the EIB has strengthened its permanent presence in Greece, exactly a year ago, with the creation of a new investment team in Greece to ensure that financial and technical support provided can support sustainable recovery and create jobs across the country,” he added.
“The Investment Group for Greece has a clear objective for the country to benefit to the maximum from the Investment Plan for Europe (Juncker Plan). We have made a very good start to achieve the objectives of the Investment Team and this clearly demonstrates the firm commitment of the EU bank to play its role in the recovery of the Greek economy,” Taylor told ANA.
“EIB has financed traditionally a wide range of projects in both the public and private across the country, ranging from education and energy, banks and innovative businesses. The EIB Group has also strengthened its support for SMEs and mid-cap companies, further contributing to boosting sustainable growth and creating quality jobs,” he said, adding that the Bank has focused on the private sector, mostly through local intermediaries, funding investments by small and medium-sized enterprises, which are the backbone of the Greek economy.