Piraeus Bank participates in 650-mln-euro infrastructure investment programme

Piraeus Bank has agreed to support a new 650 million euros infrastructure investment programme developed by the Hellenic Ministry of Development and Investments and the European Investment Bank. Piraeus is the second leading Greek bank to confirm participation with the scheme. Projects will be able to apply for new financing under the initiative in the coming weeks.

“Piraeus Bank, the largest bank in Greece, has exhibited a focus on sustainable development, combined with a longstanding commitment to the financing of investments contributing to the protection of the natural environment, the regeneration of Greek cities and the support of the Greek society. Expanding our long-standing cooperation with the European Investment Bank Group, we have signed this new agreement for Piraeus Bank’s participation in the Infrastructure Fund of Funds with the intention to finance projects in the fields of renewable energy, energy efficiency and urban development. Through this participation, Piraeus Bank confirms its strategic focus in supporting environmentally and socially responsible entrepreneurship and reinforces its capabilities in promoting investments that contribute to the upgrade of the urban landscape.” Said Christos Megalou, CEO at Piraeus Bank.

The European Investment Bank welcomes the involvement of Piraeus Bank whose local knowledge and sector expertise will help implement projects under the Infrastructure Fund of Funds initiative across Greece. The programme will accelerate clean energy investment, improve energy efficiency and more importantly enable completion of projects delayed in recent years. We look forward to supporting the first investment under this exciting initiative in the weeks to come in partnership with a strong local partner”, said Andrew McDowell, EIB vice president responsible for Greece.

“The Greek Government, in cooperation with the European Investment Bank and the participating Greek banks, is promoting and actively supporting through public funding financial mechanisms that enable further investments to the Greek economy. The Infrastructure Fund is coming to support project financing needs in areas such as renewables, energy efficiency and urban development. We are here to support participating businesses and public bodies in every way possible.”, said Ioannis Tsakiris, Deputy Minister of Development and Investment.

Piraeus Bank will initially use 32 million euros from the new fund to support investment in projects across Greece.