The European Investment Bank and the National Bank of Greece are partnering to invest €650 million ($718 million) in renewable energy and urban development projects across Greece, a European news portal announced on Aug. 2.
The move is part of a new joint green and urban infrastructure investment scheme the banks are launching together.
The infrastructure fund of funds scheme will fund projects that rehabilitate deprived districts, as well as water and waste management systems, and tourism initiatives. It will provide €450 million ($497 million) in financing and unlock at least €650 million ($718 million) for sustainable projects.
The National Bank of Greece is the first partner bank of the scheme, which will invest in new projects including wind and photovoltaic parks, energy efficiency in public and company buildings, biomass, and biogas plants, according to The Mayor of Europe.
Other Greek banks are expected to join as partners.
