Several Greek banks have joined an infrastructure scheme formed by the European Investment Bank (EIB) and the National Bank of Greece (NBG) in August, which is looking to fund €650 million ($718 million) in renewable energy and urban development projects across Greece.
The Alpha Bank, Eurobank and Piraeus Bank are backing the EIB and NBG in their investment efforts, Andrew McDowell, vice president of EIB announced during a three-day visit to Athens this week, where he met with Minister Yiannis Tsakiris, Greek deputy development and investments minister.
“Bringing together local understanding of economic priorities and technical and financial experience from across Europe will enable future cooperation between the EIB and Greek banks to have a greater social and economic impact in this country,” said Tsakiris.
The Infrastructure Fund-of-Funds aims to accelerate clean energy investments across the country, including energy efficiency and renewable energy and sustainable urban development projects.
It will provide €450 million ($497 million) in financing and unlock at least €650 million ($718 million) for sustainable projects that include wind and photovoltaic parks, energy efficiency in public and company buildings, biomass, and biogas plants.
“The Infrastructure Fund of Funds scheme provides a model for other countries in Europe to follow, and the EIB looks forward to working with Greek banking partners in the years ahead to further strengthen support for transformational investment across Greece,” said McDowell.
