BAKU, Azerbaijan, August 7. After a decade of
impactful investments totalling more than 8.3 billion euros across
120 projects, the European Bank for Reconstruction and Development
(EBRD) will reach the end of its temporary mandate in Greece in
December 2025, Trend reports citing the EBRD’s latest reports.
The Bank will continue to approve new investments in the country
until the end of the year, but it will not take on any new projects
beyond that point. It will, however, continue to support
Board-approved transactions and manage its 2 billion euros
portfolio across approximately 80 projects. The regional office in
Athens will remain open until the end of 2027.
The EBRD’s temporary engagement in Greece began in 2015 at the
request of the Greek authorities and with the approval of the
Bank’s Board of Governors.
Its aim was to support the country’s recovery from a deep
economic crisis and contribute to sustainable growth through
private-sector-led investment, policy dialogue and targeted
technical assistance. The mandate was extended in 2018 for a
further five years until the end of 2025.
During this period, the Bank used its expertise to attract both
domestic and foreign investment, support the private sector and
deepen regional integration. It also played a pivotal role in
boosting the competitiveness of Greek companies, promoting
innovation and accelerating the green transition.
EBRD President Odile Renaud-Basso said: “We are proud of the
important role the EBRD has played in supporting the Greek economy
during a challenging period. Our partnership with Greece has
delivered lasting impact, which will remain visible even beyond the
end of the Bank’s mandate. The progress the country has made since
we started investing there is remarkable. Greece is now firmly on
the path to sustainable growth, and we are confident this positive
trajectory will continue.”
The EBRD’s collaboration with the Greek government under a
public-private partnership (PPP) preparation facility will continue
beyond 2025, until December 2027. It involves putting together a
pipeline of projects focused on social infrastructure (education
and healthcare), sustainable urban infrastructure, and water and
waste management.
The Bank will also carry on its work with Greek sponsors on
projects across the EBRD’s economies, supporting their
international expansion, ultimately leading to positive spillovers
for the Greek economy through export activity, supply chain demand
and reinvestment opportunities.
Over a third of the EBRD’s investments in Greece were in the
financial sector, supporting transactions such as non-performing
loan resolution, securitisations, trade finance and the
recapitalisation of the country’s four systemic banks.
The EBRD and Greek government have also worked closely together on
implementing the EU Recovery and Resilience Facility (RRF).
Notable investments under the RRF included a 150 million euros
loan to OTE to advance digital transformation, the green transition
and regional inclusion, and an €88 million loan to Fulgor SA, the
leading Greek producer of submarine cables for island and offshore
wind connectivity.
Other highlights of the EBRD’s work in Greece include:
supporting the decarbonisation of the building sector and urban
regeneration through flagship projects such as The Ellinikon and
the Piraeus Tower; investing in the country’s then-largest
renewable energy project by HelleniQ Energy in Kozani; supporting
the decarbonisation agendas of PPC and Metlen; investing in nine
local private equity funds; supporting around 250 projects for
small and medium-sized enterprises, and providing other business
services and training to more than 1,000 beneficiaries through the
Bank’s Advice for Small Businesses programme.