European Investment Bank announces major agricultural support investment in Greece

European Investment Bank (EIB) president Werner Hoyer announced ambitious plans for major investments in Greece in 2020 during a visit to Athens for talks with Prime Minister Kyriakos Mitsotakis, Finance Minister Christos Staikouras and other government officials today.

Partnership with National Bank of Greece, Piraeus Bank

The EIB in cooperation with the National Bank of Greece (NBG) and Piraeus Bank announced a 560mn euro programme to support the agricultural economy focusing particularly on backing producers and entrepreneurs under the age of 41.

"Both partner banks will be able to expand dedicated agriculture financing and provide new financing products that better reflects agriculture and agribusiness investment needs," the EIB said in a statement.

"Over the last five years, the EIB has provided over EUR 4 billion for investment across Greece in cooperation with leading Greek Banks. Last year, new targeted credit lines were launched to strengthen access to finance for companies supporting youth employment and the empowerment of women at workplace,"

"The European Investment Bank will provide total of EUR 200 million to National Bank of Greece and Pireaus Bank to strengthen lending to farmers, agriculture and agribusiness companies. National Bank of Greece and Piraeus Bank will commit their own funds to enable EUR 560 million of new investment, including contributions from final beneficiaries, to be supported."

The EIB also concluded a 100mn euro agreement with the Public Power Corporation (PPC) earmarked for the modernisation and improvement of the electricity grid on both mainland Greece and the islands.

During the decade-long economic depression the EIB was among the only investors in Greece and is...