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Greece: Record EUR 4.85 billion EIB Group engagement in 2021 including EUR 2.7 billion through new European Guarantee Fund COVID response


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Last year new business investment and corporate innovation, urban renewal, energy transition and digitalisation of public services benefited from the European Investment Bank Group’s largest ever engagement Greece. In 2021 support for high-impact private and public investment by European Investment Bank and European Investment Fund totalled EUR 4.85 billion, the largest in 59 years of operations in the country.


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  • Greece largest per capita beneficiary of EIB and EIF financing
  • Leading Greek banks, EIB and EIF back business investment in sectors impacted by pandemic
  • EIB to manage EUR 5 billion Recovery and Resilience Fund investment
  • Finance Minister Staikouras, EIB Vice President Thomsen and representatives of the four systemic Greek banks Alpha Bank, National Bank of Greece, Eurobank, and Piraeus Bank announced the impressive results
  • EIB to strengthen support for climate action, energy transition and COVID recovery

Last year new business investment and corporate innovation, urban renewal, energy transition and digitalisation of public services benefited from the European Investment Bank Group’s largest ever engagement Greece. In 2021 support for high-impact private and public investment by European Investment Bank and European Investment Fund totalled EUR 4.85 billion, the largest in 59 years of operations in the country.

EIB Group financing in Greece represented 2.7% of national GDP, the largest engagement in any country worldwide.

Greece was also a leading beneficiary of the European Guarantee Fund, launched by the European Investment Bank Group and EU member states, within weeks of the thousands pandemic to support businesses struggling due to challenges related to COVID. As a result, access to financing by businesses across Greece will be strengthened by EUR 2.7 billion of  guarantees provided the European Investment Bank and European Investment Fund through the European Guarantee Fund.

The impact of European Investment Bank Group was highlighted in Athens earlier today by Christos Staikouras, Finance Minister of the Hellenic Republic and Governor of the European Investment Bank, Christian Kettel Thomsen, European Investment Bank Vice President responsible for Greece, and key representatives from Alpha Bank, NBG, Eurobank, and Piraeus Bank.

“Last year households, businesses and public investment were impacted by the unprecedented combination of the COVID pandemic, economic uncertainty and the impact of a changing and more extreme climate. The Greek Government responded to this challenge to the maximum possible extent. The EIB Group had once again a crucial contribution in this direction. With its unique expertise and dedication, the European Investment Bank’s Investment Team for Greece delivered unprecedented financial support in priority investment across our country, working intensely with Greek private and public partners. The EUR 4.8 billion of new EIB and EIF financing agreed last year is ensuring that Greek companies and entrepreneurs can invest, innovate and tackle COVID-19 challenges, as well as accelerating climate action and energy transition, and improving services essential for daily life. Greece benefited more than any other country from the EU Bank’s unique technical expertise, financial strength and environmental best-practice and the strong pipeline of new projects ensures that the EIB Group will further enhance its contribution to unlocking economic opportunities and tackling climate change across our country in the years ahead”, said Christos Staikouras, Minister of Finance of Greece and Governor of the European Investment Bank.

“In close cooperation with leading Greek banks and other partners the EIB Group is unlocking financing that overcomes investment barriers and unlocks transformational high-impact investment across Greece. It is an honour to be joined by the CEOs of Greece’s four systemic banks today to highlight how together we are ensuring that Greece benefits fully from the European Guarantee Fund, the EIB Group’s rapid response to reduce the business impact of COVID-19. Over the last 12 challenging months the EIB Group’s Investment Team for Greece has delivered unprecedented new financing totalling EUR 4.8 billion to strengthen economic resilience to COVID-19, harness clean energy and support priority investment to improve public services. The unique cooperation between Greek authorities, private sector partners and the EIB Investment Team for Greece has delivered and unlocked investment in every region of Greece. This is supporting thousands of small businesses, improving access to affordable green energy and helping to digitalise public services across Greece,” said Christian Kettel Thomsen, European Investment Bank Vice President responsible for Greece.

European Investment Bank and European Investment Fund delivering in Greece

Last year the European Investment Bank agreed EUR 2.9 billion of new public and private sector operations to support new investment across Greece.

Engagement by the European Investment Fund also represented an all-time record, with a total of EUR 1.96 billion to back investment by companies across the country. The EIF supported both guarantees to Greek national and regional banks to enhance access to finance by companies impacted by COVID through the European Guarantee Fund and inclusive finance.

The EIF also backed 5 equity finance transactions, including the first business angel equity fund using reflows building on the success of the JEREMIE programme.

The record EUR 4.85 billion European Investment Bank Group engagement in 2021 represents a significant increase from the previous record of EUR 2.8 billion delivered in 2020.

Support for climate action and energy transition across Greece

In 2021 the EIB backed pioneering new investment to improve flood protection and transform national wide Civil Protection.

The EIB also backed large-scale investment by PPC to harness renewable energy and strengthen electricity distribution.

Looking ahead the EIB has a strong pipeline of climate action projects currently under preparation and expected to be confirmed in the coming months.

Sharing technical best practice through cooperation with Greece partners

Last year the EIB Group’s dedicated Investment Team for Greece provided technical expertise for 28 projects in Greece. This includes supporting design and implementation of the
“Electra” energy efficiency programme, accelerating municipal investment, increasing deployment of the European Social Fund across Greece.

The EIB Groups advisory teams dedicated climate action cooperation with the Hellenic Development Bank and sharing experience to enhance use of the European Agriculture Fund in the country.