EIB backs 3-billion-euro investment in urban development and energy efficiency in Greece

The European Investment Bank will provide EUR 875 million to support the implementation of the Antonis Tritsis and Helektra schemes

On 18 March, The European Investment Bank (EIB) signed an agreement backing a EUR 3 billion investment for sustainable urban development and energy efficiency in Greece. This means that the EIB will supply Greece with long-term financing of EUR 875 million for the implementation of its two schemes: Antonis Tritsis and Helektra.

“The EIB Group is committed to accelerating climate action and sustainable urban investment across Greece. The new EUR 875 million long-term financing agreed today will back EUR 3 billon of new investment in high-impact local projects under the pioneering Helektra energy efficiency and Antonis Tritsis sustainable urban investment schemes in the coming years.

The new agreements represent the largest EIB support for energy efficiency and urban investment in 58 years of engagement in Greece. This reflects the scale and vision of our Greek partners to scale up priority investment and the close cooperation with the EIB’s dedicated Investment Team for Greece in Athens and Luxembourg,” shared the President of the European Investment Bank Werner Hoyer in a press release.

Antonis Tritsis scheme

The EIB will provide a EUR 500 million 25-year loan for the Antonis Tritsis scheme which will be implemented by the Ministry of the Interior and managed by the Consignment Deposits and Loans Fund. This programme will strengthen urban development by improving the following:

• Water and wastewater systems
• Waste management
• Road safety
• Flood protection
• Earthquake protection in schools
• Public health measures against COVID-19

In addition to these measures, the Antonis Tritsis scheme will also increase the use of renewable energy and implement smart city schemes.

Helektra scheme

While the Antonis Tritsis programme will focus on sustainable urban development, the Helektra scheme will aim to cut energy costs and improve energy efficiency in public buildings. The EIB has formally agreed to provide EUR 375 million to support this programme.

The new investment will ensure that insulation is improved and that obsolete heating/cooling equipment is replaced. Furthermore, it will guarantee that energy costs and carbon emissions are cut by increasing the use of renewable energy.

According to the EIB, this programme is expected to “generate energy savings in public buildings of at least 30%, reducing air pollution and greenhouse gas emissions”. The scheme will be implemented by the Ministry of Environment and Energy and managed by the Consignment Deposits and Loans Fund.

Kyriakos Mitsotakis, the Prime Minister of the Hellenic Republic commented on these investments: “As we see the end of the pandemic in sight, as vaccinations pick up in pace, I think it is very important now to step up our effort to design the future in this post-pandemic world.

Greece, as you know, has already submitted its plan for the Recovery and Resilience Fund, which has received very positive reviews by the European Union. And I am sure there will be numerous opportunities above and beyond the two agreements that will be signed today for our cooperation to further strengthen, to further deepen and for the EIB to be an integral part in Greece’s success.”