Greek agriculture to receive substantial boost

Over 560 million euros will be invested in the sector in order to make it eco-friendlier and more modern

In Greece, agriculture is a crucial sector of the economy. Yet it is faced with unprecedented challenges. To help alleviate some of the pressure, several entities have banded together in order to provide funding that would allow for agricultural businesses to invest in the future and keep up with the times.

The European Investment Bank (EIB), together with the National Bank of Greece and Piraeus Bank are teaming up in order to support an investment of some 560 million euros in the Greek agricultural sector.

Pressing challenges and future opportunities

The Greek agricultural sector is one of the key employers for rural areas and small towns across the country. Yet it has fallen on hard times due to the ageing of its traditional workforce.

According to EIB data, over 30% of those employed in agriculture in Greece are over 64 years old – and barely 5% are under 35.

This issue is set to be one of the key problems that are meant to be resolved through financing. The new and fresh investments in the agricultural sector will be specifically tailored in order to attract young workers, under the age of 41 to the sector.

The funding will be divided across a number of stakeholders including farmers, bioeconomy companies, the food industry and other. Thanks to the financing, they will be able to offer potential employees brand new and enticing opportunities.

Furthermore, the 560 million investment is meant to lead to significant economic development by providing jobs to a country that still suffers from high numbers of unemployment – especially among its youth. Thus, the three banks cooperating within the project will be able to solve two of the most pressing issues facing Greece with a single stroke.