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Greece receives further funding to cope with migration strain

The EIB will provide Greece with 200 million euros to be used to strengthen businesses and public services

  • March 16, 2020 17:30
  • Author Anton Stoyanov
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The European Investment Bank (EIB) and the government of Greece have reached an agreement for the allocation of 200 million euros that will be used to improve conditions in parts of the country buckling under the strain of migration.

After Turkish President Erdogan announced he is opening the borders of Turkey for migrants to pass freely into Europe through Greece, Greek authorities have been scrambling to fend off the influx of new arrivals – not only by land on the Greco-Turkish border but also by sea.

Increased funding and support

The initial package of 200 million euros that was promised by the EIB will prove to be of great use to Greek authorities. The funding will be used to develop important infrastructure that has come under heavy strain over the past months and will support public services and businesses in areas that have seen the greatest influx of migrants.

The package has been months in the making. It is the final product of the joint efforts of the EIB and the Greek government who aimed to find a way to support those who are impacted the most by improving housing, health, sanitation and water distribution in those districts.

“New financing for small business in areas impacted by the migration crisis is essential for host communities on islands most impacted by the migration crisis. The EIB’s firm support for new private sector investment, as well as water sanitation, health and housing investments, will help Greece to accelerate assistance for migrants, refugees and host communities in regions most impacted by the current crisis.”, stated Notis Mitarachi, Greek Minister for Migration and Asylum.

The EIB is also currently reexamining its Economic Resilience Initiative in order to figure out how best to expand it to support investments in countries that are hosting the highest numbers of migrants – like Greece and Italy, for example.

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