Contract for the management by the Hellenic Development Investment Bank (HDBI - formerly TANEO) of resources from the Recovery and Resilience Fund (RRF), amounting to EUR 500 million euros, signed last week. These resources are expected to leverage overall funds of more than €2 billion euros in the Greek economy.

The contract was signed by the Deputy Minister of Finance, Mr. Theodoros Skylakakis, the President and CEO of HDBI, Mr. Haris Lambropoulos and Mr. Antigoni Lyberopoulou, in the presence of the Deputy Minister of Development and Investments, Mr. Yannis Tsakiris and the Governor of the Special Coordination Service of the Recovery Fund, Mr. Nikos Mantzoufas.

Under the contract, a project entitled: "Recovery Fund: Equity Platform Instrument (Q-Equity & InnovateNow)" will be implemented for the creation of a Fund of Funds (FoF) equity or quasi-equity. The targets will be the most dynamic and fast-growing businesses and sectors.

These are, in particular, the creation of two modern financial instruments.

• digital technologies and systems
• the capital strengthening of companies in the country
• increase extroversion
• competitiveness
• production and commercial activity
• the creation of new jobs
• the general support of entrepreneurship and the economy

Q-Equity

In the first financial instrument EUR 400 million will be made available for this purpose. euros. HDBI will make investment decisions, based on financial criteria and will participate, with up to 50%, in the investment schemes.

The aim of Q-Equity is to create a suitable investment confidence environment for the activation of domestic investment capital. Also to enhance the attraction of investment capital from abroad.

Many businesses are facing great challenges, due to the pandemic and its impact on the economy, but also due to prolonged uncertainty and instability. Existing and traditional sources of capital have shrunk even further, so the need for alternative financing is now much greater.

InnovateNow

In the second financial instrument EUR 100 million will be directed towards the programme. euros. HDBI will take investment decisions, based on financial criteria, and will participate, up to 60%, in the investment schemes, provided that at the time of making each investment in an eligible undertaking the percentage of public participation will not exceed 50% of that investment.

The aim is to attract private investors to make investments, but also to stimulate research and development (R&D) of cutting-edge technologies.

This goal also gives impetus to Greek University and Research Institutions to scale up research activity, improves the business environment, promotes export activity and creates appropriate conditions for the repatriation of highly trained human resources, who left the country during the economic crisis.

HDBI 's role

HDBI, in the context of the implementation of this Agreement, shall be responsible, inter alia, for the following actions:

• To prepare and publish invitations for the submission of expressions of interest, taking into account the terms of the contract and the needs of the market.
• To carry out a thorough review of the investment proposals that will be submitted in the context of the expressions of interest.
• To approve investment proposals and to negotiate, conclude, execute, implement and amend the relevant contracts for the establishment and management of investment schemes in its own name and on behalf of the Greek State.
• To monitor the implementation of contracts for the establishment and management of investment schemes, etc

The first disbursement of funds, amounting to EUR 150 million, was made to the Member States. Euro, for the implementation of the project, will be done within 20 days from the date of signing the contract.

In total, EUR 500 million Euros will be invested by HDBI in the investment schemes until 30 June 2026. Timetable approved in the National Recovery and Resilience Plan "Greece 2.0".