The National Bank of Greece and the European Investment Bank have announced a programme to support projects in the fields of renewable energy sources and energy efficiency as well as urban projects. The innovative new programme combines EU, national and EIB funding.

The signing of the first contract under the new infrastructure investment programme totalling EUR 650 million was approved by the Commission. the euro will support new investments in renewable energy, energy efficiency and urban development across Greece.

Investing in green and urban infrastructure

National Bank of Greece is the first partner bank under the Infrastructure Fund of Funds (InfraFoF). It will identify and invest in new projects, including wind and photovoltaic parks, biomass and biogas plants and energy efficiency projects in public and business buildings. It is also expected to support projects to upgrade deprived urban areas, as well as water supply and waste management projects.

In addition, the National Bank of Greece will contribute its own resources and contribute to attracting private capital to finance these projects. It is expected that other Greek banks will become partners under the Infrastructure Fund.

The Ministry of Economy and Development recommended the Infrastructure Fund, in cooperation with the EIB, to maximise the impact of the European Structural and Investment Funds in combination with public funds from a loan from the European Investment Bank. EIB and with repayments from investments in urban development projects completed under the JESSICA.

Once fully operational, the new infrastructure programme will provide financial resources of 450 million euros contributing to the implementation of viable projects totalling at least EUR 650 million; euro in the priority areas. The European Structural and Investment Funds come from the Operational Programme "Competitiveness, Entrepreneurship, Innovation 2014-2020".

National Bank of Greece and European Investment Bank

Mr Andrew McDowell, Vice-President of the European Investment Bank responsible for Greece, said: "Local investments are necessary to harness renewable energy sources, reduce energy consumption, upgrade urban areas and start projects that have been delayed in recent years. The Infrastructure Fund combines financial resources with know-how necessary for high-priority and impactful investments. The European Investment Bank is pleased to cooperate with the National Bank of Greece. It is the first bank to participate in this new initiative. Looks forward to further scaling up the programme in the coming months

On behalf of NBG, the Managing Director Mr. Pavlos Mylonas said: "The Infrastructure Fund agreement will further strengthen our long-standing cooperation with the EIB. The provision of financing solutions for infrastructure projects, which at the same time support the creation of sustainable and inclusive growth, is one of NBG's key strategic objectives.This agreement reinforces our strategic orientation and underlines our unequivocal commitment to support transition efforts towards a 'green' economy with a focus on environmental protection, energy efficiency and resource savings. At the same time, this agreement creates new jobs and contributes to the economic development of the country."

The National Bank of Greece and the European Investment Bank, which will manage the new fund, have agreed on the details of theThe first allocation of ECU 32 million has been earmarked for this purpose. euros to be made available for investment.