Fixed, at a rate of 0.35% is set the minimum interest rate for granting loans, from the Recovery and Resilience Fund "Greece 2.0", by decision of the Minister of Finance, Mr. Christos Staikouras and the competent Deputy Minister of Finance, Mr. Thodorou Skylakakis, published in the Government Gazette.

As stated in the announcement, the specific condition, in relation to the interest rate, applies to all loan contracts concluded between the banks participating in the Program and the beneficiary investors. It is clarified that the interest rate may, as the case be higher.

So far, the following credit institutions participate in the lending arm of "Greece 2.0":

• European Investment Bank (EIB)
• European Bank for Reconstruction and Development (EBRD)
• National Bank of Greece
• Piraeus Bank
• Alpha Bank, Eurobank
• Optima Bank
• Pancretan Bank

Soon, a new call for expressions of interest to participate in the Recovery and Resilience Fund of more banks is expected to be issued.

It is recalled that in a previous decision of the Deputy Minister of Finance, Mr. Thodoros Skylakakis – effective from December 2021 – the criteria for evaluating the eligibility of investment projects, financed with loans from the Recovery and Resilience Fund "Greece 2.0", have been determined.

In particular, the amount of the financing of the investment plan, from the loan of the Recovery Fund, is calculated according to the existence of a budget of eligible investment costs in the five pillars of the loan arm of "Greece 2.0", as well as the coverage of specific criteria per pillar:

Green transition

The budget for green transition investments, which contribute to the green goals (green tagging) of the National Recovery and Resilience Plan (NRSP), must amount to at least 20% of the total budget of the investment plan.

Digital transformation

The budget for digital transformation investments, which contribute to the digital goals (digital tagging) of ESAA, must be at least 10% of the total budget of the investment plan.

Innovation, research & development

The eligibility of at least one of the innovation - research & development indicators, as specified in the Ministerial Decision, must be met. At the same time, the minimum investment budget in this "triptych" must amount to at least 10% of the total budget of the investment plan.

Developing economies of scale through partnerships, acquisitions and mergers Recovery Fund

It concerns an existing or new partnership or the creation of a new scheme, which will result from an acquisition/merger.

In existing and new partnerships, at least 20% of the eligible costs of the investment plan relate to the investment costs made in accordance with the partnership agreement.

In cases mergers and acquisitions, the average total turnover of the legal entities, at group level, participating in the merger or acquisition in the previous three years is greater, by at least 50% of turnover of the legal entity, at group level, with the highest average turnover among legal entities, at group level, participating in the acquisition or merger during the same period.

Extroversion

The eligibility of investment projects is determined by the existence, alternatively:

a. Average investor's existing export activity, at least 15% of its turnover. The investor's three-year financial data is examined, alternatively the share of the turnover, which is carried out by foreign credit cards or remittances.

b. Minimum export budget of the investment plan, at least 15% of the projected total revenue of the investment plan (sustainability study).
Independently, the investment projects of tourist accommodation, investments of complex tourist accommodation, as well as complexes of tourist houses that include at least 5 independent tourist houses are eligible.

Eligible expenditure from the Recovery Fund

As regards the eligible costs of the investment projects financed with loans from the Recovery and Resilience Fund, they include those incurred within the Greek territory and relate to the following:

a. Stadiums purchase, stadiums use (depreciation/leases), stadium configuration.

b. Buildings purchase/construction, buildings use (depreciation/leases).

c. Equipment purchase/construction, equipment use (depreciation/lease).

d. Means of transport purchased, means of transport used (depreciation/lease).
e. Intangible purchase/construction, intangible use (depreciation/subscriptions).

f. Payroll linked to the investment plan.

G. Transport/invoices.

H. Third party services.

I. Consumables

J. Operational (communication, energy, maintenance, leases, administration costs, insurance, etc.).

K. Cost of funds.

L. Working capital (operating expenses, expenses related to the transaction circuit of the business, VAT, etc.).

M. Promotion and communication expenses (marketing).

The purchase of a pitch is eligible, as long as it is intertwined with the investment plan and does not exceed 30% of the eligible costs of the investment plan.

The sum of working capital and promotion and communication costs cannot exceed 30% of the eligible costs of the investment project.

In any case, credit institutions may grant additional loans, in excess of the co-financing loan rate, in order to cover ineligible costs of the investment project.

Recovery Fund ineligible activities

Loans from the Recovery Fund are excluded for:

a. .Activities prohibited by applicable national legislation

b. Activities that limit individual rights and individual freedoms or violate human rights.

c. In the field of defense activities, the use, development or production of products and technologies prohibited by applicable international law.

d. Tobacco-related products and activities (production, distribution, processing and trade).
e. Activities, which are excluded from funding, according to the relevant provisions of the Horizon Europe regulation.

f. Gambling (production, manufacturing, distribution, processing, trade or software activities).
G. Sex trade and related infrastructure, services and media.

H. Activities involving live animals for experimental and scientific purposes, as long as there is no guarantee of compliance with the relevant European Convention.

I. Real estate development activity. However, activities in the real estate sector, related to the objectives of the Fund and included in one of the five pillars of its lending arm, are eligible.

J. Financial activities aimed at the sale of assets, as well as activities of banking institutions and related companies, which carry out financial and insurance activities.

K. Decommissioning, operation, adaptation or construction of nuclear power plants.

L. Activities and assets, related to fossil fuels, including downstream use.

M. Activities and assets, under the EU Emissions Trading Scheme (ETS) to achieve projected greenhouse gas emissions, which are not lower than the relevant benchmarks set out in Commission Implementing Regulation (EU) 2021/447.

N. Activities and assets, related to landfills, incinerators and mechanical biological treatment plants.

O. Activities and assets, where long-term waste disposal may harm the environment.