EIB Program Doubles Green Financing Impact For Greek Businesses

(MENAFN- Trend News Agency) BAKU, Azerbaijan, January 24. The European Investment Bank (EIB) has provided a 250 million euro loan to the National Bank of Greece (NBG) to support green investments by small and medium-sized enterprises (SMEs) and Mid-Caps in Greece, Trend reports.

This latest agreement raises the total funding allocated under the EIB program for decarbonization investments by Greek companies to 1 billion euros.

The funds will allow hundreds of Greek businesses to access NBG loans with favorable terms, including reduced interest rates, to finance projects aimed at combating climate change. This initiative follows similar collaborations between the EIB, NBG, and Piraeus Bank since 2020.

“Reaching this 1 billion euros milestone highlights the EIB's unwavering support for Greece's green transition and our commitment to fostering sustainable economic growth,” said EIB Vice-President Yannis Tsakiris.

The program, launched in 2020, is the first of its kind in Greece, encouraging investments in renewable energy, energy efficiency, and other climate-focused projects. To date, NBG has absorbed 800 million euros of the program's funding, demonstrating its strong commitment to green growth.

“NBG's role in this initiative underscores our dedication to supporting Greek SMEs and expanding our green portfolio,” said Pavlos Mylonas, NBG CEO.

Over 350 Greek businesses have already benefited from EIB's green financing program, which requires recipient banks to match funding, doubling the program's financial impact to an expected 2 billion euros. This partnership is central to Greece's green transition, fostering economic growth while promoting environmental sustainability.

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