Piraeus Bank has agreed to support a new EUR 650 million infrastructure investment program developed by the Hellenic Ministry of Development and Investments and the European Investment Bank (EIB).
Piraeus is the second leading Greek bank to confirm participation with the scheme, after the National Bank of Greece.
Piraeus Bank will identify and invest in new clean energy projects including wind farms, photovoltaic installations, biomass and biogas plants, and hydroelectric power stations. New investment to improve energy efficiency in the public and private buildings will also be examined, the EIB said in a press release.
Piraeus Bank will initially use EUR 32 million from the new fund to support investment in projects across Greece while projects will be able to apply for new financing under the initiative in the coming weeks.
The new infrastructure scheme will provide financing of EUR 450 million unlocking total investments of at least EUR 650 million for sustainable projects
The Hellenic Ministry of Development and Investments established the Infrastructure Fund of Funds with the EIB with the aim of maximizing the impact of grants from European Structural and Investment Funds, along with national funds sourced from an EIB loan and proceeds returned from previous urban investment under the JESSICA initiative.
Once fully operational, the new infrastructure scheme will provide financing of EUR 450 million unlocking total investments of at least EUR 650 million for sustainable projects across priority sectors.
“We have signed this new agreement for Piraeus Bank’s participation in the Infrastructure Fund of Funds with the intention to finance projects in the fields of renewable energy, energy efficiency and urban development,” Piraeus Bank CEO Christos Megalou said.
EIB Vice President responsible for Greece Andrew McDowell said that the program will accelerate clean energy investment, improve energy efficiency and more importantly enable completion of projects delayed in recent years.
Re-disseminated by The Asian Banker