Tuesday, March 28, 2023
Monday, 12 December 2022 10:57

The Vice-President of the European Commission Mr. Margaritis Schinas

at the 24th Annual Capital Link Invest in Greece Forum “Sustaining Growth & Investment Momentum”

«Vice-President Schinas highlighted in his remarks “The EU as a catalyst for private investment and a paradigm shift in the Greek economy” that the investment climate in Greece has never been so favourable, reflecting the government’s impressive commitment to economic reforms and unprecedented financial resources from the European Union.

“Amidst a difficult geopolitical and macroeconomic outlook and the tightening of European monetary policy, Greece will benefit from unprecedented European financial assistance that will significantly help cushion potential headwinds.

The EU has earmarked funds of over 40% of Gross National Income (GNI) specifically for Greece through 2027, making it the largest beneficiary among EU Members as a share of its economy.

These resources will act as a catalyst for the significant public and private investment needed for a paradigm shift in the Greek economy towards a greener, more digital, and export-oriented future.

The main jewel in the crown is undoubtedly the historic European Recovery and Resilience Fund of which Greece is one of the largest beneficiaries with loans and grants equivalent to more than 30billion EUR or 16% of its GDP.

Beyond the Recovery Fund, Greece has been earmarked additional EU funds amounting to over 48 billion EUR or 25% of GDP until 2027, to support the green and digital transitions, agricultural and SME competitiveness amongst other objectives.

These additional funds – which are grants and thus don’t add to the public debt – will finance investments by small and medium-sized enterprises, start-ups and farmers that will allow them to upgrade their products, train their workforce and break into new markets.

In addition to EU resources specifically earmarked for Greece, there are a range of other EU budget programmes that will also stimulate private investment in the Greek economy, notably new companies, and investors in Greece.

The most important such initiative is InvestEU, through which the EU will provide partial guarantees for private investments via financial intermediaries such as the European Investment Bank, the European Bank for Reconstruction and Development and Greek commercial banks.»

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