Greece: European Investment Bank to expand support for agriculture

Minister hosts discussion on agriculture financing with European Investment Bank

Existing credit lines to expanded to support agriculture and agribusiness

EIB Vice President highlights importance of agriculture investment in Greece

(STL.News) The European Investment Bank (EIB) today confirmed strengthened support for agriculture and agribusiness investment in Greece through existing credit lines with locally active banks and confirmed advanced discussions for new financial support for investment by young farmers across Greece.

The increased backing for Greek agriculture were confirmed following high-level discussions in Athens between Kostas Skrekas, Deputy Minister for Rural Development and Food and Andrew McDowell, European Investment Bank Vice President responsible for lending operations in Greece and global agriculture financing.

“Increasing agricultural investment is key for economic growth and job creation in Greece.  The European Investment Bank has unique technical and financial expertise supporting agriculture and agribusiness investment across Europe.  Talks with Vice President McDowell in Athens today confirmed our shared commitment to tackle investment challenges facing agriculture and to use existing and new financing programs to support the essential investments for the modernization of the Greek primary sector including the development of renewable energy resources for net-metering.” said Kostas Skrekas,  Deputy Minister for Rural Development and Food.

“Greece is a European leader in agriculture and agribusiness. As the EU Bank, the European Investment Bank, is committed to strengthening access to finance by farmers, agriculture and agribusiness across Greece.  Today’s discussions with Minister Skrekas will help to strengthen the impact of EIB support for investment by young farmers.  A new targeted product is expected to be launched as soon as the beginning of next year.” said Andrew McDowell, European Investment Bank Vice President.

To date in 2019, the EIB Group has provided nearly EUR 1.4 billion of new financing for private investment across Greece.