Greece unveils €500m investment scheme to strengthen innovation


The European Investment Bank (EIB) and the government of Greece have launched a 500 million scheme to strengthen innovation, competitiveness and entrepreneurship over the next four years.

The European Investment Fund and the Hellenic Ministry of Development and Investments have issued €100 million to support the scheme as part of the Operational Programme for Competitiveness, Entrepreneurship and Innovation.

The project will support private sector investment in Greece and unlock investment to help small and medium-sized businesses to expand, create jobs and innovate.

The initiative will be strengthened by the combined financial expertise and technical experience of local banks, the Greek government, the European Commission and EIB.

Andrew McDowell, EIB vice president, said: “Increasing economic uncertainty arising from the coronavirus means that now more than ever it is important to ensure adequate credit availability for SMEs making investment plans for the medium-term.”

EIB has provided more than €4.7 billion of private sector investment across Greece over the past four years.

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