A request to the European Commission for claiming additional loan resources from the Recovery and Resilience Fund, amounting to 5 billion euros, in the context of REPowerEU was submitted today by the Deputy Minister of Finance, Theodoros Skylakakis.
According to a relevant announcement by the ministry, REPowerEU is the European Commission’s plan, which aims to make Europe independent of Russian fossil fuels, well before 2030, in light of the Russian invasion of Ukraine. It is a plan geared to:
– saving energy
– the production of clean energy
– the diversification of our energy supply
Fund utilization
The 5 billion euros will be used, primarily, for the financing of energy, private investments – through loans and venture capital – which will concern:
· Renewable Energy Projects (RES), e.g. solar and wind energy, biomethane, green hydrogen, etc.
· Energy efficiency projects, e.g. interventions in existing business buildings, upgrading infrastructure and increasing the efficiency of production processes
· Initiatives to promote “clean” transport
· Clean energy access projects such as off-grid solutions and distributed electricity networks
· Battery Energy Storage Systems (BESS) etc.
The logic of the request
The request was submitted given the successful course of the “Greece 2.0” loan program. For this part of the National Plan, there is a high interest from investors, as the loans are granted on extremely favorable terms (borrowing rate, fixed 0.35% for very small and small enterprises and 1% for medium and large ones), in the midst of a time during a period when, internationally, a rapid increase in interest rates is recorded.
It is recalled that the National Recovery and Resilience Plan “Greece 2.0” already has approved European resources, totaling 30.5 billion euros, of which 12.7 billion euros are loans and the remaining 17.8 billion. euros in subsidies. Including REPowerEU resources, investments are expected to be mobilized, with a total budget of around 70 billion euros.
The Deputy Minister of Finance who is responsible for the preparation and coordination of the implementation of the National Recovery and Resilience Plan “Greece 2.0”, Theodoros Skylakakis, stated: “The loan part of “Greece 2.0″, amounting to 12.7 billion euros, aims, primarily, in strengthening the competitiveness of the country’s businesses, contributing, financially, to the implementation of their investment plans. With the request of the additional 5 billion euros, which we claim from the Recovery Fund, we are responding to the growing demand recorded for energy saving investments”.
Latest News
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%