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
Athens Int’l Airport Wins Top Prize at Routes Europe Awards
The Routes business is focused entirely on aviation route development and the company's portfolio includes events, media and online businesses
IOBE: Income Gap Between Poor and Wealthy Greeks Widens
The findings in the analysis, entitled “Progressivity in Income Taxation in Greece, 2012-2021", paint a bleak picture for Greeks in the bottom half of the income bracket, warning that income inequality is growing
Study Finds 4 in 10 Greeks to Slash Easter Spending
This year, hit by persistent inflation, many Greeks will be dishing out less on food, drink and gifts for Orthodox Easter on May 5
ELSTAT: Overnight Stays in Greece Up in Feb.
The provisional monthly data revealed that arrivals at tourist accommodations amounted to 773,104 and overnight stays were 1,677,685
Electric Energy: Greece’s New Sustainable Export
Moreover, a surplus of generated electricity cannot be fully absorbed by domestic grids and this excess power finds eager buyers in the form of companies entering into Power Purchase Agreements (PPAs), willing to pay a premium for clean energy
IOBE Revises Greek GDP Growth Downward, to 2.1% For 2024
Annual inflation is expected to reach 3%, up from the previous forecast of 2.8%
Last Sections of 136km E65 Highway Inaugurated on Tues.
Athens to Karditsa drive time is expected to drop to two and a half hours (under normal conditions), and some three hours from Athens to Trikala
Reuters: Greece to Repay More Bailout Loans Ahead of Maturity in 2023
The country has relied solely on international markets for its borrowing needs since a third institutional bailout ended in 2018
Ag Min. Avgenakis: Greece-China Cooperation in Research, Education in Agri-Food Sector
Greek minister tours cutting-edge hydroponics and robotics facilities at the Chinese Academy of Agricultural Sciences in Beijing
Mini Holiday Season in Greece for Upcoming Orthodox Easter
Occupancy rates reach up to 90% domestically for accommodations open ahead of peak summer season