- EBRD and Greece to establish new PPP preparation facility
- Greece to fund the facility with €20 million
- Focus on education, health, sustainable urban infrastructure, water and waste management
The European Bank for Reconstruction and Development (EBRD) is joining forces with the Ministry of Development and Investment of Greece to establish a new public-private partnership (PPP) preparation facility cooperation account, following a request from the Greek authorities.
The agreement was signed today in Athens by EBRD Regional Director Andreea Moraru and Greece’s Alternate Minister of Development and Investments Nikos Papathanasis.
The EBRD will manage the fund, which will provide high-quality, client-oriented project preparation, training and advisory services, policy support and institutional strengthening activities related to the infrastructure sector in Greece.
The Ministry will fund the activities of the facility with €20 million.
The project pipeline will mostly be in the social infrastructure sector (education and health), sustainable urban infrastructure, and water and waste management.
The new facility will follow the successful example of the EBRD’s Infrastructure Project Preparation Facility, which includes projects such as the construction, acquisition of equipment and facility management of a new building by the Biomedical Research Foundation of the Academy of Athens, for the provision of specialised services in the field of personalised medicine and DNA research.
Ms Moraru said: “We are very proud to support Greece with the establishment of this new facility, which will help provide efficient and high-quality project preparation. Greece has a strong track record of successfully designing and delivering PPPs. With the EBRD’s experience in this field we will be able to achieve great results together. We consider the Ministry of Development and Investment to be a valuable partner and are happy to work together to enhance economic growth in the country.”
Mr Papathanasis said: “We warmly welcome the signing of the agreement with the European Bank for Reconstruction and Development, having full confidence that our cooperation will lay strong foundations for maturing and accelerating the implementation of PPP projects in our country. We must strengthen any project that contributes to development, especially at a time when the crisis requires a rapid response. PPP projects, alongside strategies and private investments, are the strongest pillars of the country's development."
The EBRD started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. To date, the Bank has engaged in policy dialogue and has also invested more than €4 billion in close to 70 projects in the country, with more than 40 per cent of investments supporting sustainable infrastructure.