New investment in renewable energy, energy efficiency, and urban development projects across Greece will be supported following the first agreement under a new EUR 650 million (US$ 728.41 million) infrastructure investment initiative.

The National Bank of Greece is the first partner bank under the Infrastructure Fund of Funds and will identify and invest in new projects expected to include wind and photovoltaic parks, biomass and biogas plants, energy efficiency in public and company buildings. Urban schemes intended to rehabilitate deprived districts and as well as water and waste management and tourism are also expected to benefit.

In addition, the National Bank of Greece will provide own funds and help mobilise additional private funds for the financing of these projects. Other leading banks active in Greece are also expected to become partners under the Infrastructure Fund of Funds.

The Hellenic Ministry of Economy and Development, established the Infrastructure Fund of Funds with the EIB with the aim of maximising the impact of European Structural and Investment Funds, along with national funds sourced from an EIB loan and proceeds from previous urban investment under the JESSICA initiative.

Once fully operational the new infrastructure scheme will provide financing of EUR 450 million (US$ 504.28 million) unlocking total investments of at least EUR 650 million (US$ 728.41 million) for sustainable projects in the priority sectors. The European Structural and Investment Fund contribution comes from the Operational Programme Competitiveness, Entrepreneurship and Innovation 2014-2020.

The National Bank of Greece and the European Investment Bank, which will manage the new fund, agreed details of the first EUR 32 million (US$ 35.86 million) components to be made available for investment.