The European Investment Bank (EIB) has signed a new contract with the Ministry of Shipping for the provision of technical assistance by the Bank’s Advisory Services Center in support of investments in sustainable development in the Greek minor islands.

The purpose of the agreement is, in particular, to promote critical investments in energy efficiency and renewable energy development even on the country’s smallest and most remote islands.

The regions of the Ionian, North and South Aegean Seas, as well as Crete, will benefit from the agreement.

The Advisory Services Agreement provides for the development of an online tool that will improve the operational capacity of local authorities and allow the Deposit and Credit Fund to process, track and rapidly promote loan requests under the Newarchos program.

This is a program that aims to implement, among other things, infrastructure and energy efficiency investments totaling 500 million euros on the country’s smallest and most remote islands.

EIB experts, in collaboration with external service providers, will also train local staff on the use of the tool and help develop the digital system.

The agreement between the EIB, the Ministry of Shipping and Island Policy and the General Secretariat for Aegean and Island Policy was signed at a special ceremony on Wednesday in Athens.

Investments under the Newarchos program will be carried out by the Depository and Credit Fund, and the new comprehensive advisory package follows the successful implementation of a similar online tool developed for the EIB Fund in support of the Electra program with targeted investments in the energy efficiency of public buildings.

“The advisory agreement with the EIB demonstrates the commitment of the Greek government, in particular the Ministry of Shipping and Islands Policy, to the establishment of modern project and infrastructure financing mechanisms that will facilitate the transition to a green and energy policy. Greek Islands in the context of the implementation of the National Islands Strategy,” said Manolis Koutoulakis, Secretary General for Aegean and Islands Policy.

“Building on our successful partnership with the Deposit and Credit Fund under the Electra program, we will continue to support the timely and improved implementation of green infrastructure projects in Greece, making the most of digital technologies that we adapt to the needs of our clients,” said Christos Stoikov, Head of Advisory Services EIB.

“EIB Advisory is a trusted partner of the Deposit and Credit Fund and Greek ministries in terms of capacity building and technical support to support lending operations,” he added.

Source: European Investment Bank.