The European Bank for Reconstruction and Development has agreed to provide Piraeus Bank with a portfolio guarantee of up to €98.5 million to support new lending to businesses in Greece, backed by the European Union’s InvestEU programme.
The capped guarantee is expected to support up to €500 million in new financing for projects linked to green investment, innovation and digitalisation.
The EBRD said in a release on Monday that the deal is its first with a financial institution under InvestEU to combine green, innovation and digitalisation financing in a single facility.
Alongside the guarantee, the EU is providing €1.5 million in advisory support through the InvestEU Advisory Hub to help identify eligible high-performing green investments.
InvestEU guarantees and advisory services for this product in Greece are funded from the country’s Recovery and Resilience Facility contribution to the programme.
What the financing can cover
The loan portfolio covered by the guarantee is expected to include investments in energy efficiency, renewable energy, sustainable transport and industrial decarbonisation, as well as projects linked to innovation and digital transformation, the EBRD said.
The guarantee is intended to allow Piraeus Bank to increase lending volumes and offer longer repayment periods and reduced collateral requirements for Greek companies.
“We are very pleased to have signed this project, which has the potential to mobilise up to €500 million of new financing for Greek businesses investing in two shared priorities for the EBRD and Greece: digital innovation and the green transition,” stated Kristina Zagar, the EBRD’s Head of EU Banks and Structured Finance.
Piraeus Bank said the agreement would support businesses investing in the green transition, digital transformation and innovation, according to Theodore Tzouros, Executive General Manager and Chief of Corporate and Investment Banking.
InvestEU is an EU initiative that uses guarantees to help unlock financing for areas including sustainable infrastructure, research, innovation, digitalisation and small and medium-sized enterprises.
The EBRD said it has invested more than €8.9 billion in around 130 projects in Greece since 2015, and that this deal — approved by its Board of Directors in 2025 — is the last to be signed in Greece’s financial sector as it reaches the end of its temporary mandate in the country.
