EBRD and Piraeus Bank sign €98.5 million guarantee agreement

• Capped unfunded portfolio guarantee of up to €98.5 million will boost green, innovative and digital lending across Greece
• Facility is expected to support up to €500 million of new financing
• The project is backed by the European Union under the InvestEU programme, with a guarantee and advisory support

The European Bank for Reconstruction and Development (EBRD) is providing a portfolio guarantee of up to €98.5 million to Piraeus Bank in Greece, with support from the European Union (EU) through its InvestEU programme. The facility is expected to encourage up to €500 million of new investment financing, contributing to the country’s green and digital transitions.

This is the first EBRD project with a financial institution under InvestEU to combine green, innovation and digitalisation financing, helping Greek companies to strengthen their competitiveness and adapt to today’s evolving operating environment.

In addition to the guarantee, the EU is providing €1.5 million of 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 that the Greek government has contributed to the InvestEU programme.

The loan portfolio covered is expected to support innovation and digital transformation, including investments that strengthen technological capacity and the resilience of businesses. It will also be directed to green investments in areas such as energy efficiency, renewable energy, sustainable transport and industrial decarbonisation, contributing to lower emissions and reduced energy consumption.

The EBRD’s guarantee will allow Piraeus Bank to scale up lending volumes and offer improved financing conditions to Greek companies, including longer tenors and reduced collateral requirements, supporting private-sector investment and the country’s green and digital transitions.

Kristina Zagar, the EBRD’s Head of EU Banks and Structured Finance, said: “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. It builds on the EBRD’s longstanding partnership with Piraeus Bank and represents an important milestone in our financial sector engagement in Greece, as our final signing in this sector. With the EU’s support, this operation will help to channel long term finance towards projects fostering competitiveness, resilience and sustainable growth.”

Theodore Tzouros, Executive General Manager and Chief of Corporate and Investment Banking at Piraeus Bank, said: “This strategic partnership with the EBRD under the InvestEU programme marks another important milestone in Piraeus Bank’s commitment to supporting Greece’s sustainable and resilient economic transformation. By leveraging innovative portfolio guarantee mechanisms, we are significantly enhancing our capacity to provide accessible and competitive financing to businesses investing in the green transition, digital transformation and innovation. This initiative reflects our consistent focus on mobilising European resources effectively and reinforces our role as a leading financial partner for the real economy, supporting high-impact investments that accelerate the Greek economy’s green and digital transitions.”

InvestEU is a flagship European Union initiative aimed at supporting strategic investments in sustainable infrastructure, research, innovation, digitalisation, small and medium-sized enterprises, and social investment and skills. It provides guarantee mechanisms to unlock financing that might not otherwise be available, focusing on projects that promote long-term growth and resilience.

Piraeus Bank is the sole Greek bank participating in this flagship EBRD InvestEU-backed facility, underscoring its leading role in the mobilisation of strategic financing for the country’s economic transformation.

The EBRD is one of the leading partners in the InvestEU programme, deploying portfolio risk-sharing instruments for financial intermediaries across the EU economies where it invests. By working with local financial institutions and market players, it ensures that InvestEU support is delivered efficiently and aligned with regional needs and opportunities.

The EBRD has now reached the end of its temporary mandate in Greece – having invested more than €8.9 billion in around 130 projects there since 2015 across the corporate, financial, energy and infrastructure sectors – and is now managing its portfolio in the country. This project was approved by the EBRD’s Board of Directors in 2025 and is the last project to be signed in this sector in Greece.