Project Description
Emerging from a financial crisis, Greece entered the phase of economic recovery having already undertaken significant steps towards this direction. The legacy issues emerging from the financial crisis are further amplified by the impact of the novel coronavirus (COVID-19) pandemic not only on the local market, but also globally. In the post pandemic environment, financing needs are expected to increase significantly and the banking sector will be unable to meet these on its own, rendering vital to have effective and efficient capital markets.
The need to support Greece’s ongoing economic recovery, following almost a decade of macroeconomic challenges, by the establishment of well-organised, well-functioning, adequately supervised, sustainable and technologically updated capital markets is more evident than ever. Taking into account the merits of well functioning capital markets and in light of the unprecedented economic disruption caused by the COVID-19 outbreak, it is expected that the design of a Capital Market Development Strategy for Greece will be beneficial for the country’s economic recovery and will contribute to the harmonisation of Greek capital markets with those of other European economies.
This project envisages to design a Capital Market Development Strategy for Greece incorporating financial technology (“FinTech”) and Green/Sustainability aspects, it is in sync with the Capital Markets Union Action Plan, the FinTech Action Plan and the European Green Deal. In fact, this project showcases the importance of having a holistic approach in designing a modern and efficient investment ecosystem in the European Union.
To this end, it is envisaged that the design of the Capital Market Development Strategy for Greece, capturing general capital markets elements and incorporating FinTech (including promotion of private equity/venture capital and assessment of existing initiatives in Greece) and Green/Sustainability aspects, will support Greece in re-booting its capital markets and effectively tackle issues posed by the COVID-19 outbreak.
The Project is funded by the European Union via the Structural Reform Support Service and implemented by the Local Currency and Capital Market Development (LC2) Team of the European Bank for Reconstruction and Development (the “EBRD”), in cooperation with the European Commission’s DG REFORM.
EBRD LC2 is one of the key strategic teams of the European Bank for Reconstruction and Development (EBRD). The objective is to support EBRD’s countries of operation to build deeper and more resilient local financial markets.
Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.
General enquiries
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Access to Information Policy (AIP)
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Specific requests for information can be made using the EBRD Enquiries form
Independent Project Accountability Mechanism (IPAM)
If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).
IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.
Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.
