Greek RRF Co-Financing Framework



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Approval date:

06 Jul 2022



PSD disclosed:

11 Nov 2021

Project Description

The Greek RRF Co-Financing Framework ("Framework") will consist of up to €500 million of EBRD loans to be extended pari passu and pro rata with up to €500 million of loans funded by the Greek Recovery and Resilience Facility ("RRF"), to support private sector investments in Greece. RRF loans will be provided at concessional rates, subject to compliance with EU state aid rules and in accordance with EBRD Guidelines for the use of Concessional Finance. The EBRD, together with any potential co-financiers, will be required to finance at least 30% of project costs on a pari passu basis with the RRF loans, while borrowers or sponsors will be required to contribute at least 20% of project costs. Potential options to mobilise additional commercial co-financiers will be assessed at project level. The Bank will enter into financing agreements under the Framework until 31 December 2025, in line with the timeline of its mandate in Greece.

Project Objectives

The Framework is aligned with the policy priorities of the Greek Recovery and Resilience Plan ("RRP"), as approved by the EU Council in July 2021, which aim to help Greece, through ambitious reforms and investments, move towards an integrated, competitive, green and digital growth model. In particular, the Framework will support a broad range of projects across several sectors of the Greek economy provided that they comply with at least one of the five Eligibility Criteria (pillars) set in the RRP, i.e. green, digital, innovation, extroversion and economies of scale.

Transition Impact

The Framework will support a broad range of projects across several sectors of the Greek economy provided that they comply with at least one of the five RRP Eligibility Criteria, which map well into the Bank's transition qualities, especially into the Green, Competitive and Integrated qualities.

Green: A significant amount of the financing envisaged under the framework is expected to support the Green Economy Transition. In addition, EBRD will agree to commit at least 38.5% of the funds under the Framework by using the methodology for climate tracking of the RRF Regulation, which is adopted for the green pillar of the RRP.

Competitive: The Framework will support the shift of the Greek growth model from consumption to productivity, supporting innovation of products and services as well as economies of scale in order to increase the average size of Greek businesses and reduce their complexity and productivity gap with the EU frontier. Moreover, EBRD will agree to commit at least 20.8% of the funds under the Framework by using the methodology for digital tracking of the RRF Regulation, which is adopted for the digital pillar of the RRP.

Integrated: The Framework will finance projects enabling trade at greater speed, lower cost and better quality as an enabler of growth via physical infrastructure investments (such as projects in transport, energy and digital networks), improvements to the connection of Greek firms to the EU Single Market (through improvements of ports, airports, electricity grids, fibre optic connections), and efforts to achieve higher exports of more complex products.

The transition impact may derive also from other sources and hence TI qualities, given the wide range of sectors of sub-projects that will be financed under the Framework.

Client Information

The Framework will be available for companies, excluding banks and non-bank financial institutions, implementing an eligible project in the territory of the Hellenic Republic and operating under commercial terms across various sectors and sizes, ranging from SMEs to large corporates.

EBRD Finance Summary

EUR 500,000,000.00

Total Project Cost

EUR 1,250,000,000.00


Despite the presence of the subsidised RRF tranche, the EBRD may have financial additionality due to the underlying financing structure of the project which is not offered by other commercial banks. Through co-financing with RRF funds, the EBRD will help address Greece's large investment gap compared to the rest of the EU, which is associated with low capital outlays coming from the private sector.  The size of the RRF tranche will be capped at 30% to 50% of the financing of each sub-project and calibrated based on each sub-project's contribution to one or more of the five RRP Eligibility Criteria. Non-financial additionality will likely play an important role in sub-projects and can potentially stem from a range of sources, depending on the sub-project.

Environmental and Social Summary

The Framework itself is not categorised under the Bank's 2019 Environmental and Social Policy, however each sub-project will be categorised on a case by case basis, and will be subject to individual environmental and social due diligence (ESDD) with the support of an independent consultant. An environmental and social action plan (ESAP) and Stakeholder Engagement Plan (if required) will be developed for each sub-project to ensure compliance with the EBRD Performance Requirements. "Do No Significant Harm (DNSH)" assessments where needed for the investment's project development, including the climate and environmental parts of the sustainability proofing studies and any cost-benefit analysis or other economic appraisals will be evaluated for projects above €10 million. These assessments shall also cover assessment of the project's compliance with the Bank's Performance Requirements. Where projects involve less than €10 million, a determination shall be made, based on the potential environmental and social risks posed by the project.

Technical Cooperation and Grant Financing

Additional costs, such as payments for external auditors' checks for compliance with the RRP Eligibility Criteria and external consultants' sustainability proofing studies to comply with the DNSH principle, will be funded by RRF funds contributed from the Greek Ministry of Finance.

Company Contact Information

No specific contact information for the Framework. Contact information in relation to each client will be specified for relevant sub-operations.

Implementation summary

PSD last updated

11 Nov 2021

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

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 to get guidance and more information on IPAM and how to submit a request.


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