helping Greek companies regain access to the finance they need to grow their businesses
promoting regional economic integration by bringing private sector knowledge and finance to such areas as the energy sector and infrastructure
The EBRD initially began investing in Greece on a temporary basis in response to a request from the Greek authorities to support reforms and a return to economic growth. Originally, the EBRD’s shareholders voted for the Bank to invest in Greece until the end of 2020.
In December 2018 our shareholders agreed to extend the Bank's mandate in the country until 2025.
Our investments – backed by donor-funded technical assistance and policy dialogue -are intended to strengthen progress in the reform of Greece’s economy and contribute to its recovery. The EBRD will deploy its experience and expertise in attracting and encouraging foreign and domestic investment, strengthening the role of the private sector and deepening regional integration.
Specifically, we will help address the issue of insufficient capital for Greek private companies, especially small and medium-sized enterprises. This is a key barrier to growth, where the EBRD can contribute significantly with itscommercial debt and equity products and its risk-taking capacity.
The EBRD will also engage, where possible, in expanding the private sector’s role in infrastructure and energy. Greece is a natural trade and investment partner for many countries in south-eastern Europe where the EBRD has a strong presence. The Bank will support investments and policy measures which are conducive to integration.
Greece is a founding member of the EBRD and to date Greek companies and banks have invested €2.3 billion in the EBRD’s existing countries of operations, with a focus on south-eastern Europe. Under the Vienna Initiative, the EBRD supported the subsidiaries of Greek banks in the region at the height of the global financial crisis.
The Government of Greece requested that the country be granted recipient country status at the EBRD in a letter dated 25 November 2014, which said EBRD engagement would ”provide value added in tackling the consequences of the financial and economic crisis and addressing the structural challenges in the Greek economy that it exposed”.
The request was reconfirmed by the new Government on 2 February 2015.
As well as being a country where the EBRD invests, Greece is also an EBRD donor. It established a bilateral technical cooperation fund with the EBRD in 1995, replenishing it over time, with a total amount of €3.1 million, and this fund is actively supporting EBRD investments. Greece has also contributed €500,000 to the Western Balkans Investment Framework (WBIF).
The EBRD’s Greece strategy was adopted on 22 June 2016
Greece's policy response to the coronavirus crisis
The EBRD is monitoring Greece's policy response to the coronavirus pandemic. Our biweekly publication identifies the major channels of disruption as well as selected impact and response indicators.
Current EBRD forecast for Greece Real GDP Growth in 2020: -6.0%
Current EBRD forecast for Greece Real GDP Growth in 2021: 6.0%
Economic indicators in Greece continued to improve in 2019, with the growth rate of 1.9 per cent, the same as in 2018. The main drivers of growth remain exports of goods, private consumption and another successful tourism season. Economic sentiment reached a 12-year high in 2019. Capital controls, introduced in 2015, were fully lifted in September 2019, and the country has been boosted by ratings upgrades from the
main ratings agencies and several successful bond issuances.