untitled design

Chief economist of Piraeus: Additional income of € 80 billion potential for households-businesses by 2030

An additional income of 80 billion euros for Greek households and businesses could be created cumulatively by 2030, under specific conditions related to the attraction and financing of investments and the inflow of EU funds in Greece, but also to the growth rates of Greek economy, as assessed by the chief economist of Piraeus Bank, Elias Lekkos, speaking in Thessaloniki, during an information event on the Recovery and Sustainability Fund and the new development law.

More specifically, during his speech at the event, which took place for the members of the Exporters Association (SEVE), Mr. Lekkos expressed the assessment that the development of the Greek economy at this stage is not cyclical and predicted that in the coming years GDP can be increased on average by 3.5% per year. He also claimed that in the period 2021 – 2027 there is the possibility of financing investments of 260 billion euros. These developments, assisted by the funds of the Recovery Fund, the NSRF 2021-2027 and the Common Agricultural Policy, can bring the additional income of 80 billion, he explained. He added that, in terms of investments, he considers this development possible, given that in 1990-1999 investments amounting to 269 billion euros were made, during the “golden” period 2000-2008 about 400 billion and the difficult period 2009-2020 about 280 billion euros.

Meanwhile, Piraeus Bank’s senior general manager of corporate and investment banking, Eleni Vrettou, pointed out during the event that Piraeus Bank’s loan disbursements for 2021 will close above the € 5.7 billion target, out of of which 2 billion were already directed to small and medium enterprises, while for the financial instruments created by the Hellenic Development Bank and the TEPIX (Entrepreneurship Fund), Piraeus allocated 625 million euros.

According to Ms. Brettou, the impact of the pandemic on the Greek economy and businesses seems to be controllable and manageable, which – as she said – is due to the increased levels of vigilance adopted by the staffs of the Banks and the state, looking for innovative tools and methods of dealing with the situation. In this context, he added, Piraeus Bank provided 1,300 moratoria customers with a total financing balance of 1.2 billion euros, both in the Hospitality and Catering (HORECA) sector until 31/12/21, and for the other sectors of the economy, initially until 31/12/20 and then until 31/3/21 in accordance with a systemic directive of the European Central Bank. Also, the interest on loans of 1,800 borrowers was subsidized, with a total amount of interest of 60 million euros (from 1/4/20 to 31/8/20).

Ms. Brettou noted that the goal of Piraeus Bank is for its business-clients to gain a competitive advantage, to invest, to prosper and to develop. In fact, he called on the business world to take advantage of the Recovery Fund and the new development law and stressed that Piraeus Bank supports every sector of the Greek economy, characteristically mentioning retail, tourism, agri-food, exports, industry, and handicrafts. logistics, construction, infrastructure. At the same time, he pointed out, it strengthens the digital transformation of the country and promotes the culture of sustainable development through the Environmental Sustainability Governance (ESG), the European rational financing, with respect for the environment.

The head of Sustainable Banking of Piraeus Bank, Dimitris Verelis, presented the key features of the Recovery Fund, but also the data so far of the new development law, which is under consultation and predicted that from the beginning of 2022 companies will have the opportunity to submit their investment plans.

In his greeting from the Association of Exporters (SEVE), the vice president of the body, Panagiotis Hasapis, referred to the value of business extroversion, in order to have long-term sustainable development in the country and focused on the goal of SEVE 25 exports to be 25 % of the country’s GDP, from 18.5% today.

.

Source From: Capital

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular