The prospects of the Greek economy, the available tools and the initiatives of Piraeus Bank for the financing and sustainable development of Greek businesses were presented by the President Giorgos Khandzinikolaou and the Managing Director Christos Megalou to the Bank’s clients in Thessaloniki.
During its two-day stay in Thessaloniki, the Management of Piraeus Bank visited the Bank’s new model store, which started its operation a few days ago at the corner of Tsimiski and Ethnikis Amynis streets. He also visited businesses in the wider region, while holding a meeting with Bank executives from Central and Eastern Macedonia and Thrace.
Mr. Khandzinikolaou, in his greeting to the Bank’s clients, emphasized that the prospects of the Greek economy are positive, despite the current situation of multiple and complex challenges, stating that “we should not ignore that Greece has certain advantages that strengthen its economic strength, such as the predicted very good course of tourism, the strength of internal demand and investments, the European financial resources from the Recovery and Resilience Fund, the new NSRF, the new Common Agricultural Policy (CAP), but also the new Development Law”.
Equally optimistic about the course of the Greek economy, Mr. Megalou appeared, who pointed out that “receipts from tourism this year are expected to reach 20 billion euros, contributing to shaping the growth rate close to 6%”. He added that “the European Union and the European Central Bank seem determined to activate mechanisms that will strengthen the defense capabilities of the European economy and debt markets”.
The CEO of Piraeus Bank referred extensively, both to the possibilities of financing businesses through the Recovery Fund with financing for 50% of the investment project with a particularly preferential, fixed interest rate, as well as to the Bank’s financial products. “Within the context of the Recovery and Resilience Fund, which is currently the largest initiative to support investments in the country, Piraeus Bank has already received and is evaluating requests for investment projects of more than 1.6 billion euros, from different sectors of the economy, with an emphasis on in industry, energy and tourism” said Mr. Megalou and added that the first requests have been approved and the first disbursements are expected very soon, while the new Development Law “Greece, Strong Development” is expected to be activated in the next period.
He also noted that Piraeus Bank for the period 2022-2025 will proceed to create a portfolio of loans and investments with Environmental, Social and Corporate Governance (ESG) criteria of 9 billion euros, as part of its commitment to support the sustainable development of the Greek economy .
As Mr. Megalou pointed out, “Piraeus has the know-how to offer the most appropriate financing solutions for Renewable Energy Sources, as to date it has financed 2.8 billion euros of projects, which are equivalent to RES capacity of more than 2GW, size which corresponds to almost 30% of the installed power in the country. Also, for the next two years, the RES financing in which the bank will proceed is expected to exceed 1 billion euros”.
“Piraeus Bank is the Bank with the largest portfolio in critical growth sectors, such as tourism, where loans exceed 2 billion euros, but also infrastructure and energy, sectors in which the bank’s financing exceeds 3.5 billion euros,” said Mr. Megalou.
A special mention was made by the CEO of Piraeus Bank in Northern Greece, where the Bank cooperates with 2,300 small and medium enterprises. Loan balances reach 1.4 billion euros, while in the first half of 2022 disbursements to businesses in the region amounted to 330 million euros and will be followed by new disbursements through an EIB guaranteed program, EIF PANEUROPEAN, amounting to 240 million euros .
“The pivotal role of Thessaloniki and more broadly of Northern Greece in the country’s development plan and prospects is indisputable, due to the region’s geostrategic position, available resources, high-quality business and human capital, access to the Balkan and European markets and of inexhaustible natural and cultural wealth”, underlined Mr. Megalou and added that “out of a total of 15 business plans that have been submitted to the Recovery Fund with a budget of 110 million euros by small and medium-sized enterprises, eight are from Northern Greece and have a budget of 35 million. euro”.
Source: Capital
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