PwC – Fund for Recovery and Durability: A driving force behind the Greek economy

A window of opportunity for Greece is the Fund for Recovery and Resilience (TAA), being the driving force to continue the implementation of the necessary reforms and to transform the productive model of the country. Speaking at the Delphi Economic Forum, Mr. Marios Psaltis, CEO of PwC Greece, stressed this, emphasizing the importance of the TAA in dealing with the effects of the pandemic and the long-term remnants of the financial crisis.

Mr. Psaltis underlined that the uncertain macroeconomic environment and the high risk of the country (country risk), discouraged foreign investment during the long economic crisis, which together with the lack of liquidity and equity by companies created a large investment .

At the same time, Mr. Psaltis referred to the reversal of this climate that has been observed recently and the increased investment interest which is due to the improvement of the wider level of confidence in the Greek economy. A key factor for improvement was political stability, better fiscal data and the implementation of the reform agenda. This positive climate is enhanced by the opportunities provided through the resources of the TAA to finance major state transformation and reform programs.

He then referred to the 106 investments and 68 reforms that have been included in the TAA, and their vital contribution to the modernization of the state, the improvement of entrepreneurship and investment interest. Mr. Psaltis commented that the grant program concerns specific large investment opportunities for Greek companies (eg electricity storage, island interconnections, PPP programs) while the loan program is more open and can include any investment plan that meets the eligibility criteria in the five pillars of the program that have been formed: a) green transition, b) digital transformation, c) extroversion, d) innovation research and development, e) Acquisitions, mergers and partnerships.

Especially for small and medium enterprises, Mr. Psaltis mentioned that various programs have been designed that promote both the green transition and the digital transformation. Specifically, € 375 million is earmarked for enhancing the digital transformation of small and medium-sized enterprises, while € 75 million is aimed at smart processing and the transformation of companies. Respectively, in the field of agriculture and aquaculture more than 500 million euros are expected to be absorbed in the next 5 years, while in the part of the green transition of companies, the program “Energy and Entrepreneurship” has been designed to subsidize the energy upgrade of small and medium enterprises. use of new energy efficient processes.

In conclusion, Mr. Psaltis referred to the distance between the intention for investment and the needs of the economy, which is called to cover the Recovery Fund as well as other tools to motivate investments. This is reflected in PwC’s global annual CEO report, which shows that Greek CEOs continue to be more reluctant in their intentions to make new investments compared to their European counterparts.

In his presentation, Mr. Psaltis said: “We are proud that as PwC Greece, we had the opportunity to actively support the Greek government in drafting the Greek Plan for Recovery and Sustainability, one of the first to be submitted and evaluated positively by the European Commission. At the same time, the opportunity we will have to cooperate with the state authorities and the private sector bodies for the implementation of the plan, is of particular importance for us as we thus contribute even more dynamically to the solution of important problems of the country, creating trust through building sustainable results “.