European Investment Bank (EIB) President Werner Hoyer, accompanied by Vice President Jonathan Taylor, yesterday met in Athens with Minister of Finance Euclid Tsakalotos and Minister of Economy, Development & Tourism Giorgos Stathakis, as well as Governor of the Bank of Greece Yiannis Stournaras, to reiterate and enhance the EU bank’s commitment to Greece.
During the occasion, EIB President Hoyer stated: “The EIB Group has a strong track record of investing in Greece. Today, I had a series of very constructive and most fruitful meetings with Finance Minister Euclid Tsakalotos and Economy Minister Giorgos Stathakis, as well as discussions with the Governor of the Bank of Greece, Yiannis Stournaras. The main reason for the visit at this time was to introduce Nicholas Jennett, the Head of the EIB’s newly established Investment Team for Greece, who from early next year will be resident here in Athens. Jennett is EIB Deputy Director General and the most senior official working to enhance EIB operations on the ground. I am very happy to say that he will be permanently based here in Athens as Head of the EIB’s Investment Team for Greece. The new initiative will further enhance the EIB’s engagement and operations in this country.”
Jennett will lead a strengthened permanent EIB Group presence in Greece. The new Investment Team for Greece will ensure that the EIB’s financial and technical expertise can support sustainable economic recovery in Greece and much needed job creation across the country.
This move is part of a special EIB initiative for Greece and marks the first steps in establishing the EIB Investment Team for Greece that the EU bank plans to build on in the coming months. It will do this through stronger advisory work and strengthened operational capacity on the ground.
In this way, the Investment Team will make a difference by ensuring that the EIB Group contributes in every way through EIB financial and technical experience and new operations, to enable the EU bank to play a key part in the revival of the Greek economy.
“The EIB has supported the Greek economy throughout the crisis and we plan to further strengthen our commitment to the country,” President Hoyer added.
Jennett has some 17 years’ experience at the EIB. For the last four of these he has led the New Products Department, and has been responsible for some of the highest risk, and most innovative products offered by the Bank.
Since 2008 the EIB Group provided over EUR 12 billion in loans and guarantees in Greece. Outstanding EIB loans total around EUR 18 billion, approximately 10% of the country’s GDP.