The completion of the PSI and the voting for the new loan agreement closed an initial course of actions aimed at paving the way for public debt viability and at providing the adequate time for completing fiscal adaptation, promoting structural changes and gradually enhancing competitiveness of the Greek economy.
However, it is estimated that the economy will remain in recession in 2012 with a negative impact on employment, income and standard of living for a large part of the population. Today, the need to activate development projects is more than imperative.
For that purpose, Piraeus Bank designed and undertook the initiative to implement an integrated investment plan combining private funds, community funds and financing. It is estimated that, in the next five years, these funds together with bank financing will amount to EUR 1.6 billion (0.8% of GDP).
In this light, Piraeus Bank is organising a development Fund which will initially raise EUR 100 million, with the participation of private and institutional investors from Greece and abroad.
The investment plan includes the following:
- Modernisation of networks and infrastructures of 26 Industrial Areas throughout the country, in order to improve the business environment and attract new investors, particularly focusing on accelerating investments in East Macedonia and Thrace.
- Creation of new Business Parks with resource-efficient infrastructures, for the establishment of business installations with environment-friendly activities following the standards of Eco-Industrial Parks.
- Investments for producing energy from renewable resources, focusing on photovoltaic stations, biomass and biogas stations.
- Creation of business units for sorting recyclable material and organic waste composting in selected areas of the region.
- Small-scale viable Integrated Eco-Industrial Parks (IEIP) in the islands, applying development standards that ensure energy sufficiency from renewable resources, water sufficiency from desalination, the alternative waste management and the hydroponic crop production in solar greenhouses.
The investment plan to be implemented by ETBA-VIPE will give a boost to local economies, as it is estimated that 1,000 new small and medium-sized enterprises will be integrated in Eco-Industrial Parks and 15,000 new jobs will be created in the next 5 years.
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