The European Investment Bank (EIB) will play a central role in the country’s development over the next few years, Environment, Energy and Climate Change Minister George Papaconstantinou stated on Thursday within the framework of his meeting with the institution’s new president Werner Hoyer.

Papaconstantinou stated that the EIB can be involved in various projects including the development of the former Helliniko airport site in southern coastal Athens; the Helios photovoltaic project for the production and export of electricity and the privatizations of Hellenic Public Gas Corp. S.A. (DEPA), Hellenic Gas Transmission System Operator (DESFA) and Hellenic Petroleum S.A. (ELPE). Also, the EIB can be involved in the introduction of a strategic investor in the energy grid sector; the land registry project and in the public and private sector partnerships in waste management.

He referred to the already close cooperation with the EIB, stressing that it finances very important programmes in Greece in the sector of energy, the Renewable Energy Sources (RES) in particular. He added that a number of major initiatives have been launched in many of which the EIB will play a crucial role.

Addressing the EIB investment forum, Papaconstantinou underlined that the reduction of the primary deficit by 8 percentage points of GDP achieved in two years by Greece is an unmatched performance adding, however, that fiscal adjustment is a necessary precondition but cannot lead to sustainable economic growth by itself.

He underlined that the recent Brussels decision can change the country’s course in the next decades, can lay the foundations for the reduction of public debt and put in motion an economic programme combined with necessary structural reforms to offer a breath of fresh air in the Greek economy.