Greece’s railway network to be upgraded with EIB on board as adviser

• EIB’s Advisory Hub to support major railway modernization across Greek rail network
• Goal is to improve infrastructure, safety, and efficiency
• EIB to provide targeted advisory services for free as part of InvestEU programme

The European Investment Bank (EIB) will advise Greece on its planned major upgrade of the national railway network to improve safety, punctuality, and sustainability. Under the agreement with the Greek Ministry of Transport and Infrastructure, the EIB  will assist authorities in developing a long-term  business plan for a newly established rail infrastructure management company and in outlining near-term network investments.

The accord, which comes under the InvestEU programme, builds on the Greek government’s commitment to restructuring the national railway sector and to fulfilling European Union safety and environmental standards. It also highlights the EIB’s commitment to promoting modern and sustainable transport networks in the EU as part of the bank’s strategic roadmap.

EIB Vice-President Ioannis Tsakiris and Greek Minister of Infrastructure and Transport Christos Staikouras signed the agreement today in Athens.

“The EIB’s Advisory Services will provide the Greek government with the technical expertise necessary to implement long-term strategies, helping to ensure that the country’s railway system is both safe and competitive,” said Tsakiris. He added: “The EIB will support the Greek government in developing a multiyear investment plan for the railway sector, which will serve as a roadmap for the country’s infrastructure development over the next decade.”

“The European Investment Bank, with its extensive expertise and experience, will provide a coherent strategic business plan, which will serve as a valuable guide in the organizational efforts of the new entity. This plan will support the Government’s priorities for developing a modern, safer, faster, and fully interoperable network, in line with the requirements of the Trans-European Transport Network and the standards set by the European Union. By utilizing the knowhow offered by the EIB, we are creating a sound and rational framework on which this crucial reform of the railway sector will be based. In this way, the Ministry of Infrastructure and Transport is implementing another important — and promising — initiative for the modernization and future development of the Greek railway system.”, said Staikouras.

Strategic priorities for Greece’s railway sector

Greece aims to develop a modern, safe, and fully interoperable rail system, aligning with Trans-European Transport Network (TEN-T) requirements.

Key strategic priorities outlined for the Greek rail sector include:

• Completing the Patras-Athens-Thessaloniki-Promachonas (PAThEP) corridor, a crucial part of the TEN-T network.
• Expanding rail connections to ports and industrial zones, strengthening the economic infrastructure.
• Facilitating cross-border rail connections with Europe to enhance regional connectivity.

Shaping the future of Greek rail investment

The advisory accord marks a significant opportunity for the EIB to help shape rail investment in Greece over the next two decades. The EIB  work will feed into the Greek National Recovery and Resilience Plan, which requires the adoption of a multiyear investment plan by mid-2025.

The assignment will run for run for six months, during which the EIB will engage external service providers to execute three main tasks:

• Development of a strategic business plan for the new rail infrastructure entity.
• Preparation of a medium-term (2025-2034) implementation plan for the railway sector.
• Creation of a comprehensive funding plan to support the implementation of priority projects.

Background information

About the EIB

The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

 The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Greece of €2.5 billion in 2023, 33% of which went to supporting sustainable energy and natural resources projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

Approximately half of the EIB's financing within the EU is directed towards cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.