Greek capital Athens to get more climate-resilient water network under EIB advisory agreement with EYDAP

This article is published in association with European Investment Bank.

• EIB Advisory to support Athens water utility EYDAP with its investment programme.
• EIB expertise to strengthen EYDAP’s plans for safe and uninterrupted supply of drinking water under climate change adaptation strategy.
• EIB to provide targeted advisory services for free as part of InvestEU Advisory Hub.

The European Investment Bank (EIB) will provide advisory services to Athens Water Supply and Sewerage Company (EYDAP) in Greece to support the company’s €2 billion, 10-year investment programme to ensure the Greek capital has a more resilient water supply.

Under the agreement signed today in Athens, EIB Advisory will help EYDAP manage climate risks such as water scarcity, droughts, and heatwaves as it serves a population of 4.4 million and operates a 14,500-kilometre network of pipelines.

Under the agreement, which falls under the scope of the InvestEU Advisory Hub, the EIB’s technical assistance services will support EYDAP to prioritise actions and implement portfolio projects under its developed strategy of optimising efficiency under climate change adaptation.

“Greece, like in many other countries, has infrastructure assets and public services that are exposed to multiple climate risks,” said EIB Vice-President Ioannis Tsakiris. “Our advisory services will help EYDAP to make structured and targeted investments aimed at securing the most precious resource of all – water.”

“This partnership underlines a significant step forward in our commitment to ensuring access to clean and sustainable water and wastewater solutions for everybody across Athens and the Attica Region. We are confident that EYDAP’s expertise along with the EIB’s support, can make a positive impact and have a lasting difference in securing clean water for everyone at affordable prices,” stated EYDAP CEO Harry Sachinis.

The agreement reinforces the EIB’s role as the EU climate bank. Building climate-resilient water systems and strengthening water security is a key part of that role and, through its advisory services, the EIB is committed to helping local partners overcome investment barriers and ensure that the projects it finances are the most suitable to address market failures and alleviate investment gaps.

InvestEU Advisory Platform

The InvestEU Advisory Hub provides advisory support to public and private project promoters in the EU for the development of investment projects, and to financial intermediaries and project promoters to enhance their capacity to implement financing and investment operations.

The Advisory Hub is one component of the InvestEU Programme seeking to trigger a new wave of investments – more than €372 billion – using an EU budget guarantee. The InvestEU Programme, which also includes the InvestEU Fund and the InvestEU portal, aims to give a boost to investment, innovation and job creation in Europe over the period 2021-2027.

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, 32% of which went to supporting climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.