EIB launches first-ever financing in Greece dedicated to the security and defence sector with €100 million via Piraeus Bank

This article is published in association with European Investment Bank.

• First-ever EIB intermediated financing in Greece dedicated to security and defence
• Targeted support for SMEs and mid-caps operating in the security and defence ecosystem
• Boosting competitiveness and innovation in a strategic yet underfinanced segment of the Greek economy

The European Investment Bank (EIB) has signed a €100 million financing agreement with Piraeus Bank, marking a milestone transaction as the first ever EIB intermediated operation in Greece dedicated to supporting companies active in the security and defence sector.

Through Piraeus Bank, the financing will be on-lent primarily to small and medium-sized enterprises (SMEs) and mid-cap companies in Greece that are active and/or undertake investments in the security and defence sector, in line with the EIB’s eligibility criteria. Including the foreseen leverage, the loan is expected to mobilise up to €200 million financing for the benefit of the targeted final beneficiaries.

Addressing financing gaps in a strategic sector

The initiative aims to address the structural financing constraints faced by SMEs and mid-caps operating in the security and defence sector, which often stem from sector-specific characteristics, dual-use activities and the limited availability of tailored financial instruments. These challenges are particularly pronounced in Greece, which is classified in its entirety as an EU Cohesion region.

By leveraging the EIB’s long-term funding, the operation is expected to significantly improve financing conditions for final beneficiaries through lower borrowing costs, longer maturities and the mobilisation of additional private capital. At the same time, through its participation, the EIB aspires to send a strong signal of confidence to the market, helping to reduce perceived risks and attract further investment.

Part of the EIB’s Pan-European Security & Defence programme

Strengthening Europe’s security and defence industrial base is a core strategic priority for the EIB. In this context, the Bank has established a dedicated Pan-European Security & Defence Lending Envelope to provide credit and guarantees to finance investments and working capital for SMEs and mid-caps active in the supply chains of Europe’s security and defence industry.

The EIB has recently increased the size of this programme to €3 billion, up from €1 billion originally. With this agreement, Piraeus Bank becomes the first bank in Greece and the third bank in Europe to sign a transaction under the programme, following similar operations in Germany and France.

“This agreement marks a milestone for Greece and for the EIB,” said EIB Vice-President Yannis Tsakiris. “Piraeus Bank becomes the first bank in Greece and the third in Europe, following similar transactions in Germany and France, to join the EIB’s dedicated security and defence financing programme. Together, we are deploying in Greece the full range of EIB strategic priorities, from green transition and innovation to cohesion and now security and defence, strengthening competitiveness, resilience and Europe’s strategic autonomy.”

Christos Megalou, Chief Executive Officer of Piraeus stated:“The partnership between Piraeus Bank and the European Investment Bank reinforces the establishment of a dedicated financing framework for the security and defence sector, an area of increasing strategic importance for both the Greek and the European economy. This agreement significantly broadens access to targeted funding for small and medium-sized enterprises and mid-cap companies, supports investment in dual-use technologies, innovation and productive upgrading, and contributes to the development of a strong, competitive and resilient ecosystem in Greece and across Europe.”

EIB – Piraeus Bank: a long-standing and trusted partnership in Greece

Over the years, the EIB has deployed in Greece a wide range of dedicated intermediated programmes via partner banks, aimed at accelerating the green transition, boosting technological innovation, supporting regional cohesion, promoting the Capital Markets Union and, through the present transaction, bolstering security and defence.

Piraeus Bank has been a long-standing and trusted partner of the EIB, with a strong track record in implementation and absorption, and has participated in all major intermediated programmes supporting the Bank’s strategic priorities in Greece.

Background information

About the EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. 

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.   

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers.Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. 

About Piraeus Bank

Piraeus Bank, established in 1916, is the leading financial institution in Greece, in terms of market shares in loans, deposits, and branch presence. The Bank provides a comprehensive range of financial products and services, with recognized leadership in SME banking, retail banking, digital banking, and capital markets. Headquartered in Athens and listed on the Athens Stock Exchange, Piraeus Bank employs approximately 7.4 thousand professionals and operates a nationwide network of 368 branches. As of 30 September 2025, Piraeus Group reported total assets of €83 billion.