The Vice-President of the European Investment Bank, Ioannis Tsakiris, and Greek Minister of Infrastructure and Transport, Christos Staikouras, signed the agreement to support the modernisation of Greek rail network.
Under the agreement, EIB will advise Greece on its planned major upgrade of the national railway network to improve safety, punctuality, and sustainability. 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 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. 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 EIB Vice-President said.
Strategic priorities for Greece’s railway sector cover the modernisation and development of the railway network, aligning with TEN-T requirements.
Key strategic priorities outlined for the Greek rail sector include the completion of Patras – Athens – Thessaloniki – Promachonas (PAThEP) corridor, a crucial part of the TEN-T network. Part of the plan also includes the expansion of rail connections to ports and industrial zones, strengthening the economic infrastructure and the facilitation of cross-border rail connections with Europe to enhance regional connectivity.
The EIB will “provide a coherent strategic business plan, which will serve as a valuable guide in the organisational efforts of the new entity. This plan will support the government’s priorities for developing a modern, safer, faster, and fully interoperable Greek rail network, in line with the requirements of the Trans-European Transport Network and the standards set by the European Union. By utilising the know-how offered by the EIB, we are creating a sound and rational framework on which this crucial reform of the railway sector will be based,” the minister said.
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 6 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.
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.
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