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There are some EUR 4 billion investment projects on paper which were considered to have been secured through the Recovery Fund (TAA), but because of lack of money they will not proceed. This is about large energy projects, tourism and commercial projects or real estate by high capitalisation companies which, while in a hurry to submit a comprehensive funding request by the end of May, will eventually not join the TPA as its resources are depleted.
The abnormal landing of the Recovery Fund was evident as early as the end of 2025. Then the Ministry of National Economy and Finance, finding that there were delays in the absorption of the recovery fund's loan resources and in the light of the review of the programme, decided to transfer around EUR 2 billion to Greek Development Bank (IFT) so that these funds are not lost.
It also decided to speed up the deadline for submission and approval. financing applications, effectively transferring deadline three months earlier, from late August to late May.
This change worked as an alarm signal for banks and businesses, which rushed en masse to «lock» the cheap financing of the Recovery Fund before the deadline expires. The result was to submit within a short period of time requests for multiple funds available, resulting in a significant number of investment projects currently excluded from funding. According to estimates from banks, the additional projects submitted relate to loans of 4 billion, almost twice what was available.
It is recalled that TAA loans – after the transfer of 2 billion to EBA – were EUR 13.5 billion and by the end of March EUR 9.5 billion had been allocated.
The funding applications exceeded the available funds.
«We didn't change the amount or the rules.», stated in «M» source of the Ministry of National Economy, «showing» the banks «grew» their customers, as he argues, «expectations for financing much larger than the funds actually available»In particular, while explaining the Ministry's decision to transfer the EUR 2 billion to EBA, it argues that this was done in consultation with banks. Moreover, if it did not move forward, the money would be lost and the country would pay a fine of 700 million that would directly affect the budget deficit.
The criticism that they cultivated excessive expectations is rejected by banks, which point out that these projects had been pre-approved and submitted within the prescribed deadline. They are even talking about «Indifference on the part of the state for the business world», which was charged with high consultant costs of EUR 100,000 in order to catch the deadline, without finally being able to benefit from funding.
Sources of the ministry clear «that there is no way that anything will change in design», suggesting that whoever caught up in time. The procedure provides that projects will be prioritised on the basis of method «first in first out», i.e. requests will be met according to the date of their submission, which it has caused «pomegranate» but also irritation between banks and entrepreneurs, without of course any efforts to prioritise specific investment projects.
According to banking sources, the projects that will remain unclaimed are projects of large energy and tourism groups, but also of medium-sized enterprises, whose fate – beyond those for which the money has been secured – will depend on whether they are viable on the basis of conventional Bank financing. «Some of them will go ahead and some will be cancelled.», highlights features of head of a large bank.
Από την πλευρά των επιχειρήσεων, η επίσπευση των τελευταίων εβδομάδων αποδίδεται στην προσπάθειά τους να «κλειδώσουν» τώρα τη φθηνή χρηματοδότηση του ΤΑΑ, ενόψει της ανόδου των επιτοκίων που, όπως όλα δείχνουν, δεν θα αποφευχθεί μετά τη διαφαινόμενη κορύφωση της κρίσης στη Μέση Ανατολή. Εργα χαμηλότερου προϋπολογισμού θα μπορέσουν πιθανότατα να χρηματοδοτηθούν από την ΕΑΤ μέσω των ειδικών προγραμμάτων που εκπονεί.
