IFC and Greece
Partners in Private Sector Development




OVERVIEW

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in
emerging markets. Working in more than 100 countries, IFC committed a record $43.7 billion in own-account investments
and mobilization from third parties to private companies and financial institutions in developing countries in fiscal year
2023 (FY23).* Between 2015-2020, at the request of the Greek government, IFC was authorized by its Board to make
direct investments in Greece to restore investor confidence and act as a catalyst to mobilize private sector capital. IFC’s
engagement in Greece ceased at the end of 2020. As of FY23, IFC’s long-term committed portfolio with Greek sponsors
in emerging markets amounted to over $12 million, while IFC’s long-term committed portfolio in Greece stood at $53
million.


     IFC’s Long-Term Investment Portfolio with Greek Sponsors
     As of FY23 (ending June 2023), IFC ’s long-term investment portfolio with Greek sponsors amounted to $12 million. Greek private
     sector companies and banks have benefited from co-investments with IFC while making notable contributions to development.



           IFC Long-Term Investment Portfolio as of June 2023                IFC Long-Term Investment Portfolio as of June 2023
               by Industry with Greek Sponsors ($12million)                      by Region with Greek Sponsors ($12 million)




     IFC’s Long-Term Investment Portfolio with Global Sponsors in Greece
     As of FY23 (ending June 2023), IFC ’s long-term investment portfolio with global sponsors amounted to $53 million.



                                                                          Mobilization: As of June 2023, Greek FIs held close to $27
                                                                          million in IFC Syndicated Loans.

                                                                          Global Trade Finance Program (GTFP): As of June 2023, IFC
                                                                          had issued 14 guarantees amounting to over $3 million in favor
                                                                          of Greek confirming banks since the program began in 2005.
                                                                          The most active confirming bank is EFG Eurobank.




*The World Bank Group fiscal year runs from July 1 to June 30 of the following
calendar year.
    Examples of Successful Cooperation in Greece


                                   Hellas Direct
                                   In January 2018, IFC became a shareholder in Hellas Direct, a pioneering Greek startup in
                                   the digital insurance industry. The investment will help to diversify Greece’s financial sector
                                   and make car insurance available to more Greeks. IFC initially invested €3.5 million in Hellas
                                   Direct as part of a €7 million equity offering by the company, and invested an additional
                                   €1 million in 2020 to support the company’s expansion in Romania. Hellas Direct aims to
                                   increase insurance penetration in Greece and Romania and bring further transparency
                                   and fairness by reducing commissions and eliminating hidden fees. The project supports
                                   IFC’s strategy to promote technology-driven innovation in the financial sector by spurring
                                   economic growth and fighting poverty.




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                                                                            Germany
                          Tel: +32 2 522 00 39     Tel: +33 1 4069 3060     Tel: +49 69 743 48230              Tel: +44 207 592 8400




September 2023