The €250 million EIB financing will support EYDAP’s first large-scale investment programme, aiming to improve water supply and wastewater services for more than 4 million citizens in Attica.
Strategic upgrades include smart meters, digital systems and energy-efficient infrastructure to cut emissions and reduce water losses.
The project reinforces EU climate, environmental and social cohesion objectives, helping Athens adapt to drought and continue implementing EU water directives.
The Athens Water Supply and Sewerage Company (EYDAP) and the European Investment Bank (EIB) have inked a new €250 million financing framework to support a €514 million investment program aimed at modernizing and upgrading wastewater and water supply services for over 4 million people in the Attica region. For the first time, EYDAP has obtained long-term funding to carry out its strategic investment plan, so this agreement represents a significant milestone.
The investments, which are scheduled to be implemented between 2025 and 2030, will improve the sustainability, safety, and dependability of water services in one of the most crowded metropolitan areas in Europe. By strengthening drought resistance and lessening the environmental impact of urban water networks, they will also aid Greece’s climate change adaptation.
Modern infrastructure for a sustainable future
The investment programme includes a wide range of projects with long-term benefits for citizens and the environment, such as:
Replacement and modernisation of water supply and wastewater networks
Upgrading of drinking water and wastewater treatment plants
Installation of smart meters to improve efficiency and reduce losses
Deployment of digital systems and automation in the network
Energy efficiency measures to reduce operating costs and emissions
These upgrades will improve the quality of drinking water, protect public health, reduce pollution, and help Athens adapt to the impacts of climate change. They will also ensure continued compliance with EU water and environmental directives.
“Access to clean and safe water is a fundamental right and a cornerstone for public health, social cohesion, and economic resilience,” stated Yannis Tsakiris, vice president of the EIB. With today’s agreement, EYDAP makes a significant move to update its infrastructure and offer more than four million Atticans high-quality water and wastewater services. Modern installations, energy-efficient technologies, smart meters, and digital systems will lower emissions, minimize water loss, and increase Athens’ ability to withstand climate change. In order to help the Athens metropolitan area become more resilient and sustainable for coming generations, we at the European Investment Bank are pleased to provide both financial support and technical assistance for this strategic investment.
“The long-term financing of EYDAP by the EIB, for the first time with the aim of implementing a strategic investment plan, confirms our determination to address water scarcity – a chronic problem for our country – while at the same time improving services for four million citizens in Attica,” stated Stavros Papastavrou, Minister of Environment and Energy.
The European Investment Bank and EYDAP are collaborating to combat drought. We are fixing long-standing flaws and guaranteeing everyone’s right to high-quality, sufficient, and reasonably priced water by utilizing contemporary networks and installations, technology to minimize water loss, and reduced operating expenses. Since water is the foundation of life, it is a public good that is priceless and irreplaceable.
“The signing of this agreement between the European Investment Bank and EYDAP highlights the trust of the EU’s leading investment arm in our company and in our ability to design and deliver major and critical infrastructure projects,” stated Giorgos Stergiou, Chairman of the Board of EYDAP. By updating outdated portions of the network, this collaboration will speed up projects that benefit millions of Atticans and reduce leaks and water supply disruptions.
Haris Sachinis, CEO of EYDAP, stated: “We are thrilled to collaborate with the European Investment Bank on a project that advances our goal of establishing EYDAP as a cutting-edge water and wastewater infrastructure organization that fully embraces the opportunities and challenges presented by climate change. In order to meet future water management challenges and guarantee that we continue to offer our customers safe, dependable, and effective water services, our investment program is essential.
Supporting national reform and European climate goals
The financing comes at a time when Greece through authorities such as the independent regulator for water and wastewater services (RAAEY) is introducing important reforms to modernise water regulation.
The operation supports not only infrastructure upgrades, but also broader policy goals, including:
Climate action and environmental sustainability
Social and territorial cohesion, as Attica is classified as a “transition region” under EU Cohesion Policy
The EU’s Water Resilience Initiative and Green Deal
Greece’s national strategy for sustainable and affordable water management.
Advisory support and long-term planning
Through the InvestEU Advisory Hub, the EIB Advisory provided EYDAP with financial support as well as assistance in developing a comprehensive and climate-resilient strategy during the investment program’s planning. In order to make an even greater impact, EYDAP has indicated that it would like to continue the collaboration within the framework of the InvestEU Advisory Hub and explore additional opportunities for collaboration between EIB Advisory Support and EYDAP’s own project preparation funds.
This expenditure is a component of EYDAP’s larger infrastructure plan, which has a budget of about €2.1 billion. Up to 50% of the current €514 million program will be covered by the EIB loan; the remaining loan balance will be paid for by the company’s own funds and possible sales.
Source : EIB
