The European Investment Bank (EIB) has loaned $298 million to help fund upgrades to 14 regional Greek airports, according to a European Commission press release.
The loan will refurbish and modernize terminals and improve safety and infrastructure at the airports. Tourism is a key industry in Greece, and these updates could lead to even more incoming and outbound travel, the release stated.
“The European Investment Bank is pleased to be investing in this nationally and regionally important project," EIB vice president Jonathan Taylor, who is in charge of Greek operations, said in the release. "It will create jobs, and provide a major boost for tourism - a sector that has proved its importance, and resilience, during the crisis. The EU Bank will support further investments in Greece that promote growth and help create sustainable and high quality employment."
Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs, said in the release that updated and modern infrastructure is vital to boosting Greece's economic recovery.
“This requires sustained investment to ensure that it achieves its full potential to create jobs and spur growth,"Moscovici said. "This is a prime example of the type of investments the European Commission is committed to support, as they bring growth and development."
The 14 airports that will be revitalized served approximately 25.2 million passengers last year, according to the press release.
European Investment bank loans $298 million for updates at 14 Greek airports