“The Hellenic Development Bank-HDB is now an integral part of the new banking map that outlines the development path of the country, after the acquisition of the investment grade,” its president and CEO, George Zavvos, said during the discussion of the Thessaloniki Summit 2023.
According to the estimates of all the European institutions in Europe, 620 billion euros will be needed for the green transition, as well as 125 billion euros on average per year for the digital transition, until 2030.
Regarding Greece, Zavvos stressed the need for a dynamic financial system capable of financing the biggest economic transformation the country has experienced, as it is in the eye of climate change and aims to become an energy and green transition hub, and the Hellenic Development Bank can contribute to this venture.
He explained that the recent Greek banking boom, following the acquisition of the investment grade and the high profitability of the Greek systemic banks, is largely due to the Greek plan “Hercules”.
In the new economic environment with focus on sustainable development of businesses, Zavvos presented the role of HDB as a modern development bank to facilitate the access of small and medium-sized enterprises (SMEs) to financing sources.
He pointed out that the role of development banks is now catalytic in covering market gaps, creating value for society. Therefore, they contribute to the country’s development strategy, with economic, social and environmental benefits.
“The Development Bank is not a substitute for necessary reforms but offers financing opportunities in key sectors that invest in projects of innovative, ‘green’ and social directions,” he added.
Referring to the key role that the Hellenic Development Bank can play in supporting, with innovative financial tools, the government’s development goals and the transformation of the country’s production model, he noted that HDB works as a multiplier mechanism for leveraging public resources and attracting additional private resources.
