The European Investment Bank (EIB) has signed a new €250 million financing framework with the Athens Water Supply and Sewerage Company (EYDAP) to support a €514 million investment programme designed to modernise and upgrade water supply and wastewater services for more than 4 million residents in the Attica region. This agreement marks a milestone for EYDAP, as it secures long-term financing for the first time to implement its strategic investment plan.
The investments, to be carried out between 2025 and 2030, will strengthen the reliability, safety and sustainability of water services in one of Europe’s most densely populated metropolitan areas. At the same time, they will support Greece’s adaptation to climate change by enhancing resilience to drought and reducing the environmental footprint of urban water networks.
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.
EIB Vice President, Yannis Tsakiris said: “Access to clean and safe water is a fundamental right and a cornerstone for public health, social cohesion and economic resilience. With today’s agreement, EYDAP takes a decisive step to modernise its infrastructure and provide high-quality water and wastewater services to more than four million citizens in Attica. Smart meters, digital systems, energy-efficient solutions and modern installations will reduce water losses, cut emissions and make Athens more resilient to climate challenges. At the European Investment Bank, we are proud to support this strategic investment with both financing and technical expertise, helping the Athens metropolitan area become more sustainable and resilient for future generations.”
Minister of Environment and Energy, Stavros Papastavrou, said: “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. EYDAP and the European Investment Bank are joining forces in the fight against drought. With modern networks and installations, with the use of technology to reduce water losses and with lower operating costs, we are correcting chronic weaknesses and ensuring everyone’s right to quality, sufficient and affordable water. Because water is a public good, invaluable and irreplaceable – the very source of life.”
EYDAP Chairman of the Board, Giorgos Stergiou said: “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. This cooperation will accelerate projects that benefit millions of citizens in Attica by modernising old sections of the network, resulting in fewer leaks and fewer water supply interruptions.”
EYDAP CEO, Haris Sachinis, said: “We are excited to partner with the European Investment Bank on a project that supports our vision of transforming EYDAP into a modern water and wastewater infrastructure company that fully meets the challenges and opportunities of climate change. Our investment programme is vital to ensure that we continue to provide safe, reliable and efficient water services to our customers, while addressing future water management challenges.”
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
In addition to financing, the EIB Advisory supported EYDAP during the preparation of the investment programme through the InvestEU Advisory Hub, helping to shape a comprehensive and climate-resilient strategy. The support provided was very much appreciated by EYDAP, who has expressed interest in continuing the cooperation in the context of the InvestEU Advisory Hub and also exploring further synergies between EIB Advisory Support and EYDAP’s own project preparation funds in order to achieve even bigger impact.
This investment forms part of EYDAP’s broader infrastructure plan, which totals approximately €2.1 billion. The EIB loan will cover up to 50% of the current €514 million programme, with the remainder loan financed by the company’s own resources and potential commercial.
