The renaming of the Superfund to the National Development Fund marks a definitive milestone in the Greek economy’s transition from the defensive management of the crisis period to the active utilization of public assets as a lever for long-term prosperity. This historic institutional development was announced by the Minister of National Economy and Finance, Kyriakos Pierrakakis, during his keynote address at the “Growthfund Investor Summit 2026,” titled “Navigating the new geoeconomic order: Greece as a strategic hub for capital and growth.”
The minister emphasized that the new National Development Fund will serve as a catalyst for transforming the country’s production model. Amid a changing global geoeconomic environment, where the economy is once again closely intertwined with geopolitics, Greece is emerging as a strategic hub for capital. Having regained its investment-grade rating and achieved steady 2% growth alongside a drastic reduction in debt, the country is moving into a phase of strategic targeting.
Through initiatives such as the “Invest10” program, the Fund will channel capital into high-value-added sectors (such as artificial intelligence, data centers, and logistics). The goal is to strengthen national competitiveness and achieve convergence with Europe, with the ultimate aim of transforming economic progress into tangible social cohesion and better wages for citizens.
The following is the speech by the Minister of National Economy and Finance:
“Ladies and gentlemen,
I am particularly pleased to be here today at a conference that brings together representatives from the worlds of production, innovation, entrepreneurship, and investment—forces, in other words, that shape the country’s economic future.
The discussion on growth in Greece cannot be separated from the major strategic choices being made today at the European level, so I’ll start with that.
If I had to ask just one question about Europe, it would be:
Who will finance its future?
Who will meet the enormous needs arising from this new era in defense and security, energy independence, digital infrastructure, artificial intelligence, semiconductors, data centers, and the new networks that will essentially determine who the winners of the next decade will be?
The answer is clear.
Europe itself must invest in itself. It must make far more effective use of its own capital, its own savings, its own human resources, and its own productive base.
And at the same time, every Member State that wants to play a leading role in this new era must also invest in its own productive transformation.
Every major phase of European integration has historically been a response to a major challenge.
- The Single Market of the 1980s was the response to the fragmentation of European economies.
- The euro was the next major step, offering stability, confidence, and a shared economic horizon.
- Today, we are facing a third major cycle—one that concerns the integration of Europe’s investment and production sectors.
And this is happening because the world around us has changed dramatically. The geopolitical certainties of recent decades have been shaken. Tensions that until recently we considered unthinkable are now part of the new reality.
Developments in the Middle East and the uncertainty surrounding critical energy corridors remind us just how fragile the global balance remains. Energy can once again be transformed, in a matter of days, from a commodity into a tool of power. Technology is no longer merely a field of innovation or business competition; it is, in essence, a field of strategic dominance.
So, when the economy is so closely intertwined with geopolitics, Europe is called upon to prove that it still possesses the strategic confidence to take the next leap forward.
And the paradox is that it possesses nearly all the structural advantages needed to succeed.
It has massive savings, exceeding 10 trillion euros. It has a strong industrial base, undoubtedly world-class universities, high-caliber human capital, and mature institutions.
Europe’s problem, therefore, is not a lack of resources. It is that, all too often, the whole yields far less than the sum of its parts would justify.
European savings finance growth outside Europe. European companies seek capital in third countries to expand. Energy markets remain fragmented. And this creates costs that ultimately translate into lower competitiveness.
The answer lies, in fact, in deeper economic integration. In a Europe that is more interconnected, coordinated, and capable of mobilizing capital for strategic investments. And it is from this European framework that any serious Greek discussion on development must begin.
Friends,
The Greek economy today is clearly no longer the economy of the crisis. This does not mean—and I will be the first to say—that all problems have been solved. It does mean, however, that the country has now moved into a different league. It has regained credibility, it has regained its investment grade rating, and, most importantly, it has proven that it can combine growth with fiscal responsibility.
We are growing at a rate of around 2%.
This is significantly higher than the European average. Unemployment has fallen to 8%. We are close to reaching a historic low in unemployment. As you all remember, we once had unemployment rates exceeding 27%.
Investment increased in 2019, when Kyriakos Mitsotakis became Prime Minister. Investment stood at around 11% of GDP, with the European average at 21.2%. It exceeded 17% in 2025.
Exports have also increased dramatically as a percentage of GDP. When Greece entered the crisis, exports accounted for 20% of GDP; now they stand at 42%, though the European average, of course, is around 51%.
So, in terms of investment and exports—which are at the heart of the transformation of our economic model—the country enjoys political, fiscal, and economic stability. We are on a path toward a complete transformation of our economic and productive model—one that is extremely beneficial and positive, though it has not yet been completed.
And of course, to reiterate what both the Prime Minister and I mention and emphasize very often—public debt: we have seen the largest change in this regard.
From 154.2% of GDP in 2024, the forecast puts it below 120%—specifically, 119% in 2029. And let me remind you that after COVID-19, we had exceeded 200%. We have the fastest reduction in public debt in the world.
A few days ago, in this regard, Greece made another early repayment of loans from the first “costly” memorandum, amounting to 6.94 billion euros. This secures annual savings of over 200 million euros in interest. In other words, for every billion euros we repay early, the Greek economy saves approximately 30 million euros in interest annually.
The benefit of such actions is deeply rooted in economic growth. Every early repayment strengthens the economy’s resilience, reduces uncertainty, and fuels a cycle of credibility—a cycle that improves the overall cost of financing: for the government, for businesses, and, ultimately, for the entire economy.
And I would say that the message of choosing not to pass the bill on to the next generation is certainly deeply political.
But beyond that, it is precisely this change that allows us to shift from a crisis-management mindset to a strategic one. And in this transition, the Superfund plays a central role.
For many years, the institution was associated with the era of the memoranda, with a sense of surveillance, and with a defensive approach toward public assets. Today, however, the real question is not what the Superfund once symbolized, but what role it can play now.
The answer is that it can indeed serve as a catalyst.
Today, the Superfund manages assets totaling approximately 12.3 billion euros, has a portfolio of 23 subsidiaries and equity investments, a presence in 11 strategic sectors of the economy, and more than 25,000 employees across its companies. These figures reflect investments in critical national infrastructure in the sectors of energy, transportation, logistics, real estate, and networks.
And this is where the major qualitative difference from the past lies, because for decades in Greece we talked about competitiveness almost in theoretical terms. We knew the formula: more investment, better infrastructure, productivity improvements, and more efficient management; however, what was missing was the institution that could coordinate all these areas and turn them into a real catalyst for growth.
This is the strategic role of the Growthfund. It is the entity that can mobilize capital, bring projects to maturity, and accelerate investments in key sectors of the economy.
This specific need is linked to an initiative that I consider of pivotal importance for the coming decade: Invest10.
Invest10 is not just another investment program, nor is it a strategic planning exercise on paper. It is a conscious effort to answer a critical question:
In which sectors do we want Greece to succeed over the next decade?
Because a country does not grow simply by attracting more capital. It grows when it directs capital to where the greatest added value is created—where lasting competitive advantages are built.
In collaboration with McKinsey, the Ministry of National Economy and Finance, and Growthfund, they are systematically mapping out the sectors that can serve as growth multipliers for the country. Invest10 is designed to serve as a mechanism for strategic focus, based on the premise that a mature economy must know where it has comparative advantages and where it should accelerate its efforts.
We’re talking about sectors of the new economy, such as semiconductors, data centers, artificial intelligence, digital infrastructure, and high-tech startups. At the same time, however, we’re also talking about sectors in which Greece already has a strong foundation, such as infrastructure, energy, logistics, agri-food, medical tourism, and the so-called “silver economy,” economy of longevity—the economy centered on longevity, health, and quality of life in old age.
This dual focus is absolutely useful and critical, because growth does not come solely from the new, nor solely from the traditional. It comes from a country’s ability to link its productive present with the technologies of the future.
That is why I believe the discussion on competitiveness must break free from outdated, stereotypical approaches. Competitiveness is judged in practice, by very specific metrics: the cost of energy for an industry, access to financing, the time required to obtain a permit for an investment, the speed at which products are transported from one of our ports to a European market, labor productivity, and, ultimately, the state’s ability to function not merely as a non-obstacle, but as a catalyst.
The Superfund lies at the intersection of all these variables. It influences infrastructure, transportation, energy, real estate, and strategic investments. In other words, it has the ideal vantage point to view the economy not in isolation, but as a unified and functional whole.
At this point, the Greek strategy once again converges with the European one. The more Europe deepens its capital markets, the more it integrates its energy market, and the more it invests in shared infrastructure, the greater the value of national institutions such as the Superfund becomes.
- The value of a Greek port multiplies when Europe functions as a truly unified logistics market.
- The value of energy infrastructure increases when there is deeper energy integration.
- The ability to finance major Greek projects expands as European capital markets become more mature and efficient.
However, as important as these aspects may be, there is a deeper question that we must answer honestly every time we talk about development. Why do we want more investment? Why are we striving for greater competitiveness? Why do we insist on infrastructure, productivity, and outward orientation?
The answer cannot simply be “to increase GDP.”
GDP is a critical indicator, but it is not the ultimate goal of policy. The ultimate goal is to improve the lives of citizens. If growth does not translate into better wages, more opportunities, greater social mobility, greater security for the middle class, and a stronger welfare state, then it loses part of its political and social legitimacy.
Long-term competitiveness requires social cohesion and a fair distribution of opportunities. Societies that feel excluded from progress do not support the reforms needed to sustain growth.
That is why the issue of investment is, in essence, a matter of the country’s strategic direction. It concerns Greece’s production model, the acceleration of real convergence with the European average, and the transition to a new era, in which the country will not merely measure its progress in relation to the crisis, but in relation to Europe’s strongest economies—and this is entirely achievable.
Ladies and gentlemen,
Institutions are never neutral. They carry history, memories, and symbolism.
The Superfund was created during a time of crisis, when the debate surrounding public assets was framed in terms of fear, surveillance, and restriction.
That Greece is not the Greece of today. And now is the time to reflect this change institutionally. Let us leave behind once and for all not only a difficult period, but also the vocabulary that accompanied it.
Today we are announcing a change with substantive content and equally powerful symbolism.
The Superfund is being renamed the National Development Fund.
Because that is now its role: to transform public assets into productive capital, to mobilize investments, and to serve as a lever for long-term growth.
The time is now.
Greece cannot wait. It must invest, accelerate, and take bold action.
It must remove fear from the equation of the future.
It must erase “no” and “it can’t be done” from its collective vocabulary.
Thank you very much.”
Statement by Kyriakos Pierrakakis upon the signing of the Concession Agreement for the development of the “Captain Vasilis Konstantakopoulos” Kalamata International Airport between the Greek State, the Superfund, and the FRAPORT AG consortium – DELTA AIRPORT INVESTMENTS S.A. – PILEAS S.A.
“The signing of the Concession Agreement for the development of Kalamata International Airport marks a paradigm shift for all of us—and for the country as a whole—as well as for the entire region of Messinia and the entire Peloponnese.
A modern airport is a region’s showcase. It is the point where tourism, trade, entrepreneurship, and, ultimately, the development prospects of an entire region converge.
Kalamata International Airport “Captain Vasilis Konstantakopoulos” has already outgrown the scope of a local facility. With steadily increasing passenger traffic and more than 92% of passengers arriving on international flights, it has become a key gateway connecting the southern Peloponnese with the world.
The agreement we are signing today carries particular significance. The 120 million euros to be invested in infrastructure upgrades—28.3 million euros of which will be allocated within the first three years—constitute a strong affirmation of this region’s prospects.
It is also of great significance that the Greek government, through the National Investment Fund, holds a 10% stake in the concessionaire company, playing an active role in the momentum of local development and the value it generates.
Ladies and gentlemen,
With the signing of this contract, we are strengthening the outward-looking nature, competitiveness, and potential of an entire region.
Kalamata, the Peloponnese, and, together with them, all of Greece are gaining yet another strong pathway to the future today.”