“A few years ago, a gathering of sovereign wealth funds in Greece would have been almost unthinkable. At the time, we did not even have a sovereign wealth fund. And Greece was at the centre of a debt crisis that threatened the stability of the entire eurozone. Today, some of the world’s largest sovereign wealth funds have gathered in Athens. That says a lot about how much Greece has changed”.
Deputy Prime Minister Kostis Hatzidakis made the remarks on Friday, speaking at the annual meeting of the International Forum of Sovereign Wealth Funds, which is being held in Athens.
“Today”, he added, “our economy is growing faster than the European average. We have created more than half a million new jobs. Investment has nearly doubled. Public debt has fallen by more than 70 percentage points. And Greece has regained investment-grade status.
The next challenge is to build on the progress we have made, raise productivity further and converge with Europe’s most advanced economies. To achieve this, we need something you have: capital invested with a long-term horizon to support new infrastructure, technology and productive investment. But we also have a great deal to offer in return”.
As Mr Hatzidakis noted, this includes:
A stable and predictable economic environment. “Our public finances are strong, with budget surpluses and public debt on a clear downward trajectory. Our banking system is now in very good shape. Our stock exchange has regained developed-market status and is part of Euronext. We also benefit from the stability provided by the euro and the European regulatory framework. Above all, we have a stable government with a consistent reform programme”.
The country’s position at the crossroads of major energy, trade and digital routes creates significant investment opportunities. “In energy, we are investing in renewables, storage and cross-border interconnections, strengthening our role as a regional hub. In transport, we are modernising and connecting ports, airports and railways to become a major gateway for trade between Europe and the wider Mediterranean region. We are also developing new digital infrastructure, including significant investment in data centres. A recent example is the agreement between PPC and Amazon Web Services to develop a large data centre in Western Macedonia, with an initial planned capacity of 300 megawatts. In the defence sector, Greek companies are developing innovative technologies with the support of the Hellenic Centre for Defence Innovation, in which GrowthFund holds a 33% stake”.
Mr Hatzidakis said a telling example of the progress made in establishing Greece’s sovereign wealth fund was the transformation of GrowthFund itself.
“From an organisation focused mainly on managing public assets and repaying public debt to our creditors, it has become a modern national investment organisation with the aim of creating long-term value. For me personally, this is particularly gratifying, because as finance minister I had the opportunity to play a leading role in this transformation two years ago. The legislation we passed in 2024 was an important step in that direction”.
He also referred to the establishment of the Hellenic Fund for Innovation and Infrastructure. “A new investment vehicle designed to deploy capital in areas of strategic importance to Greece, such as energy, transport and digital infrastructure, the green and blue economy, critical raw materials and advanced technologies such as artificial intelligence.
Earlier this week, the Fund announced its first investment, worth 35 million, in a leading European space technology company. This is the model we want to develop: strategic investment, technological capabilities and attractive financial returns reinforcing one another”.
“Today”, Mr Hatzidakis concluded, “systemic crises are becoming more frequent. Geopolitical fragmentation is introducing new risks to the global economy. And investment decisions are becoming ever more closely linked to economic security. In this environment, sovereign wealth funds, by taking a long-term view, can help create assets that retain their value across economic cycles. They can build more resilient economies.
For Greece, attracting this kind of capital is vital to. We are not simply seeking to finance specific projects. We are seeking to build long-term partnerships that create shared value and support sustainable growth. We have opened a new chapter and are determined to keep moving forward”.