EIB also approved last year record EUR 4.3 billion of financing for future projects in Greece
Strengthening of EIB and EIF cooperation with Greek partners strengthens COVID-19 response, energy transition, road safety and private sector growth
45% of financing support climate action and environmental protection
Annual financing provided by the European Investment Bank Group and the amount approved for future investment plans reached record levels in Greece last year. In 2020 EUR 2.8 billion of new support for high-impact private and public investment across the country was agreed between the European Investment Bank and European Investment Fund and Greek partners and a further EUR 4.3 billion approved by the EIB for future investment.
EIB Group financing in Greece last year represented the third largest engagement in the European Union as a percentage of national GDP. Furthermore, EIB financing in Greece represented the second largest per capita engagement in the EU
Details of the EIB’s highly important financial and technical support for long-term investment to help Greek companies overcome COVID-19 challenges, accelerate energy transition and harness renewable energy resources, and improve road safety were outlined earlier today by Christos Staikouras, Finance Minister of the Hellenic Republic and Governor of the European Investment Bank, Werner Hoyer, President of the European Investment Bank and Christian Kettel Thomsen, EIB Vice President responsible for Greece.
“2020 was a uniquely challenging year for Greece, Europe and the whole world, due to the coronavirus pandemic and its social and economic consequences. These consequences rendered necessary the support of households and businesses with the use of every available tool, instrument and resource. The Greek Government responded to this challenge to the maximum possible extent. The European Investment Bank Group has had a crucial contribution in this direction.
The close and fruitful cooperation between the Greek Authorities and the EIB’s dedicated Investment Team for Greece led to record-high financial results. The EUR 2.8 billion of new EIB and EIF financing agreed last year helps Greek companies – and, mostly, small and medium enterprises – to overcome the COVID-19 challenges and supports energy transition, climate action and investment in infrastructure. Furthermore, the EUR 4.3 billion of new financing approved by the EIB for Greece – which consists a historic high for EIB’s contribution in Greece and is almost three times higher compared to 2019 – guarantees that the EIB Group will further strengthen its role as a key technical and financial partner of Greece”, said Christos Staikouras, Minister of Finance of the Hellenic Republic and Governor of the European Investment Bank.
“The EIB Group is committed to supporting high-impact and transformational investment across Greece. Last year’s record EU Bank engagement to enhance economic resilience to COVID-19, increase climate action and support priority investment is only possible due to the close and continued cooperation between Greek authorities, business partners and the EIB Investment Team for Greece. EIB and EIF experts are learning from pioneering projects in Greece and sharing global best practice to help investment in Greece to deliver more. Looking ahead the impact of future EIB Group activity will be further strengthened by the record approval of new projects. The close partnership between Greece and the EIB Group is delivering and will be even stronger in the future” said Werner Hoyer, President of the European Investment Bank.
“EIB engagement is supporting business investment, transforming access to green energy and improving key services across Greece. The record EIB Group engagement last year is allowing thousands of companies to harnessing new opportunities and small-scale projects to deliver safer roads, better schools and protection from floods. This is only possible thanks to the shared commitment and dedication of our counterparts across the country and the EIB Investment Team for Greece.” said Christian Kettel Thomsen, European Investment Bank Vice President responsible for Greece.
Largest annual EIB support for climate action in Greece
45% of EIB financing in Greece last year will directly help to reduce carbon emissions and adapt to a changing climate.
This includes dedicated financing to encourage energy efficient investment and local projects to better protect homes and businesses from floods.
Reinforced EIB and EIF partnership helping companies invest and innovate
Last year the EIB Group provided EUR 1.2 billion for targeted credit lines managed by 11 leading Greek banks.
The new private sector financing is being used to support climate action, improve access to inclusive finance, encourage agricultural investment and help companies in sectors most impacted by COVID-19.
This includes EUR 423 million provided by the European Investment Fund, a significant increase on the EUR 29 million provided in 2019.
Supporting energy transition across Greece
Last year the EIB provided EUR 1.2 billion for energy investment in Greece.
This is supporting construction of new interconnections with Crete, which will allow the greater use of renewable resources in Greece’s energy mix, as well as enabling 7,000km of new electricity distribution infrastructure to be installed by PPC, improving reliable supply of electricity.
The EIB is also providing EUR 125 million to support construction of a new 826 MW power plant in Greece by Mytilineos S.A. that will allow greater use of renewable energy resources in the country, enabling the phasing out of lignite power generation in Greece by 2023, and cater for long-term energy demand.
Technical cooperation with Greece to share best practice and enhance project impact
Last year the EIB Group’s dedicated Investment Team for Greece provided technical expertise for 13 projects in Greece.
The EIB has also seconded financial experts to help set up the new Hellenic Development Bank and Recovery and Resilience Fund.
Pulses – also called legumes – are the edible seeds of plants from the pea family, cultivated for consumption.
They are a key ingredient in dishes and cuisines globally: hummus in the Mediterranean; baked beans in English diets, or dal in south Asian cuisine.
In many countries, pulses are also a part of the cultural heritage. For instance, in Nepal, Kwati, a soup made with nine varieties of pulses, is consumed during major festivals, and is a central element in the diets of expectant mothers.
Pulses do not include crops that are harvested green (such as green peas or green beans), or those used mainly for oil extraction or sowing purposes.
Pulses are an important source of protein, especially for vegetarians or for people who do not get enough protein by eating meat, fish or dairy. Furthermore, pulses are a healthy choice for meat-eaters, helping cut off excess fat from diets, and contain zero cholesterol. They are also a good source of dietary fibre, vitamins and minerals, especially iron and zinc.
In terms of gram-for-gram nutritional value, pulses are also far cheaper than meats or other sources of protein, offering an economical alternative.
Improving agriculture sustainability
The nitrogen-fixing properties of pulses improve soil fertility, increasing and extending the productivity of the farmland. In many regions, farmers plant legumes along with other crops, a practice known as intercropping, to improve yield and promote soil biodiversity.
Pulse crops are also known to fight off plant disease-causing pests, thereby reducing dependency on chemical fertilizers and pesticides. Pulses also produce a smaller carbon footprint, indirectly reducing greenhouse gas emissions, and contributing to climate action.
The World Day
The World Pulses Day, to be commemorated annually on 10 February, was established in 2018 by the UN General Assembly, which recognized the importance of pulses as well as their contributions to sustainable food production.
The General Assembly also highlighted the potential of pulses “to further the achievement of the 2030 Agenda for Sustainable Development”, urging efforts to heighten public awareness of their nutritional benefits of eating a variety of food, including pulses.
Fifteen years ago Jean Michel Mortreau was the successful owner of France’s first certified organic restaurant.
Jean Michel Mortreau: The passionate French chocolatier behind Le Chocolats de Pauline
The entrepreneur was – in his own way – following in the footsteps of his grandfather who, as a frontrunner in biodynamic agriculture, was a pioneer in the country’s organic farming movement in the 1960s.
Born into a farming family, Mortreau opted to take his knowledge and appreciation of organically-grown products into the dining industry.
Little did he know that his role as restaurateur would evolve into chocolatier through his organic chocolate company Saveurs & Nature. Nor that he would find himself pioneering the role of organic chocolates in travel retail.
As reported, Saveurs & Nature’s Les Chocolats de Pauline brand, which is exclusive to the channel, is set on extending its footprint in travel retail, following the appointment of long-time Valrhona executive Eric Carlier as Travel Retail Director.
The Moodie Davitt Report Founder and Chairman Martin Moodie caught up with Mortreua and Carlier to discover the passion and the principles behind the brand.
Martin Moodie: Before we consider Le Chocolats de Pauline’s development in travel retail, I’m intrigued: How did you both meet?
Eric Carlier: We met five years ago at TFWA Asia Pacific in Singapore. I knew of Jean Michel, as he was a ‘competitor’ in the chocolate category but I knew little about his Les Chocolats de Pauline. I discovered it was a small brand which produced particularly good chocolate; its packaging, however, was so-so. As time passed, I came to appreciate Jean Michel’s ethics and philosophy and, about a year ago, he asked me to join the company.
I joined because Les Chocolats de Pauline posed a challenge: the rebirth and total management of a small organic brand with a wonderful DNA, combined with its cooperation with the planters and its respect of the planet. These factors were important in my decision, as was Jean Michel himself as the passionate Master Chocolatier.
He began to write his story 20 years ago and now we probably have ten to 20 years to continue that tale.
Jean Michel, you founded Saveurs & Nature, which has a huge focus on organic products and sustainability, in 2005. How did that come about?
Jean Michel Mortreau: I was born into a farming family. My grandfather had started to farm organically in the west of France in 1962, at the beginning of the movement towards organic farming in the country. My family followed his example. They are primarily dairy farmers, with interests in some other crops.
I went to business school, and worked in the coffee industry until I was 35 when I decided to learn to cook. I attended a special school for adults who wanted to change their lives; I wanted to open an organic food restaurant.
At the start of the journey: Jean Michel Mortreau (second from left) at the outset of his organic businesses
With my wife, Valérie, I founded Resto’Bio, one of the first organic certified restaurants in France. It was not easy at first, as organic products, especially meat, were not readily available.
We offered our customers small chocolate treats with their coffee but I was not happy with the quality of the chocolate. So, I went to Paris to learn how to make it myself. Employees of regional organic shops became regular clients; they loved my chocolates and they wanted to sell them. I started producing bigger quantities and chocolate bars were first shelved in 2001. That is how my chocolate story began.
“I was making chocolate three days a week and the other two I would travel around France and sell it” – Jean Michel Mortreau
So you left the restaurant business?
Not straight away. I continued to manage the restaurant until 2005. It was good but Valérie and I have two children, Pauline and Augustin, and I wanted to spend more time with them. Meanwhile, our chocolates attracted more and more gourmet fans and in 2006 Valérie and I moved to Vendée (southern Loire region) to open our Saveurs & Nature chocolate factory.
Saveur & Nature: A chocolate factory with a difference
I was making chocolate three days a week and the other two I would travel around France and sell it. The aim was, and still is, to offer all chocolate lovers a sweet escape, an amazing taste experience. Creating good chocolates 100% organically grown was our very first objective.
Since then we have developed a wide range of organic chocolates; fifteen years on, we are more than 60 people, all chocoholics!
“My aim is to promote sustainability in every piece of chocolate, with the utmost respect for the people and resources of our planet” – Jean Michel Mortreau
Our distribution network includes organic shops in France and in over 20 countries. We are well known in Japan, Canada and Iceland and also in Belgium, Switzerland, Germany, Spain, Eastern Europe and in some Asian countries.
We have the best knowhow in organic chocolate in France, and perhaps all over the world. I have travelled extensively but have never seen chocolate like ours.
How would you describe the Saveurs & Nature philosophy?
My aim is to promote sustainability in every piece of chocolate, with the utmost respect for the people and resources of our planet. Our chocolates are 100% organic, made from certified cocoa beans and do not include soy lecithin, palm oil, gluten and preservatives. Cardboard packaging is sourced from sustainably managed forests.
My passion for chocolate leads me to respect the raw materials I use every day. Quality is very important.
You know, you can make a very beautiful product when you have the right ingredients. We work with short recipes and just a few ingredients. Organic and natural, that is all.
And your approach to cocoa production and supporting your supply chain?
Chocolate is a luxury product and most people do not know the reality of its production. Our approach to sourcing cocoa is a sustainable one that is very different to ‘normal’ chocolatiers. Helping cocoa producers is the second part of my business life.
When I started making chocolates I used couverture made in France. However, I wanted to know where the cocoa was coming from; I wanted to see and to test by myself.
In 2015 we improved our cocoa bean roasting. Our knowhow allowed us to produce chocolates by mastering their quality from the bean to the bar. It was also an opportunity to create direct links with cocoa farmers from all over the world.
I visited an organic plantation in the Dominican Republic and secured its entire production. I have done the same in other countries, including Madagascar and Tanzania.
On location in Madagascar: Jean Michel Morley is determined to get to know the people behind his cocoa beans and to support their lifestyle and their ability to farm cocoa sustainably
By creating a direct producer link, I made a commitment to better remunerating growers to enable them to improve their living and working conditions. We are also committed to ensuring that their mode of production is respectful of the environment and is part of a logic of sustainable development.
All smiles as Jean Michel continues his sustainability project in the Cameroon village of Bandoum. Here he is with the local sovereign, Fokoua Moses Edgar II
In 2019, in a small town in Cameroon I saw, for the first time in my life, poverty in paradise. I decided to help Bandoum farmers to convert to organic cocoa farming. This place, with its magical landscapes, gives us hope that one day every cocoa farmer in the world can make a decent living from his work.
We have incorporated our principles and beliefs into our Corporate Social Responsibility policy and everyone in my company is very happy with that.
How difficult was it to convince the cocoa farmers to change their growing methods? They would have worked with major companies, using very traditional methods, and of course sustainable methods are by definition more expensive.
First of all I had to prove that I was serious about making chocolate. I also had to get the farmers to understand that I was willing to invest in their product through my production programme. Initially it was difficult… but they started to understand the benefits of the changes they would have to make to secure organic and sustainable production.
“My passion for chocolate leads me to respect the raw materials I use every day. Quality is very important”
In Bandoum, for example, we financed the services of two agricultural engineers for three years to help local cocoa farmers understand the benefits of converting their plantations to organic agriculture and cultivating cocoa trees according to the principles of agroforestry.
Last year, in the same village, we financed the expansion of the village school and financially supported the teachers. Through our programme, the farmers and villagers learn the importance of education, the importance of stopping the use of chemicals and the importance of work.
It’s an agricultural programme that I am truly interested in. I was born on a farm; I can understand.
As with any great entrepreneurial journey, I suspect there were many difficult times along the way.
Yes, you are right. The organic chocolate market was difficult for a long time and sometimes it felt like we were working for nothing…
And the development of Les Chocolats de Pauline?
Le Chocolats de Pauline was launched five years ago as a dedicated product for Air France Business Class passengers and has since enjoyed listings in France through Lagardère Travel Retail.
It has all the Saveurs & Nature DNA; the difference is that it is exclusive to travel retail.
The brand is named after my daughter Pauline and it’s exactly like her: modern, smart, natural, concerned about environment and health, looking for simple pleasures and great tastes.
That is unusual in being solely available in travel retail. I can’t think of many brands, in any category, which are exclusive to the channel.
Eric Carlier is ready to tell the Les Chocolats de Pauline story to travel retailers
Eric Carlier:That’s true. But our objective is to offer a striking, organic, unique brand dedicated to travel retail.
Jean Michel and I both believe that travellers can influence other consumers. For example, when a First or Business Class passenger finds a treat on their tray, or served with their coffee, they are likely to talk about it, to want to find it after their flight. And what better place to find it than in travel retail at the airport?
Le Chocolat de Pauline has a great story to tell and we are rebranding to do just that.
Packaging has been redesigned to stand out and to emphasise the brand’s strongpoints: that it’s 100% organic and that its DNA is based on sustainability and a strong CSR policy.
The new-look products will be ready to roll out to travel retail in March.
How difficult is it to convince travel retailers that they should list a brand that is not known on the domestic market?
It is a bet, a wager, but Jean Michel and I are really confident because we see organic chocolate becoming very popular in coming years. We believe the demand will be huge but it will not be easy, of course.
I believe the main objective of many retailers right now, as we continue to move through this incredible crisis, is to try to reduce their offer in order to survive. However, they are also always looking for innovation and with us that is not just in the packaging. It is in the whole product equation; the organic factor and the wonderful story we have to tell.
“Today many consumers are not looking for cheap products. They want natural organic products with a story to tell; they want to know the product’s origin and whether the farmer is well paid or not. And that is good.” – Jean Michel Mortreau
Destination packs which highlight the brand’s organic DNA are part of the Les Chocolats De Pauline refresh
During the relaunch, we will tell that story on our new packaging. And, at the same time, we intend to improve communications through social media and digital tools.
Jean Michel Mortreau:Communication between the brand and its consumers is very important and we know we have not communicated enough in the past. My focus has always been on the product and its sustainable packaging. We stopped using plastic in 2008, we use sustainable bags and special palettes to support agroforestry. However, in trying to maintain the quality of our chocolates, communicating our message is sometimes forgotten.
“Be sure that in a few years organic chocolate will become the golden standard in travel retail” – Eric Carlier
How strong is the organic chocolate market in France and worldwide now?
In France, it has grown substantially over the last two years through increased distribution and the interest of bigger brands. Organic food accounts for around 8% of the French market. When I started it was 1.5%, and only through organic food shops which you can now find everywhere. That is very good for the environment, because increased distribution needs volume and organic farming is better for the planet.
However, in France distribution and negotiation is often difficult. As a small company, we deal with that by offering the best quality. Today many consumers are not looking for cheap products. They want natural organic products with a story to tell; they want to know the product’s origin and whether the farmer is well paid or not. And that is good.
I believe we can educate the industry because today’s consumers, especially younger people between the ages of 18 and 25, have more power than 20 years ago. This new generation is afraid for the planet’s future; they are aware of the disasters it faces. They are telling us that if we cannot make changes, they will. So, we have to show them that we are doing good.
And the likelihood of an organic confectionery/chocolate category in travel retail?
Eric Carlier:Be sure that in a few years organic chocolate – organic products – will become the golden standard in travel retail, especially as this pandemic comes to an end.
The world has changed because of COVID-19. New travellers, new customers, especially younger people will have different concerns; they will be more aware of what they are buying. Personally I have always been something of a gourmet consumer but my appreciation and consideration of organic products has changed over the past two years. Now when I go shopping – for myself and for my children – I look for the organic products.
Many major companies – in the cosmetics industry, for example – have changed production methods. Even among the leading chocolate brands one or two organic lines have appeared but it’s difficult because it’s not part of their DNA and production changes are complicated.
It is easier for us because the brand, and its owner company, are 100% organic from the beginning. We are nothing but organic.
Minimum wages to be raised above the poverty threshold
Labour laws and social security provisions must also cover platform workers
Women at higher risk of poverty than men
To fight inequality and in-work poverty, MEPs call for a minimum wage, equal labour conditions for platform workers and a better work-life balance.
The principle that ‘work is the best remedy for poverty’ does not apply to low-wage sectors, and those working under precarious and atypical working conditions. MEPs therefore urge the Commission and member states to include the prevention of in-work poverty in their overall goal to end poverty in the EU.
European directive on minimum wage
MEPs welcome the Commission’s proposal for an EU directive on adequate minimum wages, describing it as an important step to ensure that everyone can earn a living from their work and participate in society. The directive should ensure that statutory minimum wages are, where applicable, always set above the poverty threshold, they stress.They also make clear that employers should not deduct the costs for carrying out work, such as accommodation, the requisite clothing, tools, personal protection and other equipment, from minimum wages.
Equal labour conditions for platform workers
The legislative framework on minimum working conditions must be enforced for all workers as another important element of the fight against in-work poverty, MEPs underline. This includes atypical or non-standard workers in the digital economy who often work in precarious conditions. These workers must also be covered by existing labour laws and social security provisions as well as being able to engage in collective bargaining, they add.
Work-life balanceTransposing and implementing the Work-Life Balance Directive is key to fighting poverty and inequality, MEPs say. Given that women are more at risk of poverty and social exclusion than men, tackling the gender pay gap and guaranteeing access to affordable and quality childcare are important steps in this respect.
The text was adopted with 365 votes in favour, 118 against and 208 abstentions.
Quote
“The EU is one of the wealthiest regions in the world. However, 95 million Europeans live at risk of poverty. For this reason alone, we need urgent action to ensure a life free from poverty for all. Across Europe, we need social minimum standards and strong social security systems. We need wages and income that allow for a decent living. We should not allow economic interests to override social protection”, said rapporteur Ӧzlem Demirel (GUE/NGL, DE)
Background
According to Eurostat’s definition, individuals are at risk of in-work poverty when they work for over half the year and their yearly disposable income is below 60% of the national household median income level after social transfers. Eurostat figures show that 9.4% of European workers were at risk of poverty in 2018. Low wages have not increased at the same rate as other types of wages in many member states, exacerbating income inequalities and in-work poverty and reducing the capacity of low-wage earners to cope with financial difficulties.
Biggest building block of the Next Generation EU stimulus package
€672.5 billion in grants and loans to curb the effects of the pandemic
Funds will support key policy areas such as green transition, digital transformation, crisis preparedness as well as children and youth
Respect for rule of law and the EU’s fundamental values a prerequisite to receive funding
On Wednesday, Parliament approved the Recovery and Resilience Facility, designed to help EU countries tackle the effects of the COVID-19 pandemic.
The regulation on the objectives, financing and rules for accessing the Recovery and Resilience Facility (RRF) was adopted with 582 votes in favour, 40 against and 69 abstentions. The RRF is the biggest building block of the €750 billion Next Generation EU recovery package.
Curbing the effects of pandemic
€672.5 billion in grants and loans will be available to finance national measures designed to alleviate the economic and social consequences of the pandemic. Related projects that began on or after 1 February 2020 can be financed by the RRF, too. The funding will be available for three years and EU governments can request up to 13% pre-financing for their recovery and resilience plans.
Eligibility to receive funding
To be eligible for financing, national recovery and resilience plans must focus on key EU policy areas – the green transition including biodiversity, digital transformation, economic cohesion and competitiveness, and social and territorial cohesion. Those that focus on how institutions react to crisis and supporting them to prepare for it, as well as policies for children and youth, including education and skills, are also eligible for financing.
Each plan has to dedicate at least 37% of its budget to climate and at least 20% to digital actions. They should have a lasting impact in both social and economic terms, include comprehensive reforms and a robust investment package, and must not significantly harm environmental objectives.
The regulation also stipulates that only member states committed to respecting the rule of law and the European Union’s fundamental values can receive money from the RRF.
Dialogue and transparency
To discuss the state of the EU recovery and how the targets and milestones have been implemented by member states, the European Commission, which is responsible for monitoring the implementation of the RRF, may be asked to appear before Parliament’s relevant committees every two months. The Commission will also make an integrated information and monitoring system available to the member states to provide comparable information on how funds are being used.
Quotes
Siegfried MUREŞAN (EPP, RO), one of the lead MEPs involved in the negotiations said during the debate on Tuesday: “Today’s vote means that money will go to people and regions affected by the pandemic, that support is coming to fight this crisis and to build our strength to overcome future challenges. The RRF will help to modernise our economies and to make them cleaner and greener. We have set the rules on how to spend the money but left them flexible enough to meet the different needs of member states. Finally, this money must not be used for ordinary budgetary expenditures but for investment and reforms.”
Eider GARDIAZABAL RUBIAL (S&D, ES), one of the lead negotiators said: “The RRF is the correct response to the impact of the virus. It has two aims: in the short-term, to recover by supporting gross national income (GNI), investments and households. In the long-term, this money is going to bring about change and progress to meet our digital and climate goals. We will ensure that the measures will alleviate poverty and unemployment, and will take into account the gender dimension of this crisis. Our health systems will also become more resilient”.
Dragoș PÎSLARU (Renew, RO), one of the lead MEPs involved, said: “Europe’s destiny is in our hands. We have a duty to deliver recovery and resilience to our youth and children, who will be at the centre of the recovery. One of the RRF’s six pillars is dedicated especially to them, which means investing in education, reforming with them in mind and doing our bit for youth to help them get the skills they will need. We do not want the next generation to be a lockdown generation”.
Next steps
Once Council has also formally approved the regulation, it will enter into force one day after its publication in the Official Journal of the EU.
A pilot study in the city of Bol in Chad, which has suffered the effects of cross-border terrorism over many years, has shown that the provision of simple science-focused materials like a compass or protractor (which measures angles) is making a big difference to both teachers and pupils in one of the poorest parts of the Central African country.
Two young students in Bol, Chad show their work on a blackboard at school. UNICEF/Frank Dejongh
Ten teachers and 775 students, half of whom are girls, have received the supplies so far and it’s hoped eventually more than 12,000 will benefit.
