The European Bank for Reconstruction and Development (EBRD) has approved a senior secured loan of up to €108.35 million for Olympic Commercial & Tourist Enterprises SA in Greece, according to a press release

Olympic Commercial & Tourist Enterprises SA, a car rental and leasing firm based in Greece, serves as the master franchisee for Avis Budget Group. With a fleet comprising around 60,000 vehicles, the company holds a leading position in the Greek market.

This financing, consisting of €40.6 million from the EBRD and €67.7 million from RRF loans facilitated through the Greek Ministry of Finance, will aid Olympic’s transition towards electric vehicles (EVs) in its leasing and rental portfolio. The total Project cost of €135.43 million will be funded from the €108.35 million proposed debt-financing package and €27.09 million from Olympic’s own funds. 

The project marks the fifth sub-operation under the EBRD’s Greek Recovery and Resilience Facility (RRF) Co-Financing Framework, aligned with Greece’s “Greece 2.0” National Recovery and Resilience Plan, funded by the European Union’s (EU) NextGenerationEU programme.

The primary objective of the loan is to fund the purchase of new EVs, replacing Internal Combustion Engine (ICE) vehicles in Olympic’s leasing and rental fleet. With a total project cost of €135.43 million, this initiative promotes the adoption of cleaner urban transport and supports Greece’s decarbonisation goals.

The financing provided by the EBRD will enable Olympic to accelerate the deployment of zero-emission vehicles, addressing low electric vehicle penetration in the market and contributing to sustainable transportation objectives.

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The EBRD’s financing offers additionality by facilitating Olympic’s access to competitive RRF financing, supporting the adoption of innovative EV technology.