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Piraeus Bank Launches Initiative for Restoration of Fire-Hit Areas

Piraeus Bank fires
Piraeus Bank donates 1.5 million to fire affected areas. Credit: Piraeus Bank

Piraeus Bank announced on Tuesday the donation of €1.5 million ($1.8) to support actions for the sustainable restoration of the damages incurred by the recent fires in Greece.

In an announcement, Piraeus Bank says it stands by all the households and businesses that have suffered damages from the recent devastating wildfires.

It adds that it is closely monitoring the restoration progress for the damaged areas and is ready to contribute alongside the Greek State to the planning and implementation of substantial actions across all levels.

As per the UN Principles for Responsible Banking, which Piraeus helped create along with 29 other banks worldwide to guide the banking industry toward a sustainable future, the Bank is initially increasing its sponsorship program by €1.5 million in order to support reforestation and restoration of fire-hit areas.

At the same time, Piraeus is supporting major initiatives aimed at the restructuring of the agricultural economy and the reopening of businesses hit by the fires. The Bank is also proceeding with the establishment of an Agricultural Observatory in Northern Evia.

Piraeus Bank announces specific measures

According to the announcement, in the forthcoming period, Piraeus will proceed with additional actions aimed at the following:

1. Participation in the restoration program planned by the Greek State for the fire-hit areas, by taking specific actions for infrastructure and transition of local economies to a sustainable growth

2. Products and services specially designed for the protection of the environment and for addressing climate change

3. Immediate actions to restore and ensure the sustainability of agrifood businesses hit by the fires

4. Provision of clothing and school supplies to schoolchildren in the affected areas ahead of the new school year

5. Scholarships for students from the affected areas to cover accommodation and transportation costs ahead of the new academic year.

The aforementioned initiatives follow the measures that were already announced on August 10, 2021, by the Hellenic Bank Association, which Piraeus Bank has immediately executed, regarding the suspension of loan payments and a six-months suspensions of any enforcement proceedings for businesses and households hit by the fires.

Piraeus Bank’s employees, who in the past have supported many social initiatives, will also actively participate in this endeavor.

This comprehensive action plan, with a two-pronged objective — on the one hand to restore nature and on the other hand to tackle climate change — will soon be presented by Piraeus Bank as part of its corporate responsibility and its overall ESG (Environment-Society-Governance) strategy, the announcement says.

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