ATHENS Feb 9 Greek real estate company Grivalia
Properties has arranged a 50 million euro ($53.41
million) credit facility with the World Bank's International
Finance Corporation (IFC), the IFC said on Thursday.
Grivalia will use the long-term loan facility to improve
energy efficiency in its real estate portfolio and for
The company manages a commercial property portfolio in
Greece and eastern Europe including office, retail and logistics
assets rented by banks, retailers and manufacturing companies.
Its main shareholder is Canada's Fairfax Financial Holdings
with a 41.5 percent stake.
The IFC invests in emerging markets through equity and loans
and currently about 640 million euros in exposure to Greece
after supporting the recapitalisation of its main banks.
"Our engagement in the business infrastructure space is
about rebuilding confidence in Greece," IFC Regional Director
for Europe Tomasz Telma told reporters. "Our role is to be a
catalyst, take the early risks and bring the private sector in."
($1 = 0.9362 euros)
(Reporting by George Georgiopoulos; editing by Jason Neely)